If you are a business owner or an entrepreneur with an innovative bent of mind, then Subclass 132 visa Australia is an ideal choice for you. Known as the Business Talent Visa, Subclass 132 visa permits highly talented and versatile business owners worldwide to move to Australia and own their business Down Under.
Australia is one of the most dynamic and robust economies in the world. It attracts both skilled workers and high net worth investors who wish to contribute to their economy and call Australia their home. Subclass 132 is a permanent residency visa and not an investment visa. The permit aims at attracting high net worth individuals with an outstanding business and managerial background.
The visa opens the pathways for foreign nationals to settle in a particular state or territory in Australia and set-up their business in that specific region. This visa’s primary goal is to generate employment for Australians and bring economic advantages to the state/territory while allowing the visa holder to participate in business activities in Australia without any limitations.
Benefits of Business Talent Visa- Subclass 132 Visa
- Live, work, and study in Australia permanently
- Sponsor your eligible family members
- Set up a new or manage an existing business in Australia
- Apply for an Australian citizenship after meeting certain conditions
- Travel in and out of Australia as and when you want
- Apply for Medicare and other Social care benefits funded by the government of Australia.
Basic Eligibility Criteria under Subclass 132 Visa
- The applicant must be nominated by a state or a territory government
- Be under the age of 55
- Demonstrate sufficient funds to settle in Australia
- The applicant must have achieved a high degree of commercial success in his/her chosen field of business
- Be invited to apply for this visa
Pathways under Business Talent Subclass 132 Visa
The Subclass 132 visa is divided into two sub categories:
Significant Business History Stream- designed for experienced and affluent business owners who wish to manage a new or an existing business in Australia.
Basic Eligibility under Significant Business History Stream
To qualify, you must have:
- a net value of at least AUD1.5 million (lawfully acquired)
- an annual business turnover of at least AUD3 million for at least 2 of the 4 fiscal years immediately before you are invited to apply
- a total net assets of at least AUD400,000 as the ownership interest in one or more qualifying businesses for least 2 of the 4 fiscal years immediately before you are invited to apply
Venture Capital Entrepreneur Stream- the pathway is created for foreign nationals who have obtained at least AUD 1 million in funding from a designated venture capital firm in Australia.
To qualify, you must have:
- You must have funding of at least AUD1 million from an Australian venture capital firm.
Subclass 132 Visa- Processing time and Fee
Irrespective of which visa stream you are applying for, the processing time under the Subclass 132 may vary from applicant to applicant. How swiftly your file will be processed depends a lot on your documents and how promptly you respond to the DHA requests.
The processing fee for both streams is AUD7, 855.