Tag Archives: business owner

Business Visas Given Priority in Australia’s 2020 Budget

Visa Subclass 188, , , ,

The Australian Government has announced a significant increase in the number of visas available to business owners and investors who want to move to Australia.

Each year at the time of the Federal Budget the Australian Government announces details of the ceiling on the number of visas it will make available for the forthcoming year to 30th June.

Due to COVID-19 this year’s Federal Budget was delayed from May 2020 until this week.

While the ceiling on visa numbers remains at 160,000 the composition of the migration program between visa types for 2020/21 has changed quite markedly compared to the previous year.

In particular there is a significant increase in the number of visas available under Australia’s Business Innovation and Investment Program (BIIP), which includes visa subclass 188.

For the year to 30 June 2021 the total number of visas available under the BIIP will be 13,500.

This should be compared with the program year to 30 June 2020 where the total number of visas granted under the BIIP was 4,420 (the planning level for last year was 6,862; the number of visas granted was restricted due to COVID).

While there continues to be a backlog of applicants for business innovation and investment visas it is clear that the Australian Government sees this area as being key to a successful exit from COVID, including the rebuilding of employment opportunities and the nation’s finances.

If you are a business owner or investor, believe you can meet the threshold requirements for a subclass 188 visa, and want to move to Australia please feel able to complete the enquiry form on this web page.

We can then have a free no obligation chat with you to discuss your situation in more detail, and how we might help.

Our Managing Director is a registered migration agent, and is a qualified Chartered Accountant in the UK and in Australia, so is ideally placed to discuss your visa strategy and tax planning associated with a move to Australia.

 

Business Owners – Permanent Visas for Australia – Subclass 892

Visa Subclass 892, , , , ,

A subclass 892 visa application is the most popular pathway for those who have been living in Australia as the holders of a provisional business visa under sub classes 160, 161, 163, and 164, and who are owning and managing a business in Australia.

Requirements for the granting of a permanent residency visa under subclass 892 are that the visa applicant:

  • Is the holder of one of the above provisional business visas, or a subclass 162 or 165 visa
  • Has been resident in Australia as the holder of one of these visas for at least 1 out of the 2 years immediately before the visa application is lodged
  • Has a genuine commitment to continue to maintain business or investment activities in Australia
  • Has never been involved in unacceptable business activities
  • Is sponsored by a State or Territory Government
  • Has had direct and continuous involvement in the day to day management of up to two businesses operating in Australia for the past two years
  • Owns at least one of the following:
    • – 51 per cent of a business where the annual turnover is less than A$400,000
    • – 30 per cent of a business where the annual turnover is A$400,000 or more
    • – 10 per cent of a business that is a publicly listed company
  • For the 12 months immediately before the visa application is submitted to the Department of Immigration the main business (or two main businesses together) had a turnover of at least A$200,000

In addition, for the 12 months immediately preceding the lodgment of the visa application with the Department of Immigration 2 out of 3 of the following requirements must be satisfied:

  • The net value of the visa applicant’s (or the applicant’s partner’s, or the applicant and his/her partner’s combined) assets in the main business (or two main businesses) in Australia was at least A$75,000
  • The net value of the visa applicant’s (or the applicant’s partner’s, or the applicant and his/her partner’s combined) personal and business assets in Australia was at least A$250,000.
  • The business/es employed at least the equivalent of one full-time employee who is:
    • – An Australian citizen
    • – An Australian permanent resident
    • – A New Zealand passport holder
    • – Not a member of the applicant’s family.

The subclass 892 visa application must be lodged before the expiry of the presently held provisional business visa, and when the visa application is lodged with the Department of Immigration an ownership interest in the Australian business/es must have been in place for at least 2 years.

Clearly there is a need to plan ahead to ensure a business in Australia is not acquired or set up too late to meet the requirement for a 2 year ownership interest, and to ensure business accounts are available and State or Territory sponsorship has been secured.

All of these requirements are to be satisfied at the time the visa application is lodged with the Department of Immigration’s Business Skills Processing Centre.