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 at least three years of experience managing qualifying business(es) or eligible investments. Applicants are required to complete a Statement of Management activity describing their active management for one fiscal year in the five fiscal years prior to visa application.
Eligible Investments
- At least AU$1.5 million investment owned by applicant, partner or both parties combined for at least one of the five fiscal years before making visa application
Qualifying Business
- At least 10% business ownership by applicant, partner or both parties combined
In addition, an applicant must have a realistic commitment to reside in the nominating state/territory, continue the business and investment activity after the original investment has matured. Neither the main applicant nor their spouse or de facto partner could have involvement in business activities that are generally not acceptable in Australia.
- Make a designated investment of at least AUD1.5 million
- Hold a designated investment for at least 4 years
- 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, investment and personal assets of at least AU$2.25 million 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.
Permanent Residency
The main applicant must have been present in Australia for a total period of two years in the four years before application. To allow flexibility for the day-to-day management of the business and investment 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 they reside.
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 must have held the complying investment with the nominating state/territory for at least four years.
Follow the Yellow Pattern Road for a free visa assessment
