A Subclass 132 visa – a popular investment choice among entrepreneurs
The Business Talent (Permanent) visa – Subclass 132 is a special visa for business people with outstanding ability and outstanding achievements. Visa 132 will be a “deal” worth considering for brave entrepreneurs and business talents. But first, we must define what is an entrepreneur with excellent ability? Let’s find out!
What is a Subclass 132 visa?
This is a permanent residency visa that suits the people who own medium to large businesses in their home country. Applicants are required to first be nominated by a state or territory government and then be invited to apply for this visa.
Different states have different requirements for applying for nominations. Generally, the applicant will need to invest 1.5 million AUD in a business in that particular state and fulfill monitoring requirements over a period of 2 years post-grant.
There are 2 types of Subclass 132 visas: 132A and 132B. In particular, a Subclass 132A is the most popular, specifically:
- A Subclass 132A – program for entrepreneurs with a successful business history: this visa is suitable for high-caliber business owners or co-owners.
- A Subclass 132B – Venture Capital Funded Entrepreneur Program: This visa is suitable for those who have secured funding from the Australian Venture Capital Fund (AVCAL).
Benefits when holding a Subclass 132 visa
When you hold a Subclass 132 visa, you may receive the following benefits:
- Staying in Australia as a permanent resident.
- Having full study and work rights.
- Being entitled to Australian medicare.
- Being able to sponsor certain relatives to Australia.
- Having multiple travels in and out of Australia in 5 years.
- Applying for Australian citizenship if you meet the requirement.
If you need Mr. Phong Cao – a member of the Migration Institute of Australia (MIA: 12648) to help you with your application, use VEM’s visa service to Australia. He will make sure you can fully understand these benefits and make use of them during your stay in Australia.
Requirements of a Subclass 132A visa
|Age||Under 55 years of age at the time of application.|
|Assets||Total personal and business assets of at least AUD 1,500,000.|
|Equity||Reaches a minimum of AUD 400,000.|
|Annual business turnover||At least AUD 3,000,000 for 2 of the last 4 financial years.|
|Sponsored||Sponsored by the Australian State/Territory Government.|
|Invitation||You must have an invitation to apply from the Australian DHA.|
|Health and character||You and the sub-applicant must meet the Australian Government’s health and character requirements.|
Before applying for a Subclass 132A visa, you must pay back all debt to the Australian Government.
At VEM, the person who directly advises and supports clients is also the CEO of the company – Mr. Phong Cao. He is licensed by the Australian Government (MARN: 1577877). So one of his obligations is to advise the clients correctly. Therefore, your Subclass 132A visa application will always be complete and follow the Australian Migration Laws.
The applicant’s obligation after being granted a Subclass 132A visa:
- Invest at least AUD 1,000,000 in an Australian business within 2 years.
- Must comply with business conditions.
- You and your sub-applicant must comply with all the conditions of the Australian 132 visa.
- When you arrive in Australia, you must establish or engage in an eligible business in Australia.
- In the business, you need to take the majority ownership. In addition, you need to maintain direct involvement in the day-to-day management of the business.
For detailed requirements of 132A visa, you can contact VEM for guidance.
Requirements of a Subclass 132B visa
These are the requirements you have to satisfy when applying for a Subclass 132 visa:
- Must have received at least AUD 1,000,000 from a member company of the Australian Private Equity Fund or AVCAL Venture Capital Fund.
- Propose a groundbreaking and high-value business idea.
If you want to know exactly what a breakthrough business idea is, you should contact VEM for further consultation.
The applicant’s obligation after being granted a Subclass 132B visa
- You and the accompanying person must comply with the conditions of the visa.
- After arriving in Australia, you must meet the terms of the Investment Fund.
- There is a clear commitment to continue to maintain equity and engage in investment and business activities in Australia.
- You must fully meet the requirements of the investment fund under the fundraising contract.
- There is a commitment and intention to take ownership and participate in the management of the invested enterprise.
Step-by-step of a Subclass 132 visa
Settling in Australia as a talented entrepreneur will open up many open opportunities for entrepreneurs. Entrepreneurs need to refer to the standard process below to get an overview of what they should prepare in their application:
- Step 1: Preparing your documents.
- Step 2: Applying for the nomination of the Australian state or territory government agency.
- Step 3: Submitting an Expression of Interest (EOI)
- Step 4: Applying for the Subclass 132 visa within 60 days of invitation.
- Step 5: Visa grant.
- Step 6: Moving to Australia and starting your business.
Processing time of a Subclass 132 visa
There is no specific processing time for this subclass.
Come to VEM’s office or directly contact us for detailed information.
Cost of a Subclass 132 visa
The visa application fee is 7,855AUD (not including 1.4% surcharge) for both streams of this Subclass. However, there is an additional fee for each family member who applies for the visa with you:
- Additional applicant who is over 18 years old: 3,930AUD (not including 1.4% surcharge).
- Additional applicant who is under 18 years old: 1,960AUD (not including 1.4% surcharge).
Applicants are also required to pay an extra fee who is at least 18 years old but does not meet the functional English requirement. This fee is also called the second installment and only paid when the visa is going to be granted to you:
- Main applicant: 9,795AUD (not including 1.4% surcharge).
- Family member: 4,890AUD (not including 1.4% surcharge).
There will be other costs for health and police checks. Feel free to contact us to estimate your visa cost.
Advice from our professional migration consultant for a Subclass 132 visa
To make your Australian dream come true, you need to have a large fortune and outstanding business ability that meets the requirements of the Australian Government.
In order to have a smooth business journey in Australia and also to find the most suitable type of visa, you also need to refer to other types of investment visas besides the Australian Subclass 132 visa such as:
- A Subclass 188A visa.
- A Subclass 188B visa.
- A Subclass 188C visa.
- A Subclass 188D visa.
- A Subclass 888 visa.
From July 1st, 2021, a Subclass 132 visa will be removed. Contact VEM to know which visa will replace a Subclass 132 visa or we’ll assist you in choosing other suitable visas.
With many years of experience in helping clients complete the Australian migration process, VEM is confident to be a reliable companion for our clients.
Mr. Phong Cao is a person who understands Australian immigration law and has full expertise and experience. That’s why you can count on him on the journey to apply for a business and investment visa in Australia.
Q&A about a Business Talent (Permanent) Visa – Subclass 132
You and your included family members can be both onshore and offshore when lodging the visa application.
You can live and work in Australia as a permanent resident after being granted this visa.
Contact VEM’s migration consultants to get more specific information.