The Business Innovation and Investment Stream (Provisional Visa) program 2021 -2022 in New South Wales starts receiving applications from 20 September 2021. In this financial year, there are some new criteria being added and the program is designed for the state to respond to the Covid19 situation and post pandemic economy recovery.
This stream is for people who have a successful business history with high turnover wanting to operate a business or businesses in New South Wales.
First and foremost, you need to meet the Department of Home Affairs criteria for this stream. Please click here for details of the criteria.
Besides the criteria set by the Department, you also need to meet the criteria of the New South Wales government, which are higher than these of the Department, in order to apply for a nomination.
Your business plan
You must provide a business proposal that clearly describes how your business will contribute to the NSW economy and create new jobs.
Creating new jobs in NSW
You must create a minimum of two new full time equivalent jobs.
If you are purchasing an existing business
You must show growth in the business since taking over through either an:
To be eligible for visa subclass 888 in NSW, during your 188 visa period, you must have made a business investment of:
This stream is for people who can invest at least AUD $2.5 million in designated investment in NSW.
As you can see from the requirements above, you are required to have a bachelor’s degree OR a 3-year business experience in NSW Target Sectors. So, what are NSW Target Sectors?
Target Sectors in NSW are different if you are investing in Sydney or other regional areas in NSW, with more sectors are available in regional areas.
Sydney
Sydney target sectors include:
Regional NSW
Regional NSW target sectors include those for Sydney in addition to:
First and foremost, you need to meet the Department of Home Affairs criteria for this stream. Please click here for details of the criteria.
Besides the criteria set by the Department, you also need to meet the criteria of the New South Wales government, which are higher than these of the Department, in order to apply for a nomination.
Age
There is no age limit for this visa stream and you are not required to meet the Home Affairs points test.
Complying investment
You must make a complying significant investment of at least A$5,000,000 and have a genuine intention to hold that investment for the life of your provisional visa.
It must be invested in the following proportions:
Age
Applicants must be under 55 years of age.
Entrepreneur program
You must be accepted by a NSW Startup Accelerator Program or Startup Incubator Program.
Accelerators and Incubators include (but are not limited to):
Funding from a third party
You must show you have adequate funding secured to complete your project from an approved entity.
Approved entities include a:
Business proposal
Your business proposal must clearly demonstrate how your innovative ideas will benefit NSW, and how you intend to commercialise your product or service, and develop your enterprise or business.
You must also clearly show that you have:
Related:
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