New Business Assistance with NEISOverview
This program, formerly New Enterprise Incentive Scheme (NEIS), aims to support individuals who are interested in running a small business.
The program can help by providing:
- Accredited small business training.
- Personalised mentoring and support from a NEIS provider in the first year of the new business to help put the business idea into practice.
- Income support for up to 39 weeks (NEIS Allowance) and NEIS Rental Assistance for up to 26 weeks (if eligible).
A total of 8,600 places available nationally each year, delivered by a network of 21 NEIS providers.
As announced in the 2016-17 Federal Budget, the government will provide an additional $88.6 million over four years from 2016-17 to expand the this program and to support self-employment opportunities for young people.
Eligible applicants must:
- Be at least 18 years of age when starting their new business.
- Be not prohibited by law from working in Australia.
- Be available to participate in NEIS training (if relevant) and work full-time in their proposed new business.
- Have not participated in NEIS in the past year.
- Be not an undischarged bankrupt.
The provider will assess their business idea to ensure it meets the business eligibility criteria. This means their proposed business:
- Cannot already be operating on a commercial basis.
- Has an independent structure.
- Is lawful and capable of withstanding public scrutiny.
- Has been assessed as commercially viable by their NEIS provider.
- Will be established, located and operated solely within Australia.
- Is structured so they have and maintain a controlling interest over the NEIS business while participating in New Business Assistance with NEIS.
Eligible participants are required to
- Undertake NEIS training.
- Operate their new business in accordance with their Business Plan.
- Meet all the terms of their NEIS Participant Agreement.
Please refer to the Fact Sheet for the specific activities of each assistance provided by the program.
- Research & Development
- Business Support