Business Talent (Permanent) Visa (Subclass 132):

The Business Talent (Permanent) Visa (Subclass 132) was designed to attract high-caliber business owners and entrepreneurs to Australia, offering them a direct path to permanent residency. It aimed to stimulate economic growth by inviting individuals with a proven history of successful business endeavors and substantial financial resources to invest in Australian enterprises. However, it’s worth noting that as of July 1, 2021, the Subclass 132 Visa was closed to new applications and has been replaced by the Business Innovation and Investment (Provisional) Visa (Subclass 188) with subsequent pathways to permanent residency through the Subclass 888 Visa. Nevertheless, understanding the Subclass 132 Visa provides insight into Australia’s approach to business immigration and can be useful for those exploring similar options available under the current visa framework.

If you need assistance with this profession such as EOI lodgement, skill assessment, PR application lodgement or would like to study courses related to Civil Engineering Draftsperson, we have all colleges and universities all over Australia. Contact us for more info and guidance.

Email: info@immiedu.com.au

Contact: 04 2626 3536.

Overview of the Business Talent Permanent Visa (Subclass 132)

The Subclass 132 Visa was a permanent residency visa that catered to high-net-worth individuals who owned or had a significant share in a successful business or were willing to make a substantial financial investment in an Australian company. The visa offered a fast-tracked path to permanent residency, bypassing the need for provisional visas, and was divided into two main streams:

1. Significant Business History Stream: For high-caliber business owners who owned or operated a substantial business and were seeking to establish or expand a new or existing business in Australia.
2. Venture Capital Entrepreneur Stream: For individuals who had secured at least AUD 1 million in venture capital funding from an Australian investment firm to support a high-value business idea or product in Australia.

Eligibility Criteria

To qualify for the Subclass 132 Visa, applicants had to meet stringent eligibility criteria, ensuring only the most capable and financially equipped individuals were selected. The key requirements varied slightly between the two streams but included:

Significant Business History Stream

• Business Ownership: Applicants needed to have a substantial ownership stake (at least 30% for smaller businesses and 10% for larger businesses) in one or more qualifying businesses. These businesses must have a turnover of at least AUD 3 million in at least two of the four fiscal years preceding the application.
• Net Assets: Applicants were required to have total net business and personal assets of at least AUD 1.5 million, which were legally acquired and could be transferred to Australia within two years of visa grant.
• Business Success: Demonstrated a successful business career with no involvement in unacceptable business activities, and had a genuine commitment to maintaining a managerial role in the business.

Venture Capital Entrepreneur Stream

• Venture Capital Funding: Applicants had to secure a minimum of AUD 1 million in funding from an Australian Venture Capital Association Limited (AVCAL) member venture capital firm for the commercialization or development of a high-value business idea or product in Australia.
• Commitment to Business: Applicants needed to demonstrate a genuine commitment to be involved in the day-to-day management and decision-making of the business in Australia.

Application Process

The application process for the Subclass 132 Visa involved several steps:

1. Expression of Interest (EOI): Prospective applicants first submitted an EOI through the SkillSelect system, outlining their business background, financial assets, and plans for business activities in Australia.
2. State or Territory Nomination: Applicants needed to secure a nomination from a state or territory government in Australia, which required them to meet specific state or territory criteria. Each state or territory had its own focus areas, such as certain industries or types of investment.
3. Lodging the Visa Application: Upon receiving a nomination, applicants could lodge their visa application with the Department of Home Affairs. This step required detailed documentation, including proof of business history, financial statements, evidence of venture capital funding (if applicable), and business plans.
4. Processing and Decision: The processing time for the visa could vary depending on the complexity of the application, the completeness of the documentation, and other factors. The visa decision was based on the applicant’s ability to meet all the eligibility criteria and their potential contribution to the Australian economy.

Benefits of the Subclass 132 Visa

The Subclass 132 Visa offered numerous benefits that made it a highly attractive option for eligible businesspeople and entrepreneurs:

1. Direct Permanent Residency: Unlike many other visas that required temporary residence before becoming eligible for permanent residency, the Subclass 132 Visa provided immediate permanent resident status upon approval.
2. Family Inclusion: The visa allowed applicants to include their family members, such as spouses and dependent children, who would also receive permanent residency.
3. Unrestricted Work and Study Rights: Visa holders and their family members could live, work, and study anywhere in Australia, offering significant flexibility in business and lifestyle choices.
4. Access to Healthcare and Social Security: Permanent residents had access to Australia’s Medicare health system and, after a qualifying period, were eligible for certain social security benefits.
5. Pathway to Citizenship: The visa provided a pathway to Australian citizenship, subject to meeting residency and other criteria, further enhancing its appeal to international entrepreneurs.

Key Considerations and Challenges

While the Subclass 132 Visa presented a lucrative opportunity, there were important considerations and challenges that prospective applicants needed to be aware of:

1. High Entry Requirements: The visa’s stringent eligibility criteria, particularly the financial requirements and business success thresholds, meant it was only accessible to a select group of high-net-worth individuals.
2. State or Territory Nomination: Securing a nomination was a critical step, and the criteria varied between states and territories. Applicants needed to align their business proposals with the economic priorities of the nominating state or territory.
3. Commitment to Business: Visa holders were expected to actively manage or participate in the business they established or acquired in Australia. This requirement could be demanding, particularly for those with other business interests abroad.
4. Risk of Venture Capital Stream: For those applying under the Venture Capital Entrepreneur Stream, the need to secure venture capital funding added an extra layer of complexity and risk. This stream was more suitable for innovative ventures with high growth potential but also higher failure rates.

Replacement of the Subclass 132 Visa

As of July 1, 2021, the Subclass 132 Visa was closed to new applications as part of Australia’s broader immigration program reforms aimed at streamlining and enhancing business and investment visas. The closure reflected a strategic shift towards the Subclass 188 (Business Innovation and Investment (Provisional) Visa), which offered multiple streams and required applicants to first enter on a provisional visa before progressing to permanent residency through the Subclass 888 Visa.

The Subclass 188 Visa now encompasses various streams, including Business Innovation, Investor, Significant Investor, Entrepreneur, and the Premium Investor streams, each with specific criteria and investment thresholds. This new structure aims to attract a wider range of businesspeople and investors while maintaining a focus on economic contribution and job creation in Australia.

Conclusion

The Business Talent (Permanent) Visa (Subclass 132) played a significant role in Australia’s business migration landscape by attracting high-caliber entrepreneurs and investors. It provided a unique, fast-tracked pathway to permanent residency for those willing to invest in and contribute to the Australian economy. Although the visa is no longer available, its legacy continues in the current business visa framework, which still prioritizes economic growth and innovation through investment and entrepreneurship. For prospective applicants, understanding the evolution of such visa programs can help navigate the current options and find the best pathway to living and doing business in Australia.

For more resources: https://immi.homeaffairs.gov.au/

If you need assistance with this profession such as EOI lodgement, skill assessment, PR application lodgement or would like to study courses related to Civil Engineering Draftsperson, we have all colleges and universities all over Australia. Contact us for more info and guidance.

Email: info@immiedu.com.au

Contact: 04 2626 3536.