You must:

• be under 55 years of age, although a state or territory can waive this requirement if your proposed complying entrepreneur activity will be of exceptional economic benefit to the nominating state or territory
• have competent English and be able to provide evidence of this at the time you are invited to apply for the visa
• be undertaking or proposing to undertake a complying entrepreneur activity in Australia and have a genuine intention to continue this activity

A Complying Entrepreneur Activity is an activity that relates to an innovative idea that will lead to the commercialisation of a product or service in Australia, or the development of an enterprise or business in Australia.

This activity must not relate to any of the following excluded categories:

• Residential real estate
• Labour hire
• Purchase of an existing enterprise or a franchise in Australia.

An activity is a complying entrepreneur activity if all of the following requirements are met:

• you have one or more legally enforceable agreements to receive funding with a total of at least AUD$200,000 from one of the following entitites:(a) Commonwealth Government agency; (b) State or Territory Government; (c) Publicly Funded Research Organisation(d) Investor registered as an Australian Venture Capital Limited Partnership or Early State Venture Capital Limited Partnership or (e) Specified Higher Education Provider
• under the agreement at least 10 per cent of the funding must be payable to the entrepreneurial entity within 12 months of the day the activity starts to be undertaken in Australia;
• You held at least 30 per cent interest in your entrepreneurial entity when you entered into the agreement.
• You have a business plan for the entrepreneurial entity noting how your innovative idea will lead to the commercialisation of a product or service in Australia, or the development of an enterprise or business in Australia.