Introduction
Whether you are a business owner with an interest to invest, start a business or want to open a branch office of your existing business, a high-net-worth individual with a thought to migrate to Australia.
In all cases, it is significant to understand the guidelines and Australian business visa requirements before applying.
Including in the list of one of the wealthiest countries in the world, Australia is the most popular choice for business owners who desire to migrate and are interested in taking their business and investment activities to Australia.
Australia has a booming economy and is a highly attractive investment destination. And the Australian Business Visa is an ideal solution for individuals wishing to travel to Australia for business.
Business immigration to Australia is made to facilitate the immigration of business owners and investors to Australia.
Let’s look into what exactly is business immigration and a detailed guide on the visa application process, documents, eligibility, and more.
What is Business Immigration?
Business immigration is the most actively evolving part of immigration law that allows experienced entrepreneurs or investors to settle in Australia.
The program is designed to encourage and facilitate high-worth individuals or business owners who can support innovation and economic growth in the country.
The migration law covers various visas such as business visas, investment visas, and entrepreneur visas.
What is the Business Visa Application Process in 2022?
The Australian Business Visa application process is a well-structured process, based on various laws, regulations, policies, and legislative instruments.
After preparing, the documents according to the guidelines for the applications, follow the following visa application process steps:
Step 1 – Register and submit an EOI that is an expression of interest to the Department of Home Affairs.
Step 2 – Wait for email notification of the nomination from a state or territory, processed by the skilled & business migration team. Or lodge the application with the State or Territory government for the approval of your nomination application.
Step 3 – After the approval, you will obtain an invitation from the Department of Home Affairs.
Step 4 – Apply for a business visa application within 60 days of nomination.
What are the documents required for Business Innovation and Investment Visa from India?
You need to submit the following documents for a business innovation and investment visa:
Passport copy
Personal and Business Assets Evidence (Main applicant + Spouse)
Proof of the company’s registration
Financial statements
Bank Statements (Personal and Business)
Income Tax Returns
Guidelines to take care of while submitting the documents,
Documents should be in the English language
Financial statements should be prepared by an independent accountant according to international accounting standards.
Financial records should have the following information such as balance sheet, profit and loss statement, and notes to the accounts.
Valuation of the Assets is required from the Government authorized Valuer.
The processing time depends on various factors such as whether the form includes all the required documents, quick response when queries are raised by the authority, and more.
Also, the processing time varies on the subclass and their streams.
| PROCESSING TIME | ||
NAME OF THE VISA | SUBCLASS | 75% APPLICATIONS | 90% APPLICATIONS |
Business Innovation stream | 188 | 25 Months | 28 Months |
Investor stream | 188 | 36 Months | 39 Months |
Significant Investor stream | 188 | 18 Months | 26 Months |
Entrepreneur stream | 188 | 5 Months | 7 Months |
Minimum how many points are required to secure for Business and Investment Visa?
The applicants should have at least 65 points in the business innovation and investment point test to be eligible to apply for a Business and investment visa. Please note that not all the business visa streams are points-based.
Below are the factors of how points are awarded for business visas.
AGE:
Applicants are scored according to the age group they fall in at the time of application.
| Description | Points |
| 18 -24 | 20 |
| 25 – 32 | 30 |
| 33 – 39 | 25 |
| 40 – 44 | 20 |
| 45 – 54 | 15 |
ENGLISH PROFICIENCY TEST
IELTS which is English proficiency test is also required for applicants in which their score in Vocational English should be 5 and in Proficient English 10.
Below are the other factors and their score set,
Factors | Description | Points |
| Qualifications | Cert / Diploma / Degree | 5 |
| Degree in Business or Science or Tech | 10 | |
| Business Experience | More than 4 years | 10 |
| More than 7 years | 15 | |
| Investment Experience | More than 4 years | 10 |
| More than 7 years | 15 | |
| Financial asset | $800,000 | 5 |
| $1,300,000 | 15 | |
| $1,800,000 | 25 | |
| $2,250,000+ | 35 | |
| Business turnover | $500,00 | 5 |
| $1,00,000 | 15 | |
| $1,500,000 | 25 | |
| $2,000,000+ | 35 | |
| Innovation | Registered patents or designs | 15 |
| Trademarks | 10 | |
| Joint Venture | 5 | |
| Export trade (50% of business) | 15 | |
| Gazelle business | 10 | |
Grants ($10,000+) or venture capital funding ($100,000) | 10 | |
| Special endorsement | State or territory nomination | 10 |
Eligibility for Australian Business Visa:
Before applying for an Australian Business Visa one must check whether they meet following requirements or not,
You must meet the health requirements
You must meet the character requirements
You must be either managing the business or have experience in investment.
Different Business Visas:
There are various subclass to choose and visa categories offer different streams
depending on your business condition.
Business Innovation and Investment (Provisional) Visa – Subclass 188
This is a short-term business visa administered for four years and three months to applicants.
Applicants aged 55 years and over can not apply for this visa.
Visa 188 has several streams to choose from such as
Business innovation stream
Investor stream
Entrepreneur stream
This visa for business owners and investors is the first step in a two-step pathway to permanent residency.
Business Talent (Permanent) Visa – Subclass 132
This permanent residence visa is for business owners and investors who have a proven record of successful business and are willing to do business in Australia.
Visa 132 has two streams to choose from
Significant business history stream
Venture capital stream
Conclusion:
Australian Business immigration laws are complex and every individual case is different. With detailed advice about the immigration requirements and process according to the individual circumstances, applicants can get an Australian business visa without any unnecessary processing delays and refusal.
Detailed advice is beyond the scope of this blog. Visafast Migration Consultancy has MARA-registered agents that provide professional advice and lead you to the best chance of achieving a successful outcome in your case.