EXPLANATORY STATEMENT

Migration Regulations 1994

SPECIFICATION OF ENTITIES 2016/074

(Paragraph 5.19E(6)(b))

1. Instrument IMMI 16/074 is made under paragraph 5.19E(6)(b) in Division 5.3 of Part 5 of the Migration Regulations 1994 (the Regulations).
2. Regulation 5.19E prescribes the requirements of a “complying entrepreneurial activity” for an applicant seeking to satisfy the primary criteria for a Subclass 188
   (Business Innovation and Investment (Provisional)) visa in the Entrepreneur stream or a Subclass 888 (Business Innovation and Investment (Permanent)) visa in the Entrepreneur stream. In particular, subregulation 5.19E(3) requires that funding in relation to the activity is to be provided under one or more legally enforceable agreements with one or more entities covered by subregulation 5.19E(5) of the Regulations. This Instrument specifies the entities with which applicants can make legally enforceable agreements for the purposes of a “complying entrepreneurial activity”.
3. The entities specified for the purposes of paragraph 5.19E(5)(b), pursuant to the power in paragraph 5.19E(6)(b), are: all agencies of the Commonwealth, a State or a Territory; bodies that undertake publicly funded research or innovation initiatives and are established under a law of the Commonwealth, a State or a Territory; venture capital limited partnerships and early stage venture capital limited partnerships registered or conditionally registered under Part 2 of the Venture Capital Act 2002; and higher education providers listed under Part 2-1 of the Higher Education Support Act 2003 as Table A or Table B providers.
4. The Department of Immigration and Border Protection has undertaken consultation with: State and Territory governments; the Department of Foreign Affairs and Trade; the Australian Trade and Investment Commission; the Department of Education and Training; the Department of Employment; the Department of Industry, Innovation and Science, including AusIndustry; the Department of the Prime Minister and Cabinet; and industry groups. Public submissions were also received.
5. The Office of Best Practice Regulation (OBPR) has advised that a Regulatory Impact Statement is not required (OBPR Reference 20000).
6. Under section 42 and subsection 44(2) of the Legislation Act 2003 and Item 20 of Regulation 10 of the Legislation (Exemptions and Other Matters) Regulation 2015, the Instrument is not subject to disallowance and therefore a Statement of Compatibility with Human Rights has not been provided.
7. The Instrument commences immediately after the commencement of the
   Migration Amendment (Entrepreneur Visas and Other Measures) Regulation 2016.