Requirements
Apart from common requirements of lodging an Expression of Interest and being nominated by a State or Territory, main applicant in this stream must be under 55 years old, score at least 65 on the points test and have a proven successful business history.
Business Turnover
- Have owned interest in an established business or businesses that had at least $500,000 turnover in any two of the four fiscal years before making visa application
Business Ownership
- 51 per cent, if the business has a turnover of less than $400,000 per year
- 30 per cent, if the business has a turnover of $400,000 or more per year
- 10 per cent, if the business is a publicly listed company
In addition, an applicant must have realistic commitments to reside in the nominating state/territory, own and manage a business. Neither the main applicant nor their spouse or de facto partner could have involvement in business activities that are generally not acceptable in Australia.
- Establish a new or participate in an existing business after entering Australia
- Maintain a substantial ownership interest in that business
- Maintain direct and ongoing involvement in management of that business
- Violations of government laws
- Criminal convictions relating to business
- Disregard of licensing and regulations
- Fraudulent trade practices
There is no strict English language requirement, however, all applicants and any dependants over the age of 18 years old, who are not able to demonstrate Functional English language ability, must pay the 2nd visa application charge (VAC).
Assets
Applicants are required to complete the Statement of Assets and Liabilities Position (SALP) form to provide three consecutive snapshots of their financial situation throughout the two fiscal years prior to visa application. The SALP should be supported by evidence of ownership and value. The net value of applicants’ assets is the value of their personal and business assets after deducting all liabilities.
- At the time of invitation, applicant, partner or both parties combined must have total net business and personal assets of at least AU$800,000 that are lawfully acquired and available for transfer to Australia within two years of the visa grant.
- Illegal activities
- Tax evasion
- Readily transferred at any time, e.g. cash, current bank deposits, stock, shares, personal possessions
- Converted to cash and transferred within two years, e.g. property, business assets, fixed or long term deposits
In addition, nominating State or Territory may require that applicants have additional funds for settlement. In general, these funds should be able to cover travel and temporary accommodation (approximately AU$40,000) and living expenses (approximately AU$ 60,000) for the first 12 months in Australia.
Extension Stream
People who had their provisional visa for at least three years can apply for a one-off extension. The extension increases the stay period to 6 years from the date of the original visa grant.
Applicants must have a current State/Territory nomination, and satisfy other criteria:
Business Ownership
- Maintain ownership interest in an active business in Australia for at least 2 years before the application
Business Management
- Stay directly involved in the day-to-day management and decision-making of the business
Need to be in Australia
- Demonstrate that presence in Australia is required in order to operate the main business
- Internet trading businesses
- Brokerage of products between countries other than Australia
- Infrequent export of Australian made products
- Infrequent import of overseas products to Australia
Permanent Residency
The main applicant must have been present in Australia for a total period of one year in the the two years before application. To allow flexibility for the day-to-day management of the business interests in Australia and abroad and the fulfilment of the residency requirement, the main applicant for provisional visa can swap roles with their spouse or de facto partner who may become the primary applicant for the permanent visa.
The applicant and their spouse or de facto partner must have a satisfactory record of compliance with the laws of the Commonwealth and of the State or Territory in which their business is operating.
There is no strict English language requirement, however, secondary applicants over the age of 18 years old, who do not have Functional English language ability and have not previously paid the 2nd VAC, must pay the 2nd VAC.
In addition, applicants must have a current State/Territory nomination and satisfy the following criteria:
Business Turnover
- Own and manage an active business for the two years before the application
- Annual turnover of at least $300,000 in the 12 months before the application
Business Ownership
- 51 per cent, if the business has a turnover of less than $400,000 per year
- 30 per cent, if the business has a turnover of $400,000 or more per year
- 10 per cent, if the business is a publicly listed company
Tax Records
- Obtain an Australian Business Number for the nominated businesses
- Submit Business Activity Statements to the Australian Tax Office for the two years before the application
2 out of 3 Achievements in the Last Year
- Net business assets of $200,000 in nominated main business(es)
- Net personal and business assets of at least $600,000 in Australia
- Employment in the nominated business(es) of the equivalent of two full-time employees who are not family members
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