State or Territory Sponsored Business Owner Visa (892)
The State or Territory Sponsored Business Owner Visa (Subclass 892) is a permanent residence visa that allows business owners to live in Australia indefinitely.
How do I get this visa?
To be eligible for this visa, you must:
- Be the primary holder of an Investor (Provisional) visa (subclass 162).
- Have resided in Australia for at least two years within the last four years immediately before your visa application.
- Meet the business requirements for an Investor visa (subclass 891), which include:
- Hold a designated investment of AUD 1,500,000 for at least four years in Australia (made to obtain an Investor (Provisional) visa (subclass 162).
- Having a realistic commitment to continue a business or investment activity in Australia.
- Meet the health and character requirements of the Australian government.
- Be free of any outstanding debt to the Australian government.
Are there any other conditions?
If you want to apply for the subclass 892 visas, you should have met all the conditions of your provisional visa.
You must be able to show that you have been responsible for the daily operations of your business. The data provided along with your visa application must be consistent with Business Activity Statements, tax records, and financial reports.
You also need to provide documents proving your ownership or acquisition status of the business. Note the following structures of business ownership are required:
- If your business’ turnover is less than AUD 400,000, you need to have at least 51% ownership of the company.
- If your business’ turnover is more than or equal to AUD 400,000, you need to have at least 30% ownership of the business.
- If your business is a publicly listed company, you need to have at least 10% ownership of the business.
If you have acquired the business, you have to provide sufficient documentation as proof. Our registered migration agents at Mentors can help you with all these processes!
How do I apply for this visa?
You need to fill out all necessary forms and paperwork to lodge your visa application. You can apply online and also do so from the local immigration office. For further information or help regarding the visa process and preparing your visa application, contact Mentors.
What are the features and benefits of this visa?
The main intention of this visa is to let you conduct business and related investment activities in Australia.
Since this is a permanent residence visa, you and your family can enjoy the following benefits:
- Live in Australia indefinitely as a permanent resident.
- Work and study in Australia.
- Travel to and from Australia for five years starting from the day the visa is issued.
- Enroll in Australia’s national scheme for healthcare and related expenses – Medicare.
- Apply for Australian citizenship, if eligible.
- Sponsor other eligible relatives for permanent residency in Australia.