There are countless emotional and lifestyle factors that motivate emigration and immigration. For many people considering emigration, the choice is primarily strategic. And there are numerous opportunities for businesspeople, entrepreneurs and investors in various regions.
One such area is Victoria in Australia, offering professional people visas under the Australian Government’s Business Innovation and Investment Programme (BIIP). This visa is available to professional sports people who were nominated for the visa by a state or regional government on behalf of the Victorian government after submitting an Expression of Interest (EOI) via SkillSelect.
BIIP-visas
There are several business talent streams along which professional people from South Africa can qualify for permanent Australian visas – each with its own qualifying criteria and mandates. These visas are allocated in five broad categories.
1. Significant Business History
The Significant Business History Visa is meant for affluent professional sports people with a successful business history. These applicants intend to play a key management role in new or existing businesses in Australia.
Selection methods
- Nominated by state
- SkillSelect (DIAC)
Qualifying criteria
- Under 50 years of age.
- Nett business assets ≥AUD400 000 for at least two of the four financial years preceding application.
- Total assets that may lawfully be transferred to Australia within two years of approval of the visa ≥AUD1,5 million.
- Total turnover ≥AUD3 million in one or more of the major businesses for at least two of the four financial years preceding immigration.
- Minimum ownership of 51% if turnover <AUD400 000, 30% if turnover >AUD400 000 or 10% in the case of public listing.
- Successful track record as professional sportsperson.
- Sincere desire to fulfil a managerial role in an Australian company.
- Has to participate in additional business activities in Victoria.
2. Venture Capital Entrepreneur
The Venture Capital Entrepreneur Visa is meant for entrepreneurs who intend to play key management roles in businesses in the early stages of their lifecycle or who want to do product commercialisation or development in new or existing businesses with a high value in Australia.
Selection methods
- Nominated by state
- SkillSelect (DIAC)
Qualifying criteria
- The applicant must enter into a legally enforceable agreement with an Australian company to receive capital funding for the following:
-
- enterprises in the early stage of their lifecycle;
- product commercialisation;
- business development; and/or
- business expansion.
- The amount provided under this agreement is ≥AUD1 million.
- The Australian company must be a member of the Australian Private Equity and Venture Capital Association Limited (AVCAL).
- The net value of company and personal assets must be sufficient to resettle in Australia.
- The applicant must intend to:
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- establish a business in Australia or to contribute to an existing company;
- maintain a significant ownership interest in a company;
- maintain a direct and ongoing involvement in the daily management of a business, including deciding on the overall direction and performance.
- The applicant has to participate in additional business activities in Victoria.
3. Business innovation
These visas are for entrepreneurs who wish to play key management roles in businesses in the early stages of their lifecycle or who want to do product commercialisation or development in new or existing businesses with a high value in Australia.
Selection methods
- Nominated by state
- SkillSelect (DIAC)
- Points test (DIAC)
Qualifying criteria
- Under 55 years of age.
- Minimum 65 for the innovation points test, including:
-
- age;
- English proficiency;
- qualifications;
- assets;
- turnover; and
- innovation.
- Total assets ≥AUD800 000.
- Annual turnover ≥AUD500 000 in one or more businesses for at least two of the four financial years preceding application
- Minimum ownership of 51% if turnover <AUD400 000, 30% if turnover >AUD400 000 or 10% in the case of public listing.
- Managed a business spending less than half of the time on professional, technical or trade services.
- Successful record as professional sportsperson.
- Sincere desire to fulfil a managerial role in an Australian company.
- Has to participate in additional business activities in Victoria.
4. Investor
The Investor Visa is for business people with a successful investment or business background and who are designated investors. These individuals intend to continue their business or investment activities in Australia after the maturity of a designated investment.
Selection methods
- Nominated by state
- SkillSelect (DIAC)
- Points test (DIAC)
Qualifying criteria
- Under 55 years of age.
- Minimum 65 for the innovation points test, including:
-
- age;
- English proficiency;
- qualifications;
- assets;
- turnover; and
- innovation.
- Minimum assets ≥AUD2,5 million.
- Track record of successful investing or business activities.
- High investment or business management competence.
- Minimum three years of direct investment or business management experience.
- ≥AUD1,5 million designated investment income (TCV bonds) before visa is approved.
- Intention to continue business or investment activities in Australia once designated investment disbursed.
- Direct involvement in investment management of ≥AUD1,5 million or of a business with at least 10% ownership for at least one of the five financial years preceding application.
- Has to participate in additional business activities in Victoria.
- Designated investment in TVC bonds.
5. Significant Investor
Those with a significant business or investment background will be interested in the Significant Investor Visa.
Selection methods
- Nominated by state
- SkillSelect (DIAC)
Qualifying criteria
- No age restriction.
- No innovation points test requirements.
- A minimum residence requirement of 160 days in Australia during the four years after approval of the visa.
- ≥ AUD5 million income from flexible investments before the visa will be approved.
- Has to participate in additional business activities in Victoria.
- Flexible investments should benefit Victoria.
- Agreement to be contacted by applicable VGBO or investment advisors.
If you are interested in working or investing in Australia, feel free to contact cashkows.com. For more information, visit us at www.cashkows.com.
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