The government has recently announced a relaxation of the requirements for a business visa for permanent residency in Australia. Previously, there was a need to prove business innovation in relation to the Innovation and Investment Stream of the visa. However, it is now sufficient to prove an adequate record of business management.
Basically, the requirements for this stream of visa are now as follows:
Be under 55 years of age, although a state or territory can waive this requirement if your planned business will be of exceptional economic benefit to Australia.
Own at least one of the following portion of your nominated business:
– 51 per cent, if the business has a turnover of less than AUD400 000 per year
– 30 per cent, if the company has a turnover of more per year or AUD400 000
– 10 per cent, in the event the business is a publicly listed company
– have an overall successful business career
– have a genuine want to continuously own and maintain a management function in a company in Australia.
If your nominated chief company provides professional, technical or trade services, you have to have spent a maximum of half your own time providing those services, rather than general management of the business.
At the time of invitation, you, your partner, or you and your partner combined must have overall internet company and personal assets of at least AUD800 000 which are lawfully acquired and available for legal transfer to Australia within two years.
You along with your partner must have experienced no engagement in unacceptable company or investment actions.
Previously, you may not have been eligible for a business visa but it is now available to you. Contact us to find out more.
