Business Innovation and Investment (Residence)
This visa is the second stage of the Business Innovation and Investment Stream. In order to qualify for this category, the applicant must hold a a Business Innovation and Investment Visa (Provisonal) and have met the criteria listed below . The applicant must also be sponsored by a State or Territory government.
Other requirements for the application are dependent on the particular stream in which it falls.
Business Innovation Stream
The following crtieria must be met in this stream:
- Applicant must have been continually involved in the management of a business in Australia in the two years immediately before applying and have achieved a turnover of at least AUD 300,000 in the main business or two main businesses in the year immediately before applying.
- Meet the following ownership citeria in the business or two main businesses that meet the turnover criteria:
- 51 % of a business with turnover of less than AUD 400,00 per year, or
- 30 % of a business with turnover of more than AUD 400,000 per year, or
- 10 % of a publicly listed company.
- Meet two of the following requirements:
- Net value of assets in the main business (or two main businesses) of AUD 200,000 throughout the whole year immediately before applying,
- Net combined business and personal assets of AUD 600,000 throughout the whole year immediately before applying,
- Employment of at least two Australian citizens, permanent residents or resident New Zealand passport holders, who are not family members, throughout the year immediately before applying.
If the applicant holds a visa under the Investor Stream she/he must have held a designated investment with an Australian state or territory for at least four years before applying and must also confirm her/his interest in continuing the investment or business activity in Australia.