The subclass 188e entrepreneur visa is a state-sponsored provisional visa for early-stage entrepreneurs looking to develop and commercialise their ideas in Australia.
Significant changes were made to the ‘entrepreneur visa’ in July 2022, which resulted in the removal of certain requirements that had been deemed too restrictive.
Currently applicants for the subclass 188e entrepreneur visa only need to prove:
- They are under the age of 55;
- They are nominated to apply for the visa by a state or territory government;
- They are undertaking, or propose to undertake, a complying entrepreneurial activity related to an innovative idea that could be commercialised into a product or service in Australia;
- They have Competent English language skills; and
- They satisfy the health and character requirements.
State and territory governments have substantial control in the assessment of an applicant’s ‘complying entrepreneurial activity,’ this has allowed each state and territory government to develop competitive nomination requirements and dictate the types of entrepreneurs selected for the visa program.
So, what do the state and territory governments require from Entrepreneur visa applicants?
Both the NSW and Queensland Government (Migration Queensland) have announced competitive programs to entice entrepreneurs to their state.
We have summarised the key state nomination requirements set by Migration Queensland and the NSW Government to highlight the focus of each state, below:
| Requirement
|
NSW | QLD |
| Commitment to the State
|
Yes, the NSW Government will require applicants to have a genuine and realistic commitment to living and working permanently in NSW and contribute to NSW through their entrepreneurial activity.
The applicant’s proposed business must also be headquartered in NSW and have a registered ABN.
|
Yes, Migration Queensland will require applicants to have a genuine and realistic commitment to living and working permanently in Queensland and contributing to the state’s innovation ecosystem.
The applicant’s proposed business must be headquartered in Queensland and have a registered ABN.
|
| Your Skills and Experience | Yes, the NSW Government expects applicants to have a strong background in the field of their product, service, business or entrepreneurial activity.
|
N/A
|
| Entrepreneur Program | Yes, the NSW Government will only accept applicants who have been accepted by the NSW Startup Accelerator Program or Startup Incubator Program. | N/A |
| Business Plan
|
Yes, the NSW Government will expect applicants to provide a business plan which explains:
|
Yes, Migration Queensland will expect applicants to provide a business plan which explains:
|
| Adequate Funding
|
Yes, the NSW Government has a strict funding requirement.
Applicants must prove they have adequate funding from an ‘approved entity.’ Approved entities include:
|
Yes, Migration Queensland has announced a flexible funding requirement.
Applicants must prove they have adequate funding from a funding provider, however the provider can be the applicant themselves. Migration Queensland has provided a list of ‘preferred funders’ on their website. |
| Settlement Funds | N/A | Yes, Migration Queensland expects applicant’s to prove they have sufficient funds to settle in Queensland. |
| Program Exclusions | N/A | Yes, Migration Queensland excludes the following businesses:
|
Overall, both the NSW Government and Migration Queensland offer unique and competitive programs for Entrepreneurs.
Migration Queensland’s funding requirement will allow Entrepreneurs flexibility in finding a funding partner and even allow Entrepreneur’s the opportunity to self-fund their ideas/projects. This is a unique opportunity for Entrepreneurs who may otherwise be excluded from nomination on the basis of the funding requirement.
Currently the NSW Government is closed to new applicants and there is no indication when the program will reopen, or if the requirements will be amended once the state has reopened.
If you believe you may be eligible for the subclass 188e entrepreneur visa, please reach out to our team on 07 5635 0180 for more information in the form of a 30-minute free consultation session.