When you apply for Victorian visa nomination, your application is assessed against a number of criteria. We apply the criteria below across all applications.
Applicants must meet the Department of Immigration and Border Protection (DIBP) requirements for this visa subclass.
Applicants must be under 55 years of age.
The applicant must have a funding agreement in place with an authorised third party funding body for a total of at least A$200,000. The Department of Immigration and Border Protection specifies who these third party funding bodies can be.
The entrepreneurial activity must relate to an innovative idea that is proposed to lead to the commercialisation of a new or improved product or service or the development of a new enterprise of business.
This visa is not for individuals seeking to establish a regular business.
What is innovation?
Innovation is a new idea, product or process that creates better solutions for businesses, consumers, the economy and society. Innovation creates jobs, improves efficiencies and addresses barriers to growth. Innovation is not just about creating a new product, but also about improving ways of doing things.
For example, Sanjib has been working on a new, inexpensive technology to easily purify large quantities of water through a hand held device. He has received funding from the Commonwealth Government to commercialise the product and will set his business up in Victoria.
A detailed business plan or “pitch” document is required for the visa nomination application. Applicants should also provide information on the potential benefit to Victoria of the innovation in their business plan or as an attachment to the application.
Applicants can re-use their business plan or “pitch” document that was submitted to obtain third party funding for the innovation idea.
Applicants must show how their proposed entrepreneurial activity will benefit Victoria. This is evaluated on a case by case basis. Factors taken into account include, but are not limited to:
Victoria encourages innovation and entrepreneurship. All factors particular to a case will be taken into consideration in our assessment.
Applicants must also demonstrate that either:
The applicant and their dependents must have sufficient funds to settle in Victoria. Applicants are required to declare that they have sufficient funds for settlement in their Victorian visa nomination application. It is the responsibility of the applicant to research and determine the cost of living in Victoria to ensure their own financial resources are adequate for settlement. See further information on the cost of living in Victoria.
Applicants must have a genuine and realistic commitment to live in Victoria permanently and continue to contribute to Victoria through entrepreneurial activity. We will assess the applicant's settlement intentions as part of the nomination application.