The Business Talent (Permanent) visa (subclass 132) is a permanent residence visa for experienced business owners and entrepreneurs who want to establish or develop a business in Australia. It is one of the few business migration pathways that grants permanent residence directly — without a prior provisional visa stage. The subclass 132 has two streams: the Significant Business History (SBH) stream for applicants with a demonstrated record of operating successful businesses, and the Venture Capital Entrepreneur (VCE) stream for applicants who have secured venture capital funding from an Australian Investment Council (AIC) member firm. Both streams require state or territory nomination. This page explains the eligibility criteria for each stream, the nomination requirement, and how the subclass 132 differs from provisional business visas.

For current eligibility criteria, stream requirements, and processing times, refer to the DHA Business Talent (Permanent) visa page.

• Migration Regulations 1994, Schedule 2, Subclass 132 — the primary criteria for the Business Talent (Permanent) visa, including the Significant Business History stream criteria (net assets, business turnover, ownership interest) and the Venture Capital Entrepreneur stream criteria (AIC funding, qualifying business)
• Migration Regulations 1994, Schedule 2, clause 132.212 and 132.222 — state or territory nomination requirement applicable to both streams of the subclass 132
• Migration Act 1958, s 140GB — the sponsorship and nomination framework under which state and territory governments nominate business talent visa applicants
• DHA: Business Talent (Permanent) visa (subclass 132) — immi.homeaffairs.gov.au/132
• DHA: Significant Business History stream — immi.homeaffairs.gov.au/132-sbh
• DHA: Venture Capital Entrepreneur stream — immi.homeaffairs.gov.au/132-vce

Overview — direct permanent residence

Unlike the former Business Innovation and Investment (Provisional) visa (subclass 188), which required applicants to first hold a provisional visa and then apply for the permanent subclass 888, the subclass 132 grants permanent residence directly on approval. There is no two-stage process. Both the SBH and VCE streams share this feature — they are both outright permanent grants, not provisional authorisations.

State or territory nomination is a mandatory prerequisite for both streams. An applicant cannot apply for the subclass 132 without first securing a nomination from a state or territory government. The applicant must also be under 55 years of age (with possible state exemption in exceptional circumstances).

Significant Business History (SBH) stream

The SBH stream is designed for established business owners with a proven track record. The key eligibility criteria are:

• Business ownership: the applicant must have, in at least two of the four fiscal years immediately before applying, held at least a 10% direct or indirect ownership interest in one or more main businesses
• Net assets: the applicant and their spouse or de facto partner combined must have had net business or personal assets of at least AUD 1.5 million throughout the two qualifying fiscal years
• Business turnover: the main business or businesses must have had an annual turnover of at least AUD 3 million in each of the two qualifying fiscal years
• Lawfully obtained assets: the applicant must demonstrate that their assets were obtained by lawful means; DHA may request evidence of the source of funds and assets
• State nomination: the applicant must be nominated by the state or territory in which they intend to operate their Australian business

The SBH stream is intended for applicants who intend to establish a new business or develop an existing business in Australia — the focus is on the applicant's track record as a business owner, not on a specific business plan or investment amount.

Venture Capital Entrepreneur (VCE) stream

The VCE stream is for entrepreneurs who have secured venture capital funding from an Australian Investment Council (AIC) member firm for a business or start-up venture in Australia. The key eligibility criteria are:

• Venture capital funding: the applicant must have sourced at least AUD 1 million in venture capital funding from a member firm of the Australian Investment Council (AIC) — only AIC member firms qualify; funding from non-AIC sources does not satisfy this requirement
• Qualifying business: the funded venture must be a qualifying business in Australia — it must be a business in which the applicant has at least a partial ownership interest and which the applicant will actively manage
• State nomination: nomination from an Australian state or territory is required
• Age requirement: applicant must generally be under 55 (same as SBH stream)

The AIC publishes a list of its member firms. For current AIC member information and eligibility, applicants should verify membership status with the AIC directly.

State and territory nomination

Both streams require the applicant to be nominated by an Australian state or territory government. Key points about nomination:

• Each state and territory has its own business migration program with distinct requirements, thresholds, and sector priorities for the subclass 132
• Nomination programs open and close independently — applicants must check the current status of the nominating state's business migration program before applying
• The applicant must intend to establish or operate their business in the nominating state or territory
• Nomination does not guarantee visa approval — DHA assesses the visa application independently against the Migration Regulations criteria

Post-grant obligations

After the subclass 132 is granted, visa holders are expected to actively establish or operate their intended business in Australia. DHA monitors compliance with business development obligations — the monitoring framework outlines how DHA reviews compliance after grant. Unlike provisional business visas, there are no mandatory business activity reports to complete to obtain permanent residence (since PR is granted upfront), but visa conditions relating to business conduct may apply.

How the subclass 132 differs from other business visas

The subclass 132 occupies a distinct position in the Australian business migration framework:

• Versus subclass 188/888: the former 188/888 pathway required a provisional stage (188) followed by a permanent application (888) after meeting business activity obligations over several years — the 132 grants PR directly without a provisional stage; note that the 188 BIIP program was closed to new applications
• Versus National Innovation visa (858): the 858 (National Innovation visa) is for individuals with an internationally recognised record of exceptional achievement in specific innovation and technology sectors — it targets internationally prominent talent, whereas the 132 targets established business owners and venture-backed entrepreneurs
• Points test: the subclass 132 does not use the points test system that applies to skilled migration — selection is based on business credentials, assets, and state nomination

Processing times and application fees

For current subclass 132 processing times and application charges, refer to the DHA visa processing times page and the subclass 132 visa page — DHA updates these figures regularly and specific amounts are subject to change.

The subclass 132 is a relatively low-volume visa compared to the broader skilled migration program — it is tailored for a specific subset of experienced business people and venture-backed entrepreneurs rather than the general skilled migrant population. The AUD 1.5 million net asset threshold and AUD 3 million turnover threshold for the SBH stream place it firmly in the upper tier of business migration. The AIC venture capital funding requirement for the VCE stream is specific and cannot be met by alternative funding sources (angel investors, government grants, family funding). State and territory nomination is the main bottleneck — states manage quota allocations and can impose additional thresholds beyond the Migration Regulations minimums. The closure of the BIIP (subclass 188) program to new applicants means the subclass 132 is now one of the primary direct permanent residence pathways for business migrants. For current eligibility criteria, state nomination programs, and processing information, refer to the DHA Business Talent (Permanent) visa page.