Duration and Condition
Planning to set up your business in Australia? Apply for the Business and Innovation VISA and get a chance to receive a permanent residence in the country. Get the 4-year temporary VISA once you establish ownership in any Australian business. Benefit from the 2-year extension on your temporary VISA once you hold the Business and Innovation VISA for 3 consecutive years.
Do I apply in Australia or from Overseas?
You can apply for the VISA either in Australia or from overseas. While you apply from Australia, you must file your application with an existing VISA or a bridging A, B, C VISA program.
While you file your application, make sure you meet all the specific requirements
- Your must be the owner of a business with a turnover of AUD 500,000 for at least 2 of the last 4 fiscal years
- You have net assets equal to AUD 800,000
- Must be under the age of 55. Exceptions are allowed in the case where the nominating state certifies you as an exceptional economic benefit
- Appear and secure at least 65 passing marks in the Business and Innovation test
- Demonstrate an exceptional and profitable business career
State Territory Nomination
If you have an exceptional business performance and have been nominated by any Australian state or territory government, you can befit from this VISA program.
Eligibility for Permanent Residence
Once you get a temporary VISA, the next step is to qualify for a more permanent Business and Innovation VISA. Also known as the Residence Subclass 888 VSA program, it has the following requirements
- Two years prior to application, you already have been in Australia on a 188 Visa for a period of at least 12 months
- You have been successfully running a business in Australia with an annual turnover of $300,000 for the past 2-4 years before your application for a permanent residency.
- Either you or your partner must meet the following additional criteria (two out of three)
- Business assets of at least $200,000
- Minimum assets of at least 600,000 in Australia
- At least two of Australian citizens are employed full-time in your business