The business talent (permanent residence) Subclass 132 visa is a permanent residency visa for experienced business owners who owns a large business and planning to move their business or establish a new business in Australia, With a 132 visa, the applicant can establish a new business in Australia or, develop an existing business in Australia.
To be eligible for the 132 visa, the applicant is required to be nominated by the Australian state or territory government agency, to be invited by the state or territory government agency applicant must submit an expression of interest (EOI) through SkillSelect.
The Business Talent (Permanent) subclass 132 visa comes with two different streams, the applicant can apply in any of the one streams, if the applicant fits the criteria according to the requirement of the Department of Home Affairs, and the state or territory.
There are two streams in Business Talent (Permanent) Subclass 132 visa:
- Significant Business History Stream:
For the high worth business owners with a running business, including the net worth of business and personal assets of a minimum of $1.5 million and business turnover of at least $3 million AUD annually.
- Venture Capital Entrepreneur Stream:
For a person with a proper source of a minimum of $1 million AUD approved venture capital funding to start a high-value business in Australia.
Benefits of Business Talent Visa (Subclass 132 visa)
When you are investing your time and money to migrate to another country you must want to know about the benefits it can provide you with this process. While the 132 visa is totally based on business activities, with this visa you are allowed to:
- Stay in Australia permanently.
- Engage in a new or existing business in Australia
- Travel and stay in Australia for up to 5 years
- Enrol in Health care scheme of Australia, Medicare
- To have eligible family members with you in Australia.
- Also, the applicant can sponsor a relative to come to Australia.
- apply for Australian Citizenship, if eligible.
The Requirement’s for 132 Visa
For 132 visa, both individual streams have their own requirements, However, you have to meet the common requirements before complying with stream requirements. The common requirements for 132 visa are:
Common Requirements for Both Stream:
- Applicant must be nominated.
- Applicant must have business acumen and ambition.
- Must meet the functional English language requirement.
- An applicant has to meet the Health requirement.
- The applicant has to meet the Character requirement.
- Applicant should sign the Australian values statement.
- Must not have any previous debt to the Australian Government.
- The application should not have rejected or refused by DHA on a previous visa application.
Applicant must be nominated by a state or territory government agency before you receive an invitation to lodge their visa application.
Every state or territory has its own requirement below are the states providing subclass 132 visa, you can follow the link below to test the requirements according to the state.
- South Australia
- Northern Territory
- New South Wales
- ACT Australian Capital Territory
- Western Australia.
You will be unable to get the 132 visa if the state or territory government agency that has nominated you withdrawn the nomination application.
English Language Requirement.
The applicant must have at least a proficient English language, or you might be asked to pay the second instalment of the visa application. However, you can check the English language Requirement according to your visa.
The applicant and their partner applying for the Australian visa must meet the health requirement, your family member might also have to prove evidence of health requirement if The Department of Home Affairs requires.
The applicant and their partner, and the family members above 16 years of age applying for the 132 visa have to provide evidence of character requirement, family members who are not applying might also require to prove the character evidence.
Australian Values Statement:
The applicant and family members who applied for the 132 visa and are 18 years of age or older at the time of lodging the application, the applicants must have read or had explained to you the Life in Australia book. And sign the Australian values Statement to confirm you will obey the Australian laws and respect the Australian way of life.
Have No Debt to the Australian Government.
If the applicant or family member of the applicant owes the Australian government, the debt must be paid or have an agreement before lodging your application or else the application will get rejected.
Cancelled or Rejected Visa:
The applicant might not be eligible if they have previously get rejected or refused the visa by the Department of Home Affairs.
Individual Requirements of Significant business history stream (132-A visa)
To be applicable you first have to meet the common requirements for a 132 visa, if you are eligible for a 132 visa you must meet the requirements below to lodge your application for a Significant Business History stream visa.
- Applicant must own a substantial part of the business.
- The applicant has to provide evidence of net assets worth at least $1.5 million AUD.
- The applicant has to provide evidence of the annual turnover of a minimum of $3 million AUD.
- Applicant must have an annual business turnover of over $400,000 AUD or more
- The applicant must be age under 55 years old.
Business Ownership Requirement:
Before getting the nomination invitation the applicant, or applicants partner, or both combined must have at least $400,000 AUD net value in one or more than one qualifying businesses for at least 2 years of the 4 fiscal years. However, if the qualifying business is a publicly listed company; the applicant, applicants partner, or both combined must have at least 10% shareholding of the total issued capital.
Net Assets Requirement:
The applicant, applicants partner, or both combined must have a minimum of $1.5 million AUD business or personal assets which must be lawfully acquired and proper evidence is required. The fund should be ready to transfer to Australia in the 2 years of visa grant.
The applicant must have ownership of at least 1 or, 2 businesses that had a minimum turnover of $3 million AUD for at least 2 years in the last 4 fiscal years. You can have two businesses to provide annual turnover evidence, more than 2 business is not applicable.
Either you have 1 or 2 business, you must have at least 1 business with:
- 51% total value of the business if your business turnover is less than $400,000 AUD per year.
- 30% total value of the business if your business turnover is at least or more than $400,000 AUD.
- 10% total value of the business if your business is operated by the publicly listed company.
Business Assets Requirement:
The applicant, applicants partner, or both combined must have a minimum of $400,000 AUD ownership interest in one or more than one qualifying businesses for over 2 years in the 4 fiscal years before the applicants are lodging your application.
Applicant above 55 years of age will not receive the visa, however, if your business will have an exceptional economic benefits plan, the state or territory might send you the invitation to apply for the visa.
Individual Requirements of Venture Capital Entrepreneur Stream (132-A visa):
To be applicable you first have to meet the common requirements for a 132 visa, if you are eligible for a 132 visa you must meet the requirements below to lodge your application for a Venture Capital Entrepreneur Stream visa.
Venture Capital Requirement:
The applicant has to provide evidence of securing the funding of a minimum of $1 million AUD for an exceptional high-value business idea. Applicant must be entered into an enforceable agreement with an Australian venture capital firm for the funding
The applicant has to follow the terms and requirements of their venture capital agreement once they moved into Australia. However, the venture capital firm must be a registered member of the Australian Investment Council (AIC) (formally known as the Australian Private Equity and Venture Capital Association Limited (AVCAL)) The membership category should be of Venture Capital Membership, and the funding applicant has received must be for:
- Business development or expansion of a business in Australia
- The commercialisation of a product in Australia
- Early-phase start-up of a business in Australia
Processing Time for 132 Visa
The time it takes to process your application may vary case-by-case, where the processing time for a significant business history stream is 31 months for 75% of the applicants, and 32 months for 90% of the applicants.
There is not any standard processing time available for the Venture capital stream. However, your application may get delayed if:
- If the applicant does not complete the form correctly.
- If the applicant did not include all the required documents.
- If the department of home affairs requires more information from you.
- If it takes a longer time for DHA to verify your information.