Do you have a great business idea? Want to become your own boss, and work towards your career goals and personal growth?
We know it’s not easy to get a new enterprise up and running, but we can help you turn your passion into a thriving business with the New Enterprise Incentive Scheme (NEIS).
To help you get started, our team will arrange to meet with you and discuss your NEIS application. You can also take their assistance to complete the Initial NEIS Eligibility Form and Business Feasibility Form.
What is NEIS?
The New Enterprise Incentive Scheme (NEIS) is a government-funded program designed to help new entrepreneurs start a new business venture. The program is part of New Business Assistance, an Australian government initiative managed by Centrelink and the Department of Human Services.
Who is eligible for NEIS?
To access NEIS, you must meet the eligibility criteria for New Business Assistance. Eligible candidates are:
- At least 18 years of age
- Able to legally work in Australia
- Available to participate in NEIS training and work full-time in your proposed NEIS business
Eligible candidates must not have:
- Received NEIS assistance within the previous year
- Filed bankruptcy and still be classified as bankrupt
You can find out more about individual NEIS eligibility by contacting your local MTC branch, or visiting the Department of Employment, Skills, Small and Family Business website.
What businesses are eligible for NEIS?
When you apply to enrol in NEIS, the Australian government also requires that your business idea meet certain eligibility criteria. To receive NEIS assistance payments, a business idea must:
- Not currently be operating on a commercial basis
- Have an independent business structure
- Be lawful and withstand public scrutiny of its operation
- Assessed as commercially viable by your NEIS provider
- Intend to be established, located and operated within Australia
- Be structured so you, the applicant, maintain a controlling interest in the business while it is receiving payments under NEIS.
If your business meets the eligibility criteria, you should consider speaking to a NEIS provider, like MTC Australia. We’ll assess the commercial viability of your idea and help progress your application.
What is a NEIS provider?
A NEIS provider is a registered organisation that is licensed by the Australian government to offer NEIS as part of New Business Assistance. We are a non-profit organisation, offering NEIS at nine of our branches across Sydney. They are:
When you contact us with your application, we’ll assign you a caseworker, who will assess the commercial viability of your business venture. If assessed commercially viable, you’ll be able to start your new business with NEIS through MTC Australia.
What can NEIS offer me and my new business idea?
Under the New Enterprise Incentive Scheme, you as the business owner have access to a range of government-funded education, training and mentoring services that can help you kick-start your business.
What courses can I study as part of NEIS?
The Department of Human Services recognises up to 13 weeks of training as an approved income support activity. We’ll refer you to the training courses you need to get your business idea moving.
We recommend the Certificate III in Micro Business Operations to many of our NEIS candidates, who have found the course to provide them with essential knowledge for future success.
What is NEIS allowance and how is it calculated?
Entrepreneurs currently receiving an income support payment through the Department of Human Services are eligible to receive NEIS allowance. You can receive NEIS allowance payments for up to the first 39 weeks of your business operation.
The payment is equal to the Newstart Allowance rate for singles, 22 years of age and over, with no children. To receive the payment, you must remain compliant with the obligations under your NEIS Participant Agreement.
What factors may affect my NEIS allowance?
The Department of Human Services and Centrelink will take into account any income you may be receiving apart from your business income. If you earn more than double your NEIS Allowance rate, Centrelink may reduce or cancel your NEIS Allowance payment.
At all times, your NEIS business MUST be your primary source of income, and your business income isn’t measured against your payment under any circumstances.
What business mentoring services are available to me?
We connect you with professionals and experts who will teach you how to start, run and manage your new business. This means you benefit from the experience and knowledge of entrepreneurs who’ve been there and done it.
Our network of entrepreneurs will teach you about:
- Business establishment
- Business planning
- Financial management
- Business operations
- Legal requirements and obligations
You’ll receive mentoring for the first 12 months of your participation in the program, completely free.