More Information For Bussiness Innovation And Investment

Age

You can receive up to 30 points based on the age you were on the day you were invited to apply.

If you are aged 55 years or older, you may be nominated by a state or territory government agency only if your business is of exceptional economic benefit. In this circumstance, you would not be eligible for points for your age under the innovation points test.

English language ability

You can receive up to 10 points based on your English language ability. You must have one of the following:

• English as your first language and have a current passport from the United Kingdom, United States, Canada, New Zealand or the Republic of Ireland
• English language ability as measured by the International English Language Test System (IELTS test) to a vocational level (IELTS score of at least 5) or proficient (IELTS score of at least 7).

The IELTS score for the four components must be demonstrated in one IELTS test. The department will not accept separate IELTS tests for each component.

IELTS examinations are available worldwide and more information is available on the IELTS website. There are two IELTS tests – an academic test and a general training test. You need to take only the general test unless otherwise advised by your skills assessing authority.

Qualification

You can receive up to 10 points for your educational qualifications at the time you were invited to apply if you have met the requirements for:

• a trade qualification, diploma or bachelor degree by an Australian educational institution. Bachelor degrees from other educational institutions are also acceptable if the Minister is satisfied the institution meets a recognised standard – you will receive 5 points.

• a bachelor degree in business, science or technology by an Australian educational institution. Bachelor degrees from other educational institutions are also acceptable if the Minister is satisfied the institution meets a recognised standard – you will receive 10 points.

  If you do not have a Bachelor degree in business, science or technology, but have a higher degree in one of these fields (such as a Masters in Science), you do not qualify for award of 10 points.

Experience in business or investment

You can receive up to 15 points if you have a demonstrated history of business or investment experience for a specified amount of time.

Points can be awarded for years of business or investment experience gained in the years immediately before the time of invitation. The experience must be relevant to the visa stream:

• Business Innovation stream – you can only claim points for your business experience. You must have held one or more main businesses for one of the following:

• Investor stream – you can only claim points for investment experience. You must have held eligible investments with a value of more than AUD100 000 for more than 4 years or more than 7 years, immediately before you are invited to apply

Net personal and business assets

Net business and personal assets are mandatory threshold criteria that you must meet. You must have net business and personal assets of:

• AUD800 000 – if you are applying for the Business Innovation stream
• AUD2.25 million – if you are applying for the Investor stream.

Points are awarded for meeting the minimum thresholds, and higher points may be awarded for greater levels of assets.

Business turnover

If you are applying for the Business Innovation stream, you must meet the business turnover requirement of AUD500 000. There is no business turnover requirement for the Investor or Significant investor streams.

Points are awarded for applicants from either stream where you have an ownership interest in one or more ‘main businesses’ that have a specified amount of business turnover in at least two of the four fiscal years immediately before the time of application.

Innovation

This component of the points test gives points for the following attributes. You may be awarded points for more than one item under the innovation category of the points test, but points are awarded only once in relation to each item.

Registered patents or registered designs (15 points)

• A registered patent is a set of exclusive rights granted by a national government to an inventor or their assignee in relation to an invention, which may be a product or a process, for a certain limited period, in exchange for public disclosure of the invention.
• A registered design is concerned with the appearance of products if they are new and distinctive. For example, the features of shape or configuration which have been incorporated in the product or the features of pattern or ornamentation applied to a product.
• You may be awarded points if you have had one or more patents or designs which were registered at least one year before time of invitation. The patent or design must have been used in the day-to-day activities of your main business.

Registered trademarks (10 points)

• A trademark can be a letter, number, word, phrase, sound, smell, shape, logo, picture, aspect of packaging or any combination of these, used to distinguish goods and services of one business from those of another.
• You may be awarded points if you have one or more registered trademarks which were registered at least one year before the applicant was invited to apply for a visa. The trademark must have been used in the day-to-day activities of your main business.

Joint venture agreements (5 points)

• A joint venture is a commercial undertaking that has been entered into by two or more parties for the purpose of a particular activity.
• You may be awarded points if one of your main businesses in which you held an ownership interest and participated at a senior level in the day-to-day management of the business, has operated in a formal joint venture agreement for at least one year before you were invited to apply for a visa.

Export trade (15 points)

• You may be awarded points if you have had an ownership interest in one or more main businesses that has derived not less than 50 per cent of their annual turnover from export trade for at least two of the four fiscal years immediately before you were invited to apply for a visa.

Gazelle businesses (10 points)

• Gazelle businesses are newly established businesses experiencing rapid growth during a short period of time.
• You may be awarded points if your main business has been registered for no more than five years at the time of visa invitation, and the average annualised growth in turnover has been greater than 20 per cent each year for three continuous fiscal years. The business must also have ten or more full time employees for at least one fiscal year in the same consecutive three-year period claimed for growth in turnover.

Receipt of grants or venture capital funding for an innovative business idea (10 points)

• A government grant is monetary assistance that was provided by a government or a government agency, whether local or national, of the applicant’s home country, upon specified conditions.
• You may be awarded points if you have received a grant of at least AUD10 000 from a government body in your home country within four years immediately before you were invited to apply for a visa. The grant must have been awarded for the purposes of early-phase start-up of a business, product commercialisation, business development or business expansion.
• Points may also be awarded if you have received venture capital funding of at least AUD100 000 within four years immediately before the time of invitation. The grant must have been awarded for the purposes of early-phase start-up of a business, product commercialisation, business development or business expansion.

Special endorsement

In a limited number of cases, a nominating state or territory government may determine that the business proposed by an applicant is of unique and important benefit to the state or territory. In these circumstances, an applicant can be awarded ten points.