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Obtaining a Business Skills Visa

When considering foreign business purchases, it’s important to understand the responsibilities, terms and conditions of doing so, as well as looking at the positive opportunities that may arise.

What was previous known as the “Business Skills Visas” program has now been renamed as the “Business Innovation and Investment Program”, which has been put in place to bring successful business people from overseas to take up business in Australia and provide employment for Australian Citizens and Permanent Residents.

Obtaining a Business Innovation and Investment Visa can be through the following four ways:

  1. Business Innovation Stream – For people who want to establish, grow and manage a new or existing business in Australia. Requires State or Territory Government nomination
  2. The Investor Stream – For people who want to make an investment of at least $1,500,000 in an Australian state or territory and continue to maintain business and investment activity in Australia. Requires State or Territory Government nomination
  3. The Significant Investor Stream – For people willing to invest $5,000,000 into complying significant investments in Australia and continue to maintain business and investment activity in Australia. Requires State or Territory Government nomination OR Austrade nomination on behalf of the Australian Federal Government.
  4. Premium Investor Stream – For people willing to invest $15,000,000 into complying significant investments in Australia and continue to maintain business and investment activity in Australia. Requires Austrade nomination on behalf of the Australian Federal Government.

Each of these streams follow the same provisional visa procedure, whereas the person becomes a temporary resident, and then becomes eligible to apply for a permanent residence visa following a period of two to four years, depending on the stream.

 

It is important to also be aware that there are certain requirements that need to be fulfilled in order to sell a business to a person looking to obtain a Business Innovation and Investment Visa. These include:

  • An annual turnover of at least $300,000 (AUD) (exceptions apply for businesses in specified regional areas of Australia)
  • Owning at least 51% of a business with a turnover under $400,000 (AUD) per year
  • 30% of a business with a turnover of more than $400,000 (AUD) per year and at least 10% of a publicly listed company
  • The business must have an ABN
  • Up to date with BAS and capable of submitting BAS returns for two years before they will be able to apply for permanent residence
  • A business owned by a person or persons who was an applicant for a business skills visa on the basis of that business will not comply

 

In addition to the above, in order for a business migrant to apply for permanent residency, they must show evidence of at least two of the following three:

  1. A net value of business assets of at least $200,000 (AUD);
  2. A net value of personal and business assets combined of at least $600,000 (AUD)
  3. That they have employed at least the equivalent of two full time employees in the main business throughout the year immediately before applying, who are Australian Citizens, Australian Permanent Residents or holders of valid New Zealand passports and who are not family members.

 

Considering the commercial issues when selling or buying a business is just as important to look at as the migration matters, and consulting a specialist will greatly benefit you when it comes to these matters. A few extras to consider include legal compliance issues, structure for the purchase of a business, licences, permits, employees as well as other factors. YML Group is a law firm practicing in the areas of migration law and commercial law and we advice frequently on business purchases and sales. To get in touch with our Migration team, click here or call (02) 8383 4400.

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