New Australian Entrepreneur visa is now open for applications

This new visa has been established for entrepreneurs with innovative ideas and financial backing from a third party.

visa application form and passport, apply and permission for foreigner country Source: Getty Images

A new Australian Entrepreneur visa is now open for applications.

This new visa has been established for entrepreneurs with innovative ideas and financial backing from a third party and was launched on 10 September 2016..

This new visa allows entrepreneurs with $200,000 in funding from specified third party to develop and commercialise their innovative ideas in Australia.

This visa also provides a pathway to permanent residency in Australia.

To be eligible to apply for Business Innovation and Investment (Provisional) visa (subclass 188), Entrepreneur Stream, you must:

be under 55 years of age, although a state or territory can waive this requirement if your proposed complying entrepreneur activity will be of exceptional economic benefit to the nominating state or territory
have competent English and be able to provide evidence of this at the time you are invited to apply for the visa
be undertaking or proposing to undertake a complying entrepreneur activity in Australia and have a genuine intention to continue this activity
nominated by a state or territory government

A Complying Entrepreneur Activity is an activity that relates to an innovative idea that will lead to the commercialisation of a product or service in Australia, or the development of an enterprise or business in Australia.