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As part of its , the Australian Government has made significant changes to its business visas for Australia. From July 2024, the Business Innovation and Investment Visa Program (BIIP) was scrapped due to its failure to deliver economic results for the country. The government has since introduced the new with the aim of growing a stronger economy by attracting exceptionally talented migrants from across the world.

Business and investment visas in Australia

The closure of the BIIP has significantly impacted visa choices for entrepreneurs and business owners looking to invest in business activities in Australia. The National Innovation Visa is now available for individuals seeking to work and invest in the country. And, while new applications for the Business Innovation and Investment Visa (Provisional) (subclass 188) are now closed, it is still possible for holders of that visa currently in Australia to apply for the permanent BIIP (subclass 888).

Changes to business and investment visas

• New applications for the Business Innovation and Investment (Provisional) (subclass 188) can no longer be lodged.
• Existing applications will still be processed.
• .
• Holders of the Business Innovation and Investment (Provisional) (subclass 188) visa can still apply for the permanent BIIP (subclass 888) if they meet the eligibility criteria.
• The Small Business Owner (subclass 890) was closed to new applications in March 2025.
• The Business Talent (Permanent) Visa (subclass 132) closed to new applications in July 2021.
• State or Territory Sponsored Business Owner Visa (subclass 892) was closed to new applications in March 2025.

Global Talent Visa (GTV)

The Global Talent Visa (GTV) was also discontinued as of December 2024. The GTV was a pathway to permanent residency in Australia for highly skilled migrants. The Government will process existing applications in accordance with annual migration planning levels and processing priorities.

Read also Visas for Australia

National Innovation Visa (subclass 858) (NIV)

The BIIP has been replaced by the National Innovation Visa. Interested expats are required to . The NIV (subclass 858) is a pathway to permanent residency and is open to the brightest and best talent who will drive productivity growth in Australia and help create jobs. The government is seeking emerging and established leaders, including entrepreneurs, innovative investors, global researchers, athletes, and creatives, to contribute to Australia in their respective fields of expertise.

To be invited to apply, you will need to detail your record of 'exceptional and outstanding achievements' in your Expression of Interest. Your application will then be assessed against the NIV's program priorities, which include:

Priority One: Exceptional candidates from any sector who are global experts and recipients of international 'top of field' level awards

Priority Two: Candidates from any sector nominated on the approved by an expert Australian Commonwealth, State, or Territory Government agency.

Priority Three: Candidates with exceptional and outstanding achievements in a Tier One sector — Critical Technologies, Health Industries, Renewables, and low-emission technologies.

Priority Four: Candidates with exceptional and outstanding achievements in a Tier Two sector — Agri-food and AgTech, Defence Capabilities and Space, Education, Financial Services and FinTech, Infrastructure and Transport, and Resources.

There is no age limit for this visa, which costs from AUD 4,985 (USD 3,249). You can apply for the visa from Australia or from your home country, and it allows you to work or study in Australia as well as enrol in the public healthcare scheme, Medicare.

Read also Work in Australia

The process of setting up a business in Australia

Once your visa is secured, starting a business in Australia should be a relatively quick process. , including access to the dynamic Asia-Pacific markets.

The country offers a secure and thriving environment for investing in new businesses, and its dynamic technology sectors are a great place to start. :

1. Artificial Intelligence (AI): integrate AI into your products and services for enhanced efficiency and a competitive edge
2. Sustainability and Climate Tech: start-ups in sustainable agriculture, waste management, and clean energy are garnering attention
3. Biotech and Healthtech: highly sought-after start-ups include innovative therapeutics, diagnostics, and digital health solutions.

Choosing where to start your business

It's time to set up your business, but where in the country is the best place to establish your operations? According to the , South Australia is the most business-friendly state in the country. Tasmania was in second place, followed by the Australian Capital Territory, Northern Territory, New South Wales, Queensland, Western Australia, and Victoria.

What kind of business?

A priority for starting any business is research. Know your industry, research the market and your competitors, and work out a strategy for success. You may already be familiar with your sector; however, studying consumer behavior, understanding regulations, and analyzing supply and demand are all key factors for the success of your business. Besides those already mentioned above, other promising industries for start-ups in Australia include education and training, food and hospitality, construction and trades, e-commerce, and manufacturing and engineering.

Choosing a business structure

Choosing a business structure is another crucial step in the process, and you must ensure that you select a structure that suits your business needs and complies with Australian laws.

Business structure options in Australia include:

• Sole Trader: An individual operates the business as a single person and is personally responsible for all aspects and liabilities of the business.
• Partnership: Two or more individuals or entities come together to run a business as co-owners, sharing responsibilities and liabilities.
• Company: A separate legal entity from its owners (shareholders) that offers limited liability protection with legal and reporting obligations.
• Trust: Assets are held by one party (the trustee) for the benefit of others (the beneficiaries) in accordance with the terms of a trust deed.

Registering your company

• Company registration:ÌýAll companies must be registered with the Australian Securities and Investments Commission () and comply with the Corporations Act 2001.

• Australian Business Number: An ABN is a unique identifier for your business. You can apply for anÌýÌýthrough theÌýÌý(ABR) online or by completing the necessary forms.

Being compliant with tax regulations

Businesses are required to register for Goods and Services Tax (GST) if their annual turnover is more than AUD 75,000 (USD 48,898). Businesses must also pay income tax and comply with other tax laws. For instance, you may need to register forÌýÌýwithholding to deduct and remit tax from employee payments. You can register for PAYG withholding online with theÌý.

Read also Taxes in Australia

Regulations and laws for businesses in Australia

As an expat looking to start a business in Australia, there are several key business regulations, laws, and taxes to be aware of, including:

• Employment laws:ÌýEmployers must comply with Australia's employment laws, including minimum wage rates, working hours, leave entitlements, and anti-discrimination laws.
• Consumer protection laws:ÌýBusinesses must comply with consumer protection laws, including the Australian Consumer Law (ACL), which protects consumers against misleading and deceptive conduct and unfair contract terms.
• Intellectual property laws:ÌýAustralia has strict intellectual property laws in place to protect trademarks, patents, and copyrights. Businesses need to ensure that their intellectual property is properly registered and protected.
• Workplace health and safety:ÌýAll businesses must comply with workplace health and safety regulations to ensure the safety of employees and customers.
• Data protection:ÌýBusinesses must comply with Australia's data protection laws, including the Privacy Act 1988, which regulates the handling of personal information by businesses.
• Environmental regulations:ÌýBusinesses must comply with environmental regulations to ensure that they operate in an environmentally sustainable way.
• Financial reporting:ÌýCompanies must comply with the Australian Accounting Standards and prepare financial reports that comply with the Corporations Act 2001.

Support and guidance for setting up a business in Australia

If you're feeling overwhelmed about getting your business up and running, several support programs are available for entrepreneurs in Australia,Ìýregardless of whether you're an expat, a permanent resident, or an Australian citizen. Below are some examples:

• provides support to entrepreneurs and businesses through funding, advice, and networking opportunities.
• °Õ³ó±ðÌý assist businesses with the cost of exporting and can provide up to AUD 150,000 (USD 97,795) in funding.
• Ìýoffers free advice and information on a range of topics, including business planning, financial management, and marketing.

In addition to federal programs, state and territory governments have their own range of support programs for businesses, including funding, advice, and networking opportunities. Industry-specific programs can also offer you support and networking opportunities, depending on which sector you are operating in. For instance, there is the for technology companies or the for tourism businesses.

Important:

For more detailed information on all aspects of business in Australia, we recommend consulting both theÌýÌýand theÌý. Requirements and regulations are subject to change, and government-run websites are the most reliable and up-to-date sources of information.

Hiring employees in Australia

If you've chosen a business structure that requires employees, you'll need to find the right people to support your business's growth. Firstly, assess your staffing needs and determine the roles and skills required for your business. Then, craft detailed job descriptions that clearly outline the responsibilities, qualifications, and expectations for each position. Detailed position descriptions will help you attract suitable candidates during the recruitment process and clarify duties within your business.

Next, advertise your job openings via online job boards, social media platforms, industry-specific websites, and local recruitment agencies. Ensure your advertisements comply with anti-discrimination laws. Depending on the type of business you own, you may choose to advertise locally or nationally.

Once the applications start coming in, it's time to review them. Shortlist the most promising candidates and organize interviews to assess their qualifications, skills, and cultural fit. Before extending offers of employment, conduct reference checks to validate their credentials and experience.

Once you have your new team on board, you'll need to register for a workers' compensation insurance policy. Under Australian law, you must have this type of insurance so that your employees are covered for any work-related injuries. The links below are for the relevant bodies around Australia:

• Australian Capital Territory: 
• New South Wales: 
• Northern Territory: 
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• South Australia: 
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• Western Australia: 

As an employer, you will also need to be familiar with national minimum standards and employer responsibilities under the . The website has information regarding wages, employee leave, workplace conditions, redundancy and unfair dismissal. Meanwhile, the sets the minimum wages for Australia and is the country's national workplace relations tribunal that helps to resolve issues at work.

As an employer, you will also need to be across your superannuation obligations. ‘Super' is the main way most workers in Australia save for their retirement. Each quarter, employers are required to pay the super guarantee rate of 12% of an employee's earnings into their nominated super fund. You can find out more about your superannuation responsibilities at the .

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