Ang Kalatas April 2018 Issue - Page 8

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.