New Enterprise Incentive Scheme (NEIS) is funded by the Department of Education, Skills and Employment (DESE). If you have a great business idea and want to become your own boss, this is for you!
This program is designed to help aspiring entrepreneurs develop their business through training, expert coaching as well as financial support.
You need to meet the following criteria in order to participate in the scheme:
- Be at least 18 years of age when you start your NEIS business
- you can legally work in Australia
- Not be an undischarged bankrupt.
- Be available to work the required hours in your proposed NEIS business
- Have not received NEIS Assistance in the past year
In addition, your NEIS provider needs to assess if your business idea meets the business eligibility criteria. This means your proposed business:
- Will have an independent business structure
- Is lawful and capable of withstanding public scrutiny
- Has been assessed as commercially viable
- Will be established, located and operated solely within Australia
- Will be structured so you have and will maintain a controlling interest over the NEIS business while participating in New Business Assistance with NEIS
- Is either:
- Not operating on a commercial basis, or
- Is an existing micro-business affected by COVID-19.
What will you get?
NEIS Allowance – you may be eligible to receive the allowance for up to the first 39 weeks of business operation;
NEIS Rental Assistance – this is a fixed rate payment for a period of 26 weeks. To be eligible you must have been receiving rental assistance from Services Australia or the Department of Veterans Affairs before you start receiving NEIS Allowance;
Education Entry Payment – this is available if you have had one or more income support payments from Services Australia in the last 12 months;
NEIS Training – this helps you achieve a nationally recognized qualification:
- Certificate III in Micro-Business Operations, or
- Certificate IV in New Small Business.
Business Mentoring and Support – Experts specialising in different areas of the business (e.g. finance, marketing, etc.) will mentor you during the first year of operating your business.
How to Apply
Step 1 – Click here to find your local NEIS provider using your postcode and filtering the provider type to ‘New Business Assistance with NEIS’
Step 2 – Contact the NEIS provider to book an information session. They will guide you through the application process
WL Advisory is a Chartered Accounting firm. We specialise in accounting, tax and advisory services for individuals and small businesses. Please visit our website for more information.