Business Migration – Residence Visa
If you are a successful business person, investor, or senior executive, you may be eligible to apply for residency status under the provisions of a business based visa. The following options are available for eligible applicants: Temporary Residence – Business Skills (Provisional) visas Temporary residence visas (known as “Provisional” visas) allow the holder to reside and participate in business in Australia as a shareholder. These visas, which are an off-shore application, are valid for four years during which time an application for the grant of permanent residence can be made based on ownership interest in a business, participation in its management and ownership of net assets in Australia.
– Business Owner (Provisional)(subclass 160/163) – Senior Executive (Provisional)(subclass 161/164) – Investor (Provisional) (subclass 162/165) Please note that there is no age limit applying to these visa classes; however, it is a legislative requirement that a prospective applicant for the grant of a Provisional visa subclass 162, 163, 164 & 164 obtain sponsorship from an Australian state or territory government prior to lodgment of the visa application with the Department of Immigration and Citizenship (DIAC).
A state or territory government (and later a DIAC officer when assessing the visa application) must be satisfied that an applicant’s proposed business activity will provide economic benefit to that region; applicants aged 55 years and over must demonstrate that they will deliver exceptional economic benefit to the region. Dependent family members may also be included in the application. Children are able to attend school or tertiary institutions without the need for a Student visa, but fees at international student level may apply. A spouse may take full time paid employment without the need to obtain prior approval from the government. It is not possible to extend a Provisional visa. Most people who seek a Provisional visa do so as a first step towards the grant of permanent residence.
Permanent Residence – Business Skills Those holding a Provisional visa are eligible to apply for the grant of permanent residence under one of the following: – Business Owner (Residence) (subclass 890/892) – Investor (Residence) (subclass 891/893) – Established Business in Australia (subclass 845) All of the above permanent residence visa subcategories are “onshore” applications meaning that the applicant (and family) can remain in Australia during processing of the application. Applications for permanent residence under subclass 892 require the applicant to have state or territory sponsorship confirmed before lodging the visa application with DIAC.
– Business Talent (Migrant) visa The Business Talent (Migrant) (subclass 132) visa is the only visa subclass under business migration that takes the applicant directly through to permanent residence status. Accordingly, core selection requirements are higher than other visa subclasses within the business migration suite. State or territory sponsorship is required to be in place before the visa application is lodged with DIAC and it is usual for state or territory authorities to require a higher level of financial commitment to business entry for sponsorship purposes. Business migrants who are granted permanent residence under the Business Talent visa subclass must meet obligations for business in Australia and are subject to reporting requirements to DIAC.
Permanent Business Visa (Subclass 888)
Business and Innovation Visa (PERM) you’ll apply for permanent migration with this visa if you’re a holder of the supplied Business and Innovation (188) Visa in Australia, and have met the requirements prescribed. Who is eligible for a Business and Innovation Visa (888)? You need to be the first holder of a provisional Business Innovation and Investment visa (subclass 188). NO Expression of Interest, but you do need to: have met all the requirements of your visa, in the stream in which you first applied not have been involved in any unacceptable business or investment activities be nominated by an Australian state or territory Other Requirements for Business and Innovation (888) Visa Business Innovation stream If you are in the Business Innovation stream, you must have been in Australia and held your provisional visa for at least two of the four years immediately before you apply.
In addition, you (or your partner, or you and your partner combined) must: have had and continue to have a direct and continuous management role in a main business (or two main businesses) in Australia for at least two years immediately before you apply have had a turnover, in that main business (or two main businesses), of at least AUD300 000 in the year immediately before you apply own at least one of the following percentages of that main business (or two main businesses):51 percent of a business with a turnover of less than AUD400 000 per annum, or30 percent of a business with a turnover of more than AUD400 000 per annum, or10 percent of a publicly-listed company not have acquired the ownership in your main business (or two main businesses) from a person who was an applicant for, or a holder of, a permanent Business Innovation and Investment visa (subclass 888), unless you and that person had a joint interest in the main business for at least one year before you lodge your application for this visa.
You (or your partner, otherwise you and your partner combined) must also meet two of the subsequent criteria: the net value of your assets within the main business (or two main businesses) in Australia is at least AUD200 000 throughout the year immediately before you apply the net value of your personal and business assets in Australia has been at least AUD600 000 throughout the year immediately before you apply you employed, in your main business (or two main businesses), throughout the year immediately before you apply, at least the equivalent of two full-time employees who are: Australian citizens, or Australian permanent residents, or New Zealand passport holders, and not your family members. Investor stream If you are in the Investor stream, you (or your partner, or you and your partner combined) must have: held a designated investment with an Australian state or territory for at least four years satisfactory record of complying with Australian laws, including those relating to taxation, superannuation, workplace relations, and other laws relevant to your business not been involved in unacceptable business or investment activities strong desire to continue your business and investment activity in Australia.
Benefits of the Business and Innovation Visa (888) With this visa you can work in your established business in Australia, travel in and out of Australia any number of times as long as your visa is valid, study in Australia, have your family accompany you to Australia, who will have the same entitlements as you and live in Australia as a permanent resident for five years (after five years, you will need to apply for a resident return visa).