Australia is a land of opportunity for entrepreneurs seeking to expand their businesses or start new ventures. And, the Business Innovation and Investment Visa, commonly known as the Australia Business Innovation Visa, provides an excellent opportunity for entrepreneurs to do just that.
In this article, we will guide you through the process of obtaining an Australian Business Innovation Visa, step-by-step. From the eligibility criteria to the application process, we will cover it all, so you can make an informed decision about whether this visa is right for you.
Eligibility Criteria
Before applying for the Australia Business Innovation Visa, you must satisfy the following eligibility criteria:
1. Age: You must be under 55 years of age.
2. Business Ownership: You must show a successful business career.
3. Innovativeness: You must demonstrate an innovative idea or skill for your business.
4. Funding: You must have provisioned or owned AUD 800,000 or AUD 1.5 million in your business for at least two years before the visa application.
5. Good Health and Character: You should have good health and character and provide necessary documents to prove the same.
Application Process
Once you meet the eligibility criteria, the next step is to apply for the visa. The application process is as follows:
1. Get your Business Plan Ready: You need to create a detailed business plan that showcases the innovation and potential of your business.
2. Lodge Expression of Interest (EOI): You need to submit an EOI to the Department of Home Affairs and include all the necessary documents. You will receive an invitation to apply for the visa if your EOI gets accepted.
3. Complete Visa Application: Once the EOI gets accepted, you must fill out the visa application form, provide necessary documents, and pay the application fees.
4. Wait for Visa Approval: After filing your visa application, you need to wait for the visa approval. The process can take anywhere between three to six months.
5. Move to Australia: Once your visa gets approved, you can move to Australia with your family and commence your business.
Conclusion
In summary, obtaining an Australia Business Innovation Visa can be a game-changer for entrepreneurs. With the right skills, innovation, and business plan, you can leverage this visa to expand or start your business in Australia. Therefore, if you are an entrepreneur seeking an opportunity in Australia, we recommend that you explore the Business Innovation and Investment visa and follow the step-by-step guide outlined in this article.
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