To some, Australia can seem like the land of milk and honey. Resistant to the global financial crisis, rich in natural resources and a willing workforce. If youâ€™re keen on setting up show down under, youâ€™re going to need to grab yourself a migration lawyer and get a business visa.
Proving Your Worth
In order to obtain the visa, you must prove to the Australian Government that youâ€™re serious. First of all, you must submit an Expression of Interest, before you are invited to apply for the visa. The Expression of interest formalities include discussion regarding:
- Are you under 55 years of age? (this can be overlooked in special circumstances).
- Are you fluent in English?
- Education, certificates, other qualifications.
- Business acumen – What is your experience?
- Personal wealth – Your net worth in terms of personal and business assets
- Bringing something new to the table – Are you innovative? Do you have something to contribute to Australia?
- If you can check off each of those boxes, you may be eligible for a Business Innovation and Investment Visa.
One Visa, Two Ways to Get It
Thereâ€™s two different streams for people wishing to apply for the visa, once theyâ€™ve submitted an Expression of Interest and received an invitation to apply for the visa.
Business Innovation Stream – If you plan to be hands on and establish a new business, or develop an existing business in Australia, then you will have to go through the â€œBusiness Innovation Stream, the requirements of this stream are as follows:
- At least $80, 000 worth of assets in Australian Dollars or equivalent
- Turned over $500, 000 Australian Dollars in revenue for two of the last four fiscal years
- Be of good character in the business community, no history of unfair business practices
- Managed a business, where most of your time was spent on management activities
- Owned a) 10 per cent of a public listed company, b) 30 per cent of a business with turnover of more than $400, 000 Australian Dollars per fiscal year or, c) 51 per cent of a business which has turned over less than $400, 000 Australian Dollars per fiscal year.
Investor Stream – If youâ€™re more interested in investing, rather than handling day-to-day affairs of the business, then Investor Stream if probably the route which you should take. The requirements include heavy financial obligations, such as:
- Maintain a personal wealth of at least $2.25 million Australian Dollars for two fiscal years in a row
- A proven track record successfully managing investments, with no history of illicit or unethical activities, such as insider trading
- A high degree of skill in managing investments, as well as at least 3 years experience handling such investments
- A dedication to the Australian economy after your investment has reached maturity
- have managed at least $1.5 million Australian Dollars worth of investments in the past, or have had direct involvement in managing or owning 10 percent of a qualified business as determined by the Australian Government
With your business visa in hand, you will be able to hop in and out of Australia as you wish, your family will also be able to join you. This visa also offers a direct path to permanent residency in Australia.
This post was prepared by Archie, based on information sourced from Hunt Migration, a team of immigration consultants and lawyers. if youâ€™re seeking an immigration agent to assist you with your business visa application, check out their website.