Australia is a sought-after destination for students pursuing higher education, and now, the country’s lifestyle is attracting business owners seeking visas to explore opportunities. This comprehensive guide covers the Business Owner Visa (Subclass 890) of Australia.
Understanding Business Owner Visa
This visa is designed for individuals who own and manage a business in Australia. It allows indefinite stay in the country. To be eligible, one must have a qualifying visa granted based on specific criteria.
Applicants need to have an eligible visa and must have lived in Australia on that visa for at least 12 months in the two years immediately before the application, while holding the current visa. The eligible visa includes various subclasses related to business ownership.
Applicants should have owned and operated a business in Australia for at least two years immediately before applying. Ownership interest and management roles must be demonstrated, along with evidence of a direct and continuous management role in the business on a day-to-day basis.
Obtaining an Australian Business Number (ABN) for each main business is mandatory. The business should meet specific criteria, including turnover and employment benchmarks.
Before applying, applicants must notify the business development agency in the state or territory where they intend to continue their investment activity. Identity documents, photos, business documents, and ownership evidence are required for the application. Financial statements, employee details, and various other documents must be submitted.
The application fee must be paid before submitting the application. The entire application, along with the required documents, must be posted or sent by courier to the Adelaide Business Skills Processing Centre in Australia.
Benefits of Business Owner Visa
The Business Owner Visa provides permanent residency in Australia, allowing the holder to work, study, and enroll in the public health care scheme. Additionally, visa holders can sponsor relatives to come to Australia, travel to and from the country for five years, and become eligible for Australian citizenship.
Duration and Cost
This visa allows indefinite stay in Australia, with a travel component that expires five years after the visa grant date. The cost of this visa is approximately AUD 2,810. An additional charge, called the second installment, may apply for family members over 18 with less than functional English who do not hold an eligible visa.
The Business Owner Visa (Subclass 890) is a pathway for entrepreneurs seeking to establish and manage businesses in Australia. With its various benefits and eligibility criteria, it provides a comprehensive opportunity for individuals looking to make a mark in the Australian business landscape.