September 25, 2019 no comment kartik
unique opportunity to invest in innovation and migrate to Australia
The Migrant Innovation Northern Territory (MINT) program is an initiative owned and managed by the Darwin Innovation Hub and Paspalis Asset Management. This program assists overseas nationals who have demonstrated their commitment to supporting the region’s innovation hub and start up incubator, the Darwin Innovation Hub by investing in venture capital.
The program is supported by the NTG and has successfully facilitated the creation of the NT’s first venture capital fund.
The first MINT program was successfully completed in 2019, resulting in the Paspalis Innovation Investment Fund (“Fund”) being opened and raising over $25m establishing the first venture capital fund in the Northern Territory.
The Fund is a member fund of the Australian Investment Council.
The program seeks to:
- Complement other activities targeted at raising start-up capital for the Northern Territory innovation ecosystem, by providing a short term solution through the leveraging of ability of the Northern Territory Government to nominate in select visa categories.
- Maintain the integrity of the Northern Territory Government Nomination programs.
- Support Nominations of those genuine applicants that will not only benefit the Northern Territory through the introduction of venture capital, but also through a population increase, filling skills shortages and undertaking business activities of benefit to the Northern Territory.
- Ensure that local Northern Territorians are not disadvantaged through the Nomination of skilled migrants.
To be eligible for Northern Territory Government nomination MINT program participants must meet the following criteria:
- demonstrate they will live in the Northern Territory (i.e. will reside in the Northern Territory) and meet the standard genuine intention criteria put in place for all applicants;
- demonstrate they have a clear understanding of what the criteria are and what their obligations are;
- have sufficient funds of their own for settlement;
- provide fulsome and accurate applications;
- must disclose all relevant information;
- not have Links to Other Regions of Australia, unless they also have Strong Links to the Northern Territory;
- if they do not have Strong Links to the Northern Territory they may only be eligible for a provisional visa.
- meet Australian Government threshold criteria; and
- submit Nomination applications through the relevant application process within 2 months of signing an agreement with Paspalis Group.
Skilled migration specific criteria
- meet Australian Government threshold criteria for the relevant visa;
- be nominated for an occupation on the Northern Territory Skilled Occupation Priority List (NT SOPL) AND on the relevant Australian Government occupation list; and
- must not be an International Student, unless they have Strong Links to the Northern Territory
Business migration specific criteria
- must meet Australian Government threshold criteria for the relevant visa;
- must not be an International Student, unless they have Strong Links to the Northern Territory;
- must propose and commit to undertaking a business/investment activity in the Northern Territory which is in-line with the visa stream they are applying for, including if necessary being a Qualifying Business, and which meets ‘Benefit to the Northern Territory’ criteria; and have undertaken their own business research.
- Contact Paspalis directly or an approved migration professional . Panel agents have strict obligations under the MINT Program including the requirement to comply with the MARA code of conduct and to charge reasonable fees.
- Applicant enters into placement agreement with Paspalis and pays placement fee. MINT placement fees are $27,500 + GST payable directly to Paspalis.
- Applicant’s agent lodges online application to MigrationNT (must be within 60 days from signing placement agreement).
- Applicant receives provisional approval for visa nomination from MigrationNT.
- Applicant makes application to invest in PIIF 2 and pays $515,000 to PIIF 2 Trustee (must be within 30 days of receiving provisional approval). Information memorandum will be available by end of August 2019. The key terms of PIIF 2 will be made available here at the end of August 2019.
- PIIF 2 Trustee perform AML/KYC on funds transfer and completes PIIF 2 application process.
- Once application to PIIF 2 is successful, Paspalis informs MigrationNT.
- MigrationNT grants State nomination.
- Visa application forwarded to Federal Department of Home Affairs.
Following the conclusion of the 2019/20 MINT Program, applicants will be contacted by Paspalis to provide answers to a detailed survey concerning the MINT Program and their current status and activities in Australia for the purposes of reviewing the success of the MINT Program.
Contact us to know more