Business Visa when buying a business from Overseas.
The following visas are closed to new applications from 1 July 2012:
- Business Owner (Provisional) (Subclass 160).
- Senior Executives (Provisional) (Subclass 161).
- Investor (Provisional) (Subclass 162).
- State/Territory Sponsored Business Owner (Provisional) (Subclass 163)
- State/Territory Sponsored Senior Executive (Provisional) (Subclass 164)
- State/Territory Sponsored Investor (Provisional) (Subclass 165).
New in 2016
BUSINESS TALENT (PERMANENT) (SUBCLASS 132) VISA.
This visa has two streams:-
- The Significant Business History stream is for affluent owners or part owners of a business who want to have a major management role in a new or existing business in Australia.
- The Venture Capital Entrepreneur stream is for people who have obtained at least AUD 1 million in funding from an Australian venture capital firm.
- have personal and business assets of AUD1.5 million (AUD400 000 must be net assets in the business), and have a business turnover of AUD3 million, or
- Have obtained at least AUD1 million in funding from an Australian venture capital firm for a promising high value business idea.
How this visa works:
- The Business Talent visa is part of the Australian Business Innovation and Investment Program, which seeks to expand the country’s economy.
- This visa is available by invitation only. Before being invited to apply, you must first submit an Expression of Interest through SkillSelect.
Significant Business History stream:
If you apply for the Significant Business History stream, you (or your partner, or you and your partner combined) must have all of the following:
- you must be less than 55 years of age, although a state or territory can waive this requirement if your proposed business will be of exceptional economic benefit to the relevant region.
- net assets of at least AUD400 000 (in a qualifying business) in at least two of the four fiscal years immediately before you are invited to apply.
- total assets of at least AUD1.5 million that can be legally transferred to Australia within two years of the visa being granted.
- a total annual turnover of at least AUD3 million (in one or more of your main businesses) in at least two of the four fiscal years immediately before you are invited to apply.
- ownership of at least
- 51 per cent of a business with turnover of less than AUD400 000 per annum, or
- 30 per cent of a business with turnover of more than AUD400 000 per annum, or
- 10 per cent of a publicly-listed company.
- an overall successful business career with no involvement in unacceptable business activities.
- a genuine desire to own and maintain a management role in a business in Australia.
Venture Capital Entrepreneur stream:
If you apply for the Venture Capital Entrepreneur stream, you must have obtained at least AUD1 million in funding from an Australian Venture capital firm for the start-up, product commercialisation or business development relating to a promising high value business idea.
Your application is likely to require extensive supporting documentation, including records and evidence relating to your:
- work experience.
- educational background.
- English skills.
- business and investment experience.
Australian Business Innovation and Investment Program:
The Business Innovation and Investment Program is offered by the Australian Government as a way to contribute to the growth of the country’s economy by:
- creating jobs.
- increasing the export of Australian goods and services.
- increasing the production of goods and services in Australia.
- introducing new and/or improved technology.
- increasing competition and commercial activity.
- developing links with international markets.
- Bringing business migrants to Australia based on nominations by state and territory governments.
BUSINESS INNOVATION AND INVESTMENT (PROVISIONAL) (SUBCLASS 188) VISA:
The visa has two streams:
- The Business Innovation stream is for people who want to own and manage a new or existing business in Australia
- The Investor stream is for people who want to make a designated investment in an Australian state or territory and want to maintain business and investment activity in Australia after the original investment has matured
To be invited to apply, a person must:
- lodge an Expression of Interest.
- be nominated by a state or territory government.
- be less than 55 years of age.
- have a successful business and/or investment history.
- have adequate personal and business assets.
- score at least 65 points on the innovation points test.
- You must be less than 55 years of age, although a state or territory can waive this requirement if your proposed business will be of exceptional economic benefit to the relevant region.
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