IMMIGRATION
A business visa in Australia
ARE you a successful
businessman overseas
with a business turnover
of $500,00 and net
personal assets of
$800,00?
If you are, you may consider applying
a business innovation stream (temporary
residence) visa or subclass 188 which allows
you to apply for permanent residence under
the business innovation stream if your
business in successful after two years.
THE REQUIREMENTS FOR THIS VISA ARE:
l Must be under 55 years of age unless
the state of territory waives this
requirement because the business
will benefit the nominating state or
territory government.
l Must have a points score of 65. The
Australian government has set
out factors to claim points on age;
English language; qualification;
special endorsement and business
experience;
l Total net business and personal of
at least $800,000 which is lawfully
acquired and available for transfer to
Australia;
l Business turnover of at least $500,000
08
By ATTY. JESSIE ICAO
Practising Solicitor
(at least 2 years of the preceding 4
years before being invited to apply);
l Have a genuine and realistic
commitment to be involved in a
business in Australia.
EXAMPLE ON HOW POINTS
SCORE ARE ALLOCATED
l Age (45-54 years): 15 points
l Qualification - Bachelor degree in
business or technology by Australian
institution, or a bachelor qualification
by an education institution of
recognised standard: 10 points
l English language - Proficient in
English: 10 points
l Special endorsement by the State of
territory: 10 points
l Financial asset - AUD $800,000: 5
points
l Business turnover: AUD $500,000 - 5
points
FOR BUSINESS
Innovation stream: held one or more
APRIL 2018 | AK NewsMagazine, Vol 8 No 7
business in not less than 4 years within the
preceding 5 years - 10 points
HOW THE VISA OPERATES
The applicant has to submit an expression
of interest (EOI) of his intention to invest and
manage a business in Australia and nominate
a particular state or territory he wants to
establish his business.
Under the rules, the businessman can
only apply for this visa if invited to apply after
having submitted an EOI.
Submission of well research business plan
and the suitability of the investor is the key to
be invited to apply which would entitle him
to apply for this visa.
I suggest to prospective investors to:
(a) physically check the area and research
the local market, (b) talk to local business
people on the business needs of the locality,
(c) confer with an accountant on taxation
issues and a solicitor in the area as regards
business and legal requirements in setting up
a business .
Some state require a business plan
which highlights the business to be set up,
capitalisation and how it can improve the
employment and economy of that area.
In Queensland, the applicant must
demonstrate in the application that they
have a net business and personal assets
of at least $800,000 to be transferred to
Queensland within 2 years from the grant of
the visa, including a minimum of $200,000 for
investment into a business in Queensland.
The applicant must reside in that State.
If granted, the visa will allow the
applicant, the spouse and dependent
children to stay in Australia for 4 years from
the visa grant which can be extended for
another 2 years.
The family unit can study and work in
Australia.
PATHWAY OF PERMANENT RESIDENCE
If the business is successful for 2 years
and the applicant continue to manage to
own and manage a business in Australia, it
may qualify him to apply under the business
innovation stream (permanent residence)
subclass 88 visa. n
___________________________
NOTE: The information provided is of general
nature and cannot be relied in its entirety
Reader is advised to refer to the relevant law or
consult a registered migration agent.
JESSIE ICAO is a practising solicitor
in the State of New South Wales and
registered migration agent since 1993
(MARN 9367993). He is admitted as a
lawyer in the Philippines.
www.kalatas.com.au