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Entrepreneur Visa (Subclass 188) NSW new nomination criteria

The New South Wales Government have released details which they say will make it easier for talented migrant entrepreneurs to migrate and settle in that State. NSW has aligned their nomination criteria with that of the Department of Immigration and Border Protection (DIBP). Their goal of course, is to attract more prospective entrepreneurs to NSW. This in return will create more jobs, promote work productivity and generate real economic activity.

The NSW nomination criteria is as follows:

Interested applicants who wish to be nominated by the NSW territory government must,

meet the eligibility criteria set by the DIBP
present a business plan for complying entrepreneurial activity, demonstrating that the proposed activity proves a commitment to maintain an ongoing relationship with NSW and will lead to the development of an enterprise or business in NSW, or the commercialisation of a product or service in NSW.
provide proof of sufficient funds to settle in NSW
Prospective applicants of the Entrepreneur Visa are encouraged to obtain legal, independent migration, financial and taxation advice prior to submitting their application for NSW nomination.

How to apply for nomination for the Entrepreneur Visa in NSW:

Applicants who wish to apply for NSW nomination must follow the below process.

submit an Expression of Interest (EOI) in SkillSelect;
finish relevant an application form for NSW nomination;
pay the appropriate application fee;
submit application to the NSW Department of Industry;
once nominated by the NSW government, apply for Entrepreneur visa to DIBP.

Background information on Entrepreneur Visa (Subclass 188):

The Australian Government has launched the Entrepreneur Stream under Business Innovation and Investment (Provisional) visa Subclass 188 on 10 September 2016. This visa is intended to prospective individuals who have secured funding of at least $200,000 from an eligible third party funding body. This governing body, will help undertake, or propose to undertake an entrepreneurial venture in Australia.

Interested applicants must seek visa nomination by a state or territory before they can lodge a valid application for an Entrepreneur visa with DIBP. An Entrepreneur visa holder may after a minimum of 2 out of the 4 years of the temporary visa, apply for permanent residency as long as they meet a number of benchmarks for success.

These may include the following:

annual business turnover of at least AUD300,000;
employment of 2 or more Australian citizens or permanent residents;
filing patents;
ability to obtain ongoing financial backing;
entering partnerships with a University;
Selling an entrepreneurial venture for at least AUD2 Million.
Please note that the entrepreneurial activities must not be in any of the following fields:

residential real estate;
labour hire;
the purchase of existing franchises or enterprises in Australia.

Feel free to comment below if you have questions/concerns.

by: Jonathan Flannery
MARN No. 9901555
Australian Visa Law
 
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