If you are a well to do business owner who wants to migrate to Australia and you can demonstrate a substantial amount of business attributes then you may obtain permanent residence directly in Australia. This is accomplished under the 132 Business Talent Visa. Migration agents Perth can help you with this process. In this article, we look at the six things that you need to know about qualifying for this visa to become a permanent resident of Australia.
1. Successful Business Owners Can Settle Permanently in Australia
The good news is that Australia welcomes successful business owners to settle permanently in the country. This visa is entitled to the Business Talent class visa. Australia encourages owners of successful businesses to come to live permanently in Australia in order to create a new or expand an already existing business in the country. It gives owners of businesses the chance to start and run a business or invest in one so that they can live in Australia along with the members of their family. Under this visa, both the applicant and every immediate member of the family is included and gain the right to work, study, and live in Australia.
2. Applicants Can Be Either Outside of or Inside Australia When Applying For or Receiving This Visa
You do not have to be present in Australia in order to either apply for or receive (be granted) this visa class. It requires that the applicant submit an EOI expression of interest via SkillSelect. High caliber entrepreneurs and business owners must meet certain eligibility requirements in order to be successful in their application. This includes the following:
- Be under 55 years of age
- Show a successful career in business including substantial turnover as well as a commitment to business ownership in Australia
- Demonstrate the intention of continuing and direct management involvement with the business that requires you to live at least temporarily in Australia
- Meet character and health requirements
- Meet the state and stream’s additional criteria according to the application
- Submit a business proposal in detail along with the visa application which demonstrates that you possess enough assets available to settle in Australia
3. Significant Business History Proof Is One of Two Streams For This Visa
If you are an affluent business individual who owns or part-owns a business you can apply under this visa stream. You must possess a real and genuine commitment to actively being involved in the management of either an existing or a new business in the country. Applicant requirements are that you are:
- Under 55 years old or receive a waiver of the age requirement from the nominating jurisdiction
- A high caliber owner of a business who will start a business in the country
- Able to demonstrate a $3 million or greater business turnover
- In possession of net personal and business assets of minimally $1.5 million (of which $400,000 has to be net business assets)
4. Venture Capital Entrepreneur Is the Second Stream For This Visa
Another way to successfully qualify for this visa is through the Venture Capital Entrepreneur stream. As an applicant, you must have obtained a million dollars in venture capital class funding out of an Australian Venture Capital Association Limited member (AVCAL). This money must be used to back either a startup or product commercialization involving a business idea that is a high value for Australia.
5. Processing Times Can Be Up To A Year Long
Processing times for this visa are extensive. They typically require between six and 12 months for approval. You do not have to be present in the country to receive approval for the visa (or even to apply for it).
6. The State or Territory Has To Nominate You To Apply For This Visa
You can not apply without a sponsor for this class of visa. You must be nominated by either a territorial or state government agency in order to successfully apply. You should also have been invited to apply for the visa by this agency. It will require that you possess the necessary assets and funding and a prior successful career in business. You must also have alerted the relevant regional authority regarding your goal of developing business within that territory or state.
Eric Reyes is a passionate thought leader having been featured in 50 distinguished online and offline platforms. His passion and knowledge in Finance and Business made him a sought after contributor providing valuable insights to his readers. You can find him reading a book and discussing current events in his spare time.