What you need to know about funding agreements for this visa
In an earlier release we wrote ” Funding must meet a minimum of $200,000. It doesn’t all have to come from the applicant. “. We have since corrected this on our immiNews site.
“Funding must meet a minimum of $200,000 and must come from one or more of the following sources:
State and territory governments
Publicly funded research organisations (all higher education providers listed in Table A and B of the Higher Education Support Act 2003 as well as Federal, State and Territory government departments or agencies which undertakes publicly funded research)
The applicant will not be able to fund their own project. They will have to develop their business plan and approach only those entities that fall within the above list.
As one of the main requirements for the Entrepreneur Stream under the Business Innovation and Investor Visa (Subclass 188) is to have an innovative business idea, obtaining funding from the provided list is a means of testing if the idea is indeed one that will benefit the Australian economy.