INFORMATION ON AUSTRALIAN BUSINESS INNOVATION STREAM


By Fozail N. Sukhera, 2019

This visa category is for those with business expertise who desire to create, develop, and run a new or existing company in Australia. Applicants must be nominated by a state or territory government and get an invitation through the online framework SkillsSelect to apply for a visa in this stream.

The following are the requirements for this visa category:

• Applicants must have consistent corporate experience and be engaged in generally acknowledged activities in Australia.

• If the appointing state or territory government determines that the proposed enterprise is of exceptional economic worth, the primary candidate must be under the age of 55 at the time of invitation to apply for a visa.

• If the applicant worked for a firm that offers educational, technical, or trade services for at least two of the previous four fiscal years, no more than half of the applicant's own time in business should have been spent on day-to-day service providing. This requirement implies that applicants should be more interested in business management than in becoming professional or semi-skilled employees.

• Prior business experience and a minimum score of 65 points are required for the main candidate.

• In order to be utilised for the establishment of a company in Australia, the applicant's commercial and personal assets, as well as those of the applicant's spouse or de facto partner, must be valued at least $800,000.

• An Australian state or territory would have approved the applicant's proposed commercial operation and offered visa sponsorship.

• The applicant's business and personal possessions, as well as those of his or her spouse or de facto partner, must have been legitimately acquired and be available for migration to Australia within two years of the visa's issuance.

• The main candidate must have had an ownership stake in at least two of the preceding four fiscal years in one or more current enterprises with an annual turnover of at least $500,000.

Attribution:

1. Photo by Christina Morillo from Pexels

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