Commonwealth Consolidated Regulations Commonwealth Consolidated Regulations(1) An activity that an applicant for a visa is undertaking, or proposing to undertake, is a complying entrepreneur activity if all the requirements set out in this regulation are met.
Note: For the grant of a Subclass 188 (Business Innovation and Investment (Provisional)) visa in the Entrepreneur stream, the applicant must be undertaking, or proposing to undertake, a complying entrepreneurial activity (see Subdivision 188.28 of Schedule 2).
(2) The activity:
(a) relates to an innovative idea that is proposed to lead to:
(i) the commercialisation of a product or service in Australia; or
(ii) the development of an enterprise or business in Australia; and
(b) does not relate to an activity specified, whether individually or by class, in an instrument under subregulation (6).
(3) If the applicant is invited to apply for the visa before 1 July 2021, all of the following apply:
(a) funding in relation to the activity is to be provided to any of the following (the entrepreneurial entity ):
(i) the applicant;
(ii) a body corporate;
(iii) a partnership;
(b) the funding is to be provided under one or more legally enforceable agreements in effect between the entrepreneurial entity and one or more entities covered by subregulation (5);
(c) if the applicant is not the entrepreneurial entity--the applicant personally held, at the time the agreement or each agreement was entered into, at least a 30% share in the ownership of the entrepreneurial entity;
(d) the total amount of the funding provided or to be provided under the agreement or agreements is at least $200,000;
(e) under the agreement or each agreement, at least 10% of the funding is to be paid to the entrepreneurial entity within 12 months of the day the activity starts to be undertaken in Australia;
(f) there is in place a business plan for the entrepreneurial entity that the Minister considers to be appropriately formulated to lead to a result mentioned in subparagraph (2)(a)(i) or (ii);
(g) all of the funding provided or to be provided to the entrepreneurial entity under the agreement or agreements is unencumbered and lawfully acquired.
(5) An entity is covered by this subregulation if the entity is both:
(a) any of the following:
(i) an agency of the Commonwealth, a State or a Territory, or a body established under a law of the Commonwealth, a State or a Territory;
(ii) a body corporate;
(iii) a partnership;
(iv) an unincorporated body;
(v) an individual;
(vi) the trustee of a trust that has only 1 trustee;
(vii) the trustees together of a trust that has more than 1 trustee; and
(b) specified, whether by name or by class, in an instrument made under subregulation (6).
(6) The Minister may, by legislative instrument, specify:
(a) activities for the purposes of paragraph (2)(b); and
(b) entities for the purposes of paragraph (5)(b).