An Australian business visa is for people wanting to start a business or invest in Australia. Visas within this category are designed to attract applicants to Australia who have the skills to enhance the Australian economy. The rationale for this visa category is to:
- Develop links with international markets;
- Facilitate the creation or maintenance of employment in Australia;
- Increase the export of Australian goods and services;
- Increase the manufacture of goods or provision of services in Australia which would otherwise need to be imported;
- Introduce new technology;
- Increase commercial activity and competitiveness.
Those who apply for and are granted business visas are involved in a two-step process (Subclass 188 & Subclass 888). The process starts with the granting of a provisional visa, which is followed by a permanent visa if the applicant meets ongoing obligations. This process applies to all business visa applicants except for applicants for the Subclass 132 Business Talent visa, who will be granted permanent residence directly upon approval. As you would expect, the criteria for this visa are significantly more stringent than for the provisional visas.
People who may be eligible for a Business Skills visa include:
- Successful business people who own or part-own a business or businesses;
- Successful business people or investors who would prefer to invest substantial sums into Government-backed funds for fixed period of four years;
- Certain business people who have established successful businesses while in Australia and are the holders of qualifying visas.
For all business visa applications, it is a requirement for the applicant to submit a detailed business proposal and demonstrate that they have sufficient assets to settle in Australia.
BUSINESS VISA CRITERIA
- Be under the age of 55.
- Own at least 30% of the nominated business.
- Annual Turnover at least USD $ 385,000 for 2 years within the last 4 years.(Annual Turnover in AUD$ – 500,000)
- Combined Assets (wife, children) at least USD $ 616,000(Combined Assets in AUD$ – 800,000)