New Nomination Criteria Framework for NSW Business and Investor Visa
On 01 September, the State Government of New South Wales introduced a new nomination criteria framework for its Business and Investor Migration Program.
The changes are made to promote investment for New South Wales-based businesses, especially for the start-up and innovation sectors.
What is the new nomination framework?
New South Wales Business Visa Requirements
Generally, the Australia business visa has different requirements based on its subclasses and the State Government regulations. Suppose you wish to get a Business Visa and start your business in New South Wales, you must meet the Home Affairs requirements for Australia Business Innovation and Investment Visa (subclass 188), and these requirements:
a. Personal background
To get a business visa in NSW, you must be under 50 years old and have:
- A bachelor’s degree recognised as equivalent to the Australian standard, or
- In the past 10 years have at least 3 years of business experience in an NSW target sector or 5 years of business experience in a non-target sector.
b. Personal and business assets
You must also meet the personal and business assets requirement to be engaged in the New South Wales business sector. The requirement is:
- You must have combined net personal and business assets of AUD 1,750,000 if you wish to have a business in Sydney; or
- You must have combined net personal and business assets of AUD 1,250,000 if you wish to have a business in the regional area of NSW.
c. Business turnover
It would be best if you had a qualifying ownership stake in up to two businesses that have a combined annual turnover of the below amount in two of the four most recent fiscal years:
- AUD 1,250,000 if you wish to have a business in Sydney;
- AUD 750,000 if you want to have a business in the regional area of NSW.
d. Point test
As we know, to get a business visa in Australia, you must submit an Expression of Interest (EOI). If you plan to get a business visa in NSW, you must show a minimum score of 65 points in your EOI. The Department will prioritise your application if:
- Your application shows 15 points for the business experience; or
- Your application shows points for business innovation qualifications.
Find more about Australia’s Business migration here.
New South Wales Business Target Sectors
The NSW State Government also defined the New South Wales business target sectors on its official website. The business target sectors are divided based on Sydney and other regional areas of NSW.
a. Target Sectors in Sydney
The target sectors are:
- Advanced manufacturing
- Food and beverage manufacturing
- Agricultural technology
- Aerospace and defence
- Renewable energy and sustainability
- Emerging digital technology
- Cyber security
b. Target Sectors in other regional areas
The target sectors are:
- Technology-enabled primary industries
- Critical minerals
- Recycling and waste management
How to start a business in New South Wales?
To start a business in New South Wales, Australia, you must meet the business requirements set by the State Government.
a. Your business plan in New South Wales
Your business plan or proposal must clearly describe how your business will directly contribute to the NSW economy and create new jobs.
b. Create new jobs in New South Wales
Your business in New South Wales must create a minimum of two new full-time equivalent jobs.
c. If you purchase an existing business in New South Wales
You must show growth in the business since your take over through either an:
- Increase in annual turnover of at least 10%; or
- Increase in business assets of at least 25%.
d. Business investment in New South Wales
The State Government of New South Wales will refuse your nomination application for a permanent visa (subclass 888) if during your provisional business visa you have not made a business investment of:
- AUD 500,000 if your business is in Sydney;
- AUD 300,000 if your business is in other regional areas of New South Wales.
You may be exempt from the job creation and business growth requirements if your eligible business in New South Wales:
- Has implemented innovative practices that previously did not exist in the marketplace; or
- It is located in the regional area of NSW and trades primarily in a regional area of NSW business target sector.
How to get a New South Wales business visa?
Before applying for a business visa, you must submit a NSW nomination first. Here are the four steps in applying for NSW nomination:
a. Submit an EOI in SkillSelect
Submit an EOI in Skillselect and select NSW as your preferred state.
b. Apply for NSW nomination
You may apply for NSW nomination using the online form provided on the NSW State Government official website.
c. Pay the application fee
Once you have paid the application fee, a payment link will be sent to the email address provided in your application. The payment link is valid only for 30 minutes. The application fees for NSW nomination are:
- AUD 902 (incl. GST) if you apply from within Australia;
- AUD 820 if you apply from outside Australia.
d. Application process
You will receive an application outcome or request for further information within four weeks of your application payment during the application process.
Let’s prepare yourself for a New South Wales business visa!
If you have any concerns regarding the new nomination framework for business visa NSW, don’t worry! ONE derland Consulting is ready to help you!
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Take the first step and get in touch with us. Our team members are professional, honest and speak various languages such as Mandarin/ Chinese, Bahasa Indonesia, Arabic, Japanese, Polish, German and Russian. Contact us through email at [email protected] or via phone on 1300 827 159. Alternatively, you may book your consultation online, and it is 100% refundable if you become our client.