Are you a business person? Do you want to move to Australia? The first step for you is the need to complete your visa application. This blog guides you through the steps to fill in your visa, the documents required, eligibility criteria, and many more. Keep reading to find out the details about Business Owner Visa Australia Subclass 890.
What is Australia Business Owner Visa Subclass 890?
Under the business visa category, Australia business owner visa 890 is suitable for business owners that operate their company in Australia. It is a permanent visa. To apply for it, you should have a legitimate visa in Australia.
Who Can Apply for a Business Owner Visa Subclass 890?
You can apply if you already possess any one of the following:
- Business Owner Provisional visa under subclass 160.
- Senior Executive Provisional visa under subclass 161.
- Investor Provisional visa under subclass 162.
- State/Territory Sponsored Business Owner Provisional visa under subclass 163.
- State/Territory Sponsored Senior Executive Provisional visa under subclass 164.
- State/Territory Sponsored Investor Provisional visa under subclass 165.
List of Requirements to apply for Business Owner Visa 890
- You must have been in Australia as the holder of an eligible visa for 1-2 years immediately before making the application. The 1-year period doesn’t need to be continuous.
- Own and manage a business.
- Meet the assets and employees’ requirements.
- Meet our health requirements.
- Meet our character requirements.
- Sign the Australian values statement.
- Have paid back your debt, if any, to the Australian government.
- Not have had a visa canceled or a previous application refused.
List of Documents Required for Australian Business Owner Visa 890
- Submit a color scanned copy of your passport pages filled in with all the details.
- An ID card or any certificate to prove your name change, if any.
- Submit 47BU, the application form for a Business owner visa.
- Form 927.
- Form 1217 for your business skills profile.
- Two recent identity photographs.
- Overview of career and business activities.
- Explain in brief the businesses and their length of ownership in Australia.
- Describe your management duties two years before applying.
- List your net business and personal assets in Australia.
- Details of your business turnover
- You must state the total number of employees and their citizenship status.
- Proof of purchase of establishing the business.
- For every business, attach a one-page organizational chart containing your role, staff responsibilities, duties, etc.
- Provide a Maximum of six pictures of your business grounds.
- Evidence of your daily involvement within the business for a minimum of two years before your application (decision-making process, delegating duties, management roles, and responsibilities, etc.)
- Proof of how you managed the business just in case you were away for quite six weeks (during the two years).
- For every business, you own, attach the Australian Business Number (ABN).
- For every business, submit Business Activity Statements (BAS) of each quarter.
- Attach financial statements for all your businesses. Your comments must cover the start and end of one year, a minimum of three months, before submitting your visa application.
- Proof that your business employed two full-time or part-time employees performing at least 30 hours per week for a minimum of one year before you applied. You must also submit evidence that you paid the workers at the federal wage or Award rate in Australia.
- Please provide evidence of English language proficiency for your relations who are 18 or older and don’t have an eligible visa once you apply with them. You are not required to submit evidence if your dependents have a passport from
- the United Kingdom
- the Republic of Ireland
- the United States
- New Zealand
- You are also required to submit for every person in your application, Australian police certificate. It is necessary in cases where your relations have spent a minimum of a year in Australia during the last ten years since they turned 16. Submit National Police Certificates issued by the Australian Federal Police.
- Form 80 for particulars and character assessment.
- Form 1221 for additional personal particulars.
- Provide proof you meet the health requirements.
- In case you’re employing a migration agent, use form 956.
- Sign Australia’s Values Statement.
- Meet the health requirements. Have valid health insurance as well.
- If you’re bringing relations with you, then include:
- Their identification
- Birth certificates
- Marriage license
- Divorce license
- Adoption papers
- Proof of dependency
- If you’re required to supply documents issued a minimum of three months before your applications, then you want to use an equivalent date for each record.
- Your documents must be in English; if not – provide translated versions along with the documents.
- Your bank and financial accounts need to include an in-depth record, profit and loss statement, and everyone’s notes to the reports.
- It would be best to use an accountant following the Australian Accounting Standards.
- Provide all documentation to support your claims, including audited financial statements.
You must have clear evidence of –
- Ownership interest in the business.
- Value of your ownership interest.
- 51% of a company with a turnover of less than AUD400,000 per year, or
- 30% of a business with a turnover of AUD400,000 or more per year, or
- 10% of a publicly listed company
- Each main business meets the standards as a qualifying business
- Each firm must have obtained an Australian Business Number (ABN)
- Evidence of Business Activity Statements issued by the Australian Taxation Office.
Benefits of Business owner visa 890 you can access –
- Stay permanently in Australia.
- In Australia, you can enroll in work and study.
- Australia’s public health care scheme also gives a provision to enroll you.
- You are free to sponsor your relatives to come over.
- Within five years of validity, travel to and from Australia. However, after five years, you will need a Resident Return (RRV) visa (subclass 155 and 157) to re-enter Australia as a permanent resident.
- You may become an Australian citizen if eligible.
Total Cost Requirement for Business Owner Visa 890
- Application charge –
The visa costs AUD2, 495 for the principal applicant. There is also a separate charge for each family member who applies for the visa with you.
- Second installment charge –
For any applicant of 18 years or above having functional English but doesn’t hold an eligible visa, you might need to pay an additional cost. The second installment charge for relations is AUD4, 890.
Processing time for Business Owner Visa 890
It depends on several factors –
- Whether all necessary supporting documents were present while lodging the complete application.
- Time which is taken to reply to requests for extra information.
- Time which is taken to check the supporting information provided.
- External agencies take time to deliver additional information, particularly concerning health, character, and national security requirements.
- How many places are available for permanent migration visa applications?
FAQ Related to Business Owner Visa 890
The business owner visa 890 is a type of Australian visa for those who want to start their own business in Australia. This visa has four streams: Entrepreneur stream, Investor stream; Innovation and Science stream; and Regional Employer stream. To be eligible for this visa, you must have enough money to support yourself and your family when you arrive in Australia and provide a certain amount of investment funds.
The Business Owner Visa 890 for Australia is available to foreign nationals who want to work in their own Australian-based business. It also applies to those who want to purchase an existing business that employs less than 20 people. Applicants must prove that they have at least AUD 200,000 in readily available funds and a net worth of AUD 2 million. There are two main requirements for this type of visa: (1) at least two years experience as a senior executive or director with a company that has performed well financially, and (2) evidence that the applicant’s business will not adversely affect unemployment levels or wages in Australia.
The total cost of your visa will depend on how quickly you need to travel to Australia. If you’re applying for a permanent visa, it will be AUD 1,650 plus the cost of a medical examination and police certificate (AUD 550). However, if you’re only coming for a short stay, less than 12 months, your costs will be AUD 900.
If you are in status on another visa and meet all of the other requirements for a business owner visa, you may be eligible to file for a change of status. To determine whether or not you qualify for this type of change of status, please consult with an immigration agent before proceeding.
The processing time of a business owner visa varies depending on the time it takes to get your application approved by Australia. The process can take anywhere from 2-6 months, but it typically takes 3-5 months. The Australian Embassy will contact you when they have received your application and need any additional information that is needed to continue processing. They will also let you know if there are any issues or delays in your application and what steps you need to take next.
To process your application, you must provide a copy of your passport and two recent photographs. You will also need evidence that you have enough money in Australia to support yourself for 12 months. The amount varies depending on what time of year it is and can be up to AUD 100,000. You will also need a certificate from a registered accountant or an affidavit from yourself. You will not be able to apply without these documents.
If you own a Business innovation and investment (provisional) visa, you are eligible for permanent residence after establishing your business. In such cases, A state or territorial government can sponsor business visa applicants with extensive experience.
A non-resident can start a corporation in Australia. However, they can’t roll in the hay on their own. It means a non-resident cannot open a corporation independently; however, they will do so in partnership with an Australian resident.