Business Owner visa (subclass 890)

 Australia has long been a destination of choice for entrepreneurs and business owners seeking new opportunities and growth. For those who have established a successful business in the country, the Business Owner visa (subclass 890) offers a pathway to permanent residency and the chance to build a future in Australia. With this visa, business owners can live and work in Australia indefinitely, enjoying the benefits of the country's strong economy, high quality of life, and diverse culture. However, the process of obtaining the Business Owner visa can be complex, requiring applicants to meet stringent eligibility requirements and demonstrate a proven track record of business success. In this article, we will explore the ins and outs of the Business Owner visa (subclass 890), including its benefits, requirements, and key considerations for applicants.

What is the Business Owner visa (subclass 890)?

Unlike other Australian visas that are geared towards investors or temporary business owners, the Business Owner visa (subclass 890) is specifically designed for individuals who have owned and actively managed a qualifying business in Australia for a minimum of two years. This type of Australian permanent residency visa offers successful applicants the opportunity to live and work in Australia indefinitely, enjoying the benefits of the country's strong economy, diverse culture, and high quality of life. However, it's important to note that the Business Owner visa is not suitable for those who are looking to start a new business in Australia or who do not meet the visa's stringent eligibility requirements. These requirements include a proven track record of business success, meeting health and character requirements, signing an Australian values statement, and holding a qualifying visa. It's also important to note that the application process can be complex, and applicants may want to consider seeking the assistance of a migration agent or lawyer to ensure a successful outcome.

In addition, it's essential not to confuse the Business Owner visa (subclass 890) with other types of Australian visas that are not related to business ownership. For instance, the Business Innovation and Investment (subclass 188) visa is a temporary visa that allows individuals to own and manage a business in Australia for up to 4 years before being eligible to apply for permanent residency. Furthermore, the Business Owner visa should not be mistaken for other visas, such as student visas, tourist visas, or skilled worker visas, which do not relate to business ownership. It's important to understand the differences between these visa categories to ensure you are applying for the right type of visa and meeting the correct eligibility requirements.

What are the benefits of the Business Owner visa (subclass 890)?

The Business Owner visa (subclass 890) is a permanent visa that allows individuals who have previously held a provisional business visa to stay in Australia permanently. This visa provides several benefits, such as the ability to live and work in Australia without any restrictions, as well as access to public healthcare and education services.

In addition, the Business Owner visa (subclass 890) allows holders to sponsor eligible family members for permanent residency, travel in and out of Australia as many times as they want, and even apply for Australian citizenship after meeting certain criteria.

Overall, the Business Owner visa (subclass 890) provides a pathway to permanent residency and citizenship for individuals who have demonstrated their ability to successfully own and manage a business in Australia.

What are the requirements for the Business Owner visa?

To be eligible for the Business Owner visa (subclass 890), you must meet the following requirements:

• Eligible visa: You must currently hold an eligible visa, such as the Business Owner (Provisional) visa (subclass 160), Senior Executive (Provisional) visa (subclass 161), or Investor (Provisional) visa (subclass 162).
• Residence requirement: You must have been in Australia as the holder of an eligible visa for a total of at least 1 year in the 2 years immediately before the application is made. The 1-year period does not have to be continuous.
• Own and manage a business: For the 2 years immediately before you apply, you must have had, and continue to have, an ownership interest in one or more actively operating main businesses in Australia. You must provide evidence of ownership interest in the business, the value of your ownership interest, and that you had and continue to have a direct and continuous management role in that business on a day-to-day basis.
• Assets and employees requirement:
  Business assets: At the time you apply and throughout the 12 months immediately before you apply, you must show that you and/or your partner had net business assets in the main businesses of at least AUD100,000 and those assets were lawfully acquired.
  Business turnover: For the 12 months immediately before you apply, you must evidence annual turnover in your main business (or 2 main businesses together) of at least AUD300,000.
  Employees: For the 12 months immediately before you apply, you must provide evidence that the nominated main businesses employed 2 full-time employees or the equivalent of 2 full-time employees who are Australian citizens, permanent residents, or New Zealand passport holders.
• Business and personal assets: At the time you apply and throughout the 12 months immediately before you apply, you must show that the net value of your and/or your partner's net business and personal assets in Australia was at least AUD250,000.
• Business practices: You must not have engaged in business activities that are generally unacceptable in Australia.
• Age: There is no age limit for this visa.
• Health requirement: You and any member of the family unit who applies with you must meet the health requirement.
• Character requirement: You and the members of your family unit aged 16 years and over who apply for the visa with you must meet the character requirement.
• Australian values statement: All applicants who are 18 years of age or older must read or have explained to them the Life in Australia, confirm they will respect the Australian way of life, and obey Australian laws when they sign an Australian Values Statement.

How to apply for a Business Owner visa?

To apply for a Business Owner visa (subclass 890), you must first ensure that you meet all the eligibility requirements. Once you are eligible, you can apply online through the Department of Home Affairs website.

The following steps outline the process for applying for a Business Owner visa:

• Check your eligibility: Before you start the application process, make sure you meet all the eligibility requirements for the visa, including holding an eligible visa, meeting the residency, business ownership and management, assets and employees, health, character, and Australian values requirements. Check the Department of Home Affairs website for the latest information.
• Gather necessary documents: You will need to provide a range of documents to support your application, including identification, proof of business ownership and management, financial statements, and health and character assessments.
• Lodge your application: You can apply for the Business Owner visa online through the Department of Home Affairs website. Make sure you fill out all the required fields and attach all the necessary documents.
• Pay the application fee: You will need to pay the application fee when you lodge your application. The fee can vary depending on the visa subclass and other factors, so check the Department of Home Affairs website for the current fee.
• Wait for a decision: Once you have submitted your application and paid the fee, you will need to wait for a decision. The processing time can vary depending on a range of factors, including the completeness of your application, the number of other applications being processed, and whether any further information is required.
• Provide additional information if requested: If the Department of Home Affairs requests any additional information or documents to support your application, make sure you provide them as soon as possible.
• Receive your visa: If your application is approved, you will receive your Business Owner visa. Make sure you understand the conditions of the visa and comply with them while you are in Australia.

Consider seeking professional advice from a registered migration agent or lawyer who specializes in business visas. They can help you prepare your application and advise you on any potential issues that may arise.

Conclusion

In conclusion, the Business Owner visa (subclass 890) offers an excellent opportunity for individuals to continue their business and investment activities in Australia. It allows them to live and work in Australia on a permanent basis and enjoy various benefits, such as access to healthcare and education, as well as the opportunity to apply for Australian citizenship.

To apply for the visa, it is important to ensure that you meet all the eligibility requirements and provide all the necessary documentation to support your application. It is also advisable to seek the assistance of a registered migration agent who can provide professional guidance and help you navigate the complex visa application process.

Once you have obtained the visa, it is essential to comply with all the visa conditions, including the requirement to own and manage a business in Australia. You should also make an effort to integrate into Australian society and respect the country's laws and values.

Overall, the Business Owner visa (subclass 890) can be a great opportunity for business owners and investors who are looking to make Australia their permanent home. With careful planning and preparation, you can maximize your chances of success and enjoy the many benefits that come with being a permanent resident of Australia.