Business Talent (Permanent) visa (subclass 132)
The 132 visa is a permanent residency visa for people who want to establish or develop a new or existing business in Australia.
There are two streams of the 132 visa:
- Significant Business History stream: for a business owner with a high net worth, including net business and personal assets of at least A$1.5M and an annual business turnover of at least A$3M.
- Venture Capital Entrepreneur stream: for a person who has sourced at least A$1M approved venture capital funding to start a high-value business in Australia.
A 132 visa allows you to:
- stay in Australia indefinitely
- work and study in Australia
- enrol in Medicare, Australia's health care scheme
- apply for Australian citizenship once you are eligible
- sponsor eligible relatives for permanent residence
- travel to and from Australia for five years from the date the visa is granted (after that time, you will need a resident return visa or another visa to return to Australia)
- qualify for a Special Benefit from Centrelink if you suffer a major change of circumstances that is beyond your control.
How to apply for a 132 visa
You must submit an Expression of Interest (‘EOI’) through SkillSelect and be nominated by a State or Territory Government before being invited to apply for a 132 visa.
1. Expression of Interest
You can submit an EOI from outside or inside Australia. Your EOI will need to indicate which State or Territory you wish to seek nomination from, as well as how you meet the criteria for the stream in which you are applying.
2. State or Territory Nomination
States and Territories have different requirements for nominating a person, which are available on their websites. See Here for a list of the websites (under ‘About this visa’ and ‘Before you apply’).
3. Visa application - Criteria
If you are invited to apply for a 132 visa, you can apply from outside Australia, or from inside Australia so long as you do not have a ‘No Further Stay’ condition on your Australian visa and you meet any other requirements for an onshore application.
For both streams of the 132 visa, your Visa application must satisfy particular criteria such as:
- you are nominated by a State or Territory Government
- you are invited to apply
- you and your family members (whether or not they are included in your application) meet health and character requirements.
Each stream of the 132 visa also has its own criteria that you must satisfy:
Significant Business History stream
- you are under 55, although a State or Territory can waive this requirement if your proposed business will be of exceptional economic benefit
- you and/or your partner hold a 10% shareholding in a publicly listed company, or total net assets of A$400K in businesses for 2 of the last 4 fiscal years. The businesses must have had a total annual turnover of A$3M in 2 of the last 4 fiscal years
- you and/or your partner hold net personal and business assets of at least A$1.5M that can be transferred to Australia for your business activity
- you and your partner have not been involved in unacceptable business or investment activities.
Please note that the above list is not exhaustive and other criteria may apply. Please consult us for more details.
Venture Capital Entrepreneur stream
- you have entered into an agreement for at least A$1M in funding from a firm that is a member of the Australian Private Equity and Venture Capital Association Limited (AVCAL). The funding is for the start-up, product commercialisation or business development of a promising high-value business idea. See Here for further information from AVCAL.
Please note that the above is not exhaustive and other criteria may apply. Please consult us for more details.
How we can help with your 132 visa application
An application in both streams of the 132 visa involves meeting numerous complicated requirements. Given the required level of investments in order to obtain a 132 visa, we strongly recommend that you seek legal advice before you commence your application.
Craddock Murray Neumann has significant experience in both immigration and commercial law and we can provide you with comprehensive advice on your migration options and your proposed business activity in Australia.
Please contact us today to speak with one of our experienced Immigration Lawyers and Registered Migration Agents.
This page provides a summary of the 132 visa as at May 2015. Australian immigration law is complex and it changes on a frequent basis. We strongly recommend that you contact us to confirm the requirements for a 132 visa and schedule a consultation with one of our solicitors and Registered Migration Agents.