A Permanent Visa For Australia On Business Success
Must be holder of temporary business innovation and investment visa
- Have been sponsored by Aussie province or region
- Have fulfilled all preconditions of original temporary arrangement
- Have fulfilled category specific requirements like
- Business innovation
- Created at-least 2 full-time jobs for Aussie citizens or Permanent residents or NZ passport holders
- Played an active role in management of main business (or 2 mainstays) established for a minimum of 2 years preceding application
- Have complied with all statutory and regulatory requirements for each of establishments
- In a year preceding to application achieved
- A turnover of a minimum of AUD 300000
- A net business asset value of AUD 200000 of main (or 2 mainstays) business and a net business and asset value of AUD 600000
- An owned share of the establishments in specified ratio pattern Investor.
- Maintained qualified investment for a minimum of 4 years
- Complied with all statutory and regulatory requirements in relation to your investment
- Intend to continue with investment
Since the introduction of Significant Investor Visa in November 2012, 1746 applicants have been granted a visa along with family members, to secure this visa you are required to invest $5 million, offering a pathway to permanent residency.
From July 2016 until 28 February 2017, 312 new primary visas have been issued under this stream. Despite concerns of a misuse of the visa program, the Australian Government still defended these visas as a positive opportunity for Australia.
There are strict visa conditions in place for those who want to do business in Australia, start new companies or develop an existing business. These checks and balances ensure Australia only open our doors to those who seek to strengthen the economy. We assist our clients to build a case that is both compliant with the Australian immigration policy but is also attractive to state governing bodies to ensure approval.
The visa is for the people who are willing to invest at least $5 million over a period of four years into complying significant investments in Australia and want to maintain business and investment activity in Australia. According to the government, applicants under this stream, most of them Chinese, have made an investment of $8.7 billion in complying investments.
You must submit an expression of interest through SkillSelect and be nominated by a state or territory governments or Austrade on behalf of the Australian government. The application needs extensive supporting documentation, including identity, relationships, children, health and English language ability. Check the full document checklist at www.border.gov.au.
The visa allows you and your family to live and work in Australia Australia to run your new or established business. The visa provides a pathway to permanent residency for Business Innovation and Investment. You will be required to live in Australia for at least 40 days per year while on a provisional visa, or your spouse must live in Australia for at least 180 days in a year. You must reside in the state or territory whose government agency nominates you. Your business and investment activity in Australia must continue after the conclusion of your provisional visa.
Cashed up applicants from Hong Kong, Malaysia, South Africa and Vietnam have availed of this visa program but an overwhelming majority of visa holders is from China who has received nearly 90 percent of the visas under this stream last year.
Other Investor visa streams are “Investor Steam” and ‘Premium Investor Stream’ which require applicants to invest $1.5 million and $15 million respectively. You must be under the age of 55 years for Business Innovation and Entrepreneur streams. However, the nominating state governments may waive off this condition. An applicant is also required to meet the health and character requirements.
If you are applying for a permanent visa (subclass 888) in the Significant Investor stream, you must have held at the time of application:
- a provisional visa (subclass 188) in the Significant Investor stream or in the Significant Investor Extension stream.
You must have been in Australia as the holder of a provisional visa (subclass 188) in the Significant Investor stream or the Significant Investor extension stream for at least 40 days per year (calculated cumulatively) for the period of time you have held your provisional visa(s), or your spouse has been in Australia for at least 180 days per year (calculated cumulatively) on the basis of the period of time the primary applicant has held their provisional visa(s).
In addition, you (or you and your partner combined) must have:
- held complying investments continuously for at least 4 years while holding your Business Innovation and Investment (Provisional) visa (subclass 188).
- operated a qualifying business under the private Australian company in which you have made a direct complying investment if applicable.
- Note that the rules in force at the time you applied for your original subclass 188 visas in the Significant Investor stream will apply to you when your application for a subclass 888 visa is assessed.
If you applied for your provisional visa (subclass 188) in the Significant Investor stream prior to 1 July 2015, you are eligible to apply for a subclass 888 visa after holding your provisional visa for 3 years and 11 months. If you applied for your provisional visa after 1 July 2015, you are required to hold your provisional visa for at least 4 years prior to applying for a subclass 888 visa.