Criteria for 132 Business Talent Visa – Significant Business History Stream

BUSINESS TALENT (PERMANENT) VISA – Subclass 132

1. Significant Business History stream

This visa allows experienced business owners to operate a new or existing business in Australia, travel in and out of Australia any number of times as long as the visa is valid, study in Australia, have their family accompany them to Australia (they will have access to work and study rights) and live in Australia as a permanent resident for five years.

Requirements

You must be younger than 55 years of age, although a state or territory can waive this requirement if your proposed business will be of exceptional economic benefit to the region where it will operate.

You must have a complete successful business career.

You must possess a genuine desire to continuously own and uphold a management position in a business in Australia.

You, your partner, or you and your partner combined must meet all of the following:

– total net assets of at least AUD400 000 as the ownership interest in one or more qualifying businesses for least two of the four fiscal years immediately before you are invited to apply and if the qualifying business(es) was a publicly listed company, a shareholding of at least 10 per cent of the total issued capital.

– net business and personal assets of at least AUD1.5 million that are legally acquired and can be transferred to Australia within two years after the visa is granted.

– a total annual turnover of at least AUD3 million in one or more of your main businesses in at least two of the four fiscal years immediately before you are invited to apply.
– ownership interest of at least:

(a) 51 per cent of a business with turnover of less than AUD400,000 per year; or
(b) 30 per cent of a business with turnover of more than AUD400,000 per year, or
(c) 10 per cent of a publicly listed company.

You and your partner must have had no involvement in unacceptable business or investment activities.

You must be nominated by an Australian state or territory government that has approved your expression of interest (EOI).

You and any family who apply for the visa with you must meet our health and character requirement.

You must have functional English. If requirement for functional English cannot be met by you or any dependant applicant 18 years or older, you can pay the second instalment of the visa application charge.

You must not have had a visa cancelled or a previous application refused.

Cost

The visa costs AUD7,290 for the main applicant.

An additional charge for each family who applies for the visa with you is also payable.

– 18 and over: AUD3,645
– Under 18: AUD1,820

Duration of stay once you are granted the visa

Stay in Australia indefinitely.

Business Obligations after being granted this visa

You must:

establish a qualifying business in Australia, or participate in an existing qualifying business in Australia.

maintain substantial ownership.

maintain direct and continuous involvement in the day-to-day management of the business.

make decisions that affect the overall direction and performance of the business in a way that benefits the Australian economy.

By RSG Lawyers

Footnotes are available upon request.

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