Rated 14th in terms of ease of doing business on the World Bank Doing Business index, Australia is undoubtedly one of the most lucrative nations for conducting business.
Australia offers ample opportunities for entrepreneurs and investors with its stable economy, supportive government policies, and excellent living standards. It is also the 13th largest economy in the world, solidifying its position as a popular country for starting a business.
And to take advantage of this appealing business environment of Australia, getting a business visa is crucial.
In this blog, we will delve deeper into the different types of Australian business visas, the associated requirements and benefits, and how they can pave the way for Australian citizenship.
What is an Australian Business Visa?
Apart from the business-friendly environment, Australia also welcomes foreign investment. It’s no wonder then that so many businesses want to be established and/or expand in the country.
But to do this, securing an Australian Business Visa is necessary. This permit enables you to visit the country to carry out various business-related errands, including attending conferences and client meetings, negotiating business contracts, as well as carrying out official government visits.
The country has several business visa options that cater to different types of business people looking to immigrate to Australia.
There’s also an Australian Citizenship by Investment program. This program offers a pathway to Australian citizenship through investment in the country’s economy, making it an appealing option for those looking to settle down in Australia permanently.
Depending on your visa category, you will need to meet specific eligibility criteria such as minimum investment requirements, business experience, or sponsorship from a state or territory government.
Types of Business Visa for Australia
1. Business Innovation and Investment (Provisional) Visa: Subclass 188)
Cost: Approx. AUD755 to AUD6,270
Processing Time: Approx. 14-37 Months
Who is it for?
This type of visa is for people who wish to operate a new or existing business in Australia. Applicants can choose from four streams under this visa category — Business Innovation visa, Investor visa, Significant Investor visa, and Entrepreneur visa Australia.
Note that each stream has different requirements for the Department of Home Affairs and state nomination. And once you’ve chosen the stream, you will then need to prepare a range of documents for that particular stream, including documenting business plans and financial capability.
Duration of Stay
Depending on the stream of Business visas, you can stay for 4 to 10 years.
Requirements
To be eligible, you must:
- Have an illustrated business career with personal and business assets.
- Be under 55 years of age.
- Not have any involvement in the past or otherwise with any unlawful activities and you must sign the character requirement.
- Have functional English and meet the health requirement.
- Submit an EOI based on which an Australian State or Territory government agency might nominate you.
- Receive an invitation to apply for this visa.
- Either read and understand Life in Australia book or have it explained to you.
- Not have a visa canceled or an application refused before.
- Not have a withstanding debt to the Australian government.
For the Business Innovation stream, you must:
- Provide a business plan explaining its viability and impact on Australia’s economy.
- Be operating a new or existing business in Australia.
For the Investor stream, you must:
- Provide the proposed complying investment(s) and the fund manager’s names and relevant details.
- Invest AUD1.5 million in an Australian State or Territory.
- Provide information on the benefits of your investment in South Australia.
For the Significant Investor stream, you must:
- Provide the proposed complying investment(s) and the fund manager’s names and relevant details.
- Invest at least AUD5 million in complying with significant investments in Australia.
- Provide information on the benefits of your investment in South Australia.
For the Entrepreneur stream, you must:
- Have a funding agreement with a third party to carry out entrepreneurial activities.
- Provide detailed information on your entrepreneurial business, confirming you have the knowledge, track record, or expertise concerning the target product or service.
- Ensure your proposed business can become a sustainable high-growth start-up that can employ South Australians.
- Ensure your project will primarily be located in South Australia.
- Provide a letter of support from a selected Service Provider that approves your proposed business.
How to Apply
You can apply for the visa through your ImmiAccount. The invitation letter will contain all the necessary instructions. Follow these instructions and upload all required documents. There are separate documents for dependents under 18 and over 18, and separate ones for your partner.
Once you have applied, you need to wait for a receipt of your application followed by an intimation of acceptance or denial.
2. Business Innovation and Investment (Permanent) Visa: Subclass 888
Cost: Starts from AUD3,025
Processing Time: 26-35 Months
Who is it for?
Those who possess a Business Innovation and Investment (Provisional) visa (subclass 188), or hold a subclass 444 (Special Category) visa, or specific holders of subclass 457 (Business (Long Stay) visa) can reside permanently in Australia with this visa.
Like the Subclass 188 visa, this visa also has the same four streams:
- The Business Innovation stream is for business proprietors who wish to transfer their foreign business or launch a new business in South Australia.
- The Investor stream targets investors or business proprietors who are prepared to invest at least AUD1,500,000 in South Australia for four years.
- The Significant Investor stream is for individuals who’ve invested $5 million for a period of four years.
- The Entrepreneur stream is designed for individuals who have the backing of a selected Service Provider to engage in an entrepreneurial activity that is intended to result in the commercialization of a product or service in South Australia or the establishment of a business in the region.
Duration of Stay
If you are granted this visa, you are allowed to stay in Australia permanently.
Requirements
For the Business Innovation stream, you must:
- Hold a subclass 188 in the business innovation stream, a subclass 444 visa, or a subclass 457 visa.
- Show ongoing business involvement.
For the Investor stream, you must:
- Hold a subclass 188 in the investor stream.
- Have a designated investment of AUD1.5 million for 4 years.
For the Significant Investor stream, you must:
- Hold a subclass 188 visa in the Significant Investor stream or Significant Investor Extension stream.
- Have a complying investment of AUD5 million for 4 years.
For the Entrepreneur stream, you must:
- Have held a subclass 188 visa in the Entrepreneur stream for 4 years.
- Have lived in Australia for a minimum of 2 years while on the above visa.
- Demonstrate a successful record of entrepreneurial activity in Australia while you held your subclass 188 visa.
Applicants must also comply with all the other basic requirements for a Business Visa.
How to Apply
You can apply for the visa through your ImmiAccount. Your invitation letter will contain all the necessary instructions. To apply, follow these instructions and upload all required documents. There are separate documents for dependents under 18 and over 18 and separate ones for your partner.
3. Business Talent (Permanent) Visa: Subclass 132
Cost: Starts from AUD7,855
Processing Time: 20- 30 Months
Who is it for?
Proficient business proprietors who want to manage an existing or new business in Australia. This visa category includes two streams — the Significant business history stream and the Venture capital entrepreneur stream.
Duration of Stay
If you are granted this visa, you are allowed to stay in Australia permanently.
Requirements
To be eligible, you must:
- Possess a net value of AUD1.5 million or more that has been obtained legally, or have secured funding of at least AUD1 million from an Australian venture capital firm.
- Own a major part of the business.
- Generate an annual revenue of AUD3,000,000 or more.
- Own assets worth AUD400,000.
Applicants must also comply with all the other basic requirements for a Business Visa.
How to Apply
You can apply for the visa through your ImmiAccount. The invitation letter will contain all the necessary instructions. To apply, follow these instructions and upload all required documents. There are separate documents for dependents under 18 and over 18, and separate ones for your partner.
4. Significant Business History Stream Review: Subclass 132
Cost: Starts from AUD7,855
Processing Time: 20- 40 Months
Who is it for?
Individuals who have secured venture capital financing from a member of the Australian Investment Council (formerly known as the Australian Private Equity and Venture Capital Association Limited).
Duration of Stay
If you are granted this visa, you are allowed to stay in Australia permanently.
Requirements
To be eligible, you must:
- Be under 55 years of age
- Possess a net value of AUD1.5 million or more that has been obtained legally, or have secured funding of at least AUD1 million from an Australian venture capital firm.
- Own a major part of the business
- Generate an annual revenue of AUD3,000,000 or more
- Own assets worth AUD400,000
- Not have any involvement in the past or otherwise with any unlawful activities, and you must sign the character requirement
- Have functional English and meet the health requirement
- Either read and understand Life in Australia book or have it explained to you
- Not have a withstanding debt to the Australian government
- Not have a visa cancelled or an application refused before
Applicants must also meet all the nomination requirements for this visa.
How to Apply
You can apply for the visa through your ImmiAccount. The invitation letter will contain all the necessary instructions. To apply, follow these instructions and upload all the required documents. There are separate documents for dependents under 18 and over 18 and for your partner.
5. Business Owner Visa: Subclass 892
Cost: Starts from AUD2,570
Who is it for?
Business owners who currently possess a South Australian state-sponsored 163, 164, or 165 visas and wish to obtain permanent residency.
Duration of Stay
If you are granted this visa, you are allowed to stay in Australia permanently.
Requirements
To be eligible, you must:
- Be present in Australia. Your family members can be either inside or outside Australia, but they cannot be going through immigration clearance.
- Own a visa from any of these subclasses — 160, 161, 162, 163, 164, 165.
- Must be sponsored by a regional authority in the territory or state where you conduct your business.
- Must own and manage a business for 2 years prior to applying for this visa.
Applicants must also comply with all the other basic requirements for a Business Visa.
How to Apply
You need to apply for this visa on paper. You can find instructions on how to calculate and pay your fee on Form 47BU.
6. Investor Visa: Subclass 893
Cost: Starts from AUD2,570
Who is it for?
This investment visa for Australia is for individuals who hold a subclass 165 State/Territory Sponsored Investor (Provisional) visa and have maintained a designated investment of AUD750,000 for a period of 4 years and wish to attain permanent residency.
Duration of Stay
If you are granted this visa, you are allowed to stay in Australia permanently, even as a resident if applicable.
Requirements
To be eligible, you must:
- Have lived in the State or Territory that sponsored you for a minimum of two years out of the four years preceding your visa application.
- Already hold State/Territory Sponsored Investor (Provisional) visa (subclass 165).
- Have been a resident of a state or territory for at least two years during the four years preceding your visa application and be supported by the regional authority of that state or territory.
- Either alone or jointly with your partner:
- Maintain ownership of a designated investment worth at least AUD750,000 in your name or jointly with your partner’s name for at least four years.
- Demonstrate a sincere and practical intention to pursue a business or investment venture in Australia.
- Have no record of engaging in unlawful business practices.
Applicants must also comply with all the other basic requirements for a Business Visa.
How to Apply
You need to apply for this visa on paper. You can find instructions on how to calculate and pay your fee on Form 47BU.
7. Investor Retirement Renewal Visa: Subclass 405
Cost: AUD385 + Additional charges
Who is it for?
Individuals who are self-funded retirees without any dependents and desire to stay in Australia throughout their retirement phase.
Duration of Stay
Four years, after which it needs to be renewed.
Requirements
To be eligible, you must:
- Be a person who currently possesses a visa for Investor Retirement (subclass 405) or someone who used to hold this visa but has not obtained any other significant visa since their last arrival in Australia.
- Have been previously selected by the South Australian Government for the Investor Retirement visa (subclass 405)
- Fulfill the renewal criteria set by the Department of Home Affairs.
- Remain committed to making South Australia your primary residence and possess net assets worth a minimum of AUD250,000. It’s important to note that the entire amount will be invested in State Government bonds for a period of four years.
How to Apply
You must fill out the Form 1383 Application. You have to complete Form 1249 State/Territory Sponsorship: Investor Retirement Visa. You should submit this form to the relevant state or territory government agency where you want to be sponsored. If the agency agrees to sponsor you, they will sign and stamp the form and send it back to you. After receiving the completed sponsorship form, you should lodge it along with your application form.
Conclusion
Australia has various business visa options available for individuals seeking to invest in or establish a business in the country. These visa categories aim to facilitate the entry of experienced business people and entrepreneurs into Australia so they can contribute to the country’s economic growth and development.
When getting an Australian business visa, seek professional guidance and support to ensure you meet all the necessary requirements and that the application is appropriately prepared and submitted. Once secured, an Australian business visa can provide wonderful opportunities to explore new horizons and tap into the immense potential of this vibrant country.
FAQ
How long does it take to process an Australian business visa?
The processing time for an Australian business visa differs depending on the type of visa you are applying for, the country you are applying from, and the volume of applications being processed by the Australian Department of Home Affairs at any given time.
To get a more accurate estimate of the processing time for your visa, check the Australian Department of Home Affairs website or consult with a registered migration agent.
How long can you stay in Australia on a business visa?
The duration of stay varies based on the type of visa you have been granted. The most common business visa is the subclass 600 visa, which allows for stays of up to 3, 6, or 12 months, depending on the length of stay requested and the purpose of the visit.
On the other hand, the subclass 188 visa, which is intended for investors and entrepreneurs, allows for stays of up to 4 years.
Does the Australian Embassy verify bank statements?
The Australian Embassy does not typically verify bank statements as part of the visa application process. However, they may request bank statements to demonstrate that you have sufficient funds to cover your expenses while you’re in Australia.
Make sure the bank statements you submit are genuine and accurate. If the embassy has reason to doubt the authenticity of the bank statements or suspects that they have been falsified, they may conduct further investigations or refuse the visa application.
Read more about other Australian Visas: