State or Territory Sponsored Business Owner visa (subclass 892)

 Are you an entrepreneur looking to invest in and manage a business in Australia? The State or Territory Sponsored Business Owner visa (subclass 892) might be the pathway for you. This visa allows business owners to establish, develop and manage a new or existing business in Australia, with the support of a state or territory government sponsorship. In this article, we'll explore the key eligibility requirements, application process and benefits of this visa, to help you determine if it's the right option for your business goals.

What is the State or Territory Sponsored Business Owner visa (subclass 892)?

The State or Territory Sponsored Business Owner visa (subclass 892) is a type of visa for experienced business owners who wish to own and manage a new or existing business in Australia. This visa requires sponsorship from a state or territory government in Australia and offers a pathway to permanent residency for eligible applicants. The subclass 892 visa is designed to promote economic development and create employment opportunities in regional areas of Australia.

Once granted, you can live and work in Australia, bring eligible family members with you, and access certain government services and benefits. This visa also provides a pathway to permanent residency in Australia.

What are the conditions for visa subclass 892?

The State or Territory Sponsored Business Owner visa (subclass 892) allows business owners who have held a provisional visa in the Business Innovation and Investment program for at least 2 years to continue their business activities in Australia. Some of the conditions that need to be met to be eligible for this visa including:

• Have an eligible visa: You must be the holder of an eligible visa such as subclass 160, 161, 162, 163, 164, or 165 and have met all the requirements of that visa for at least one year in the two years immediately before you apply for the subclass 892 visa.
• Residency: You must have been resident in the State or Territory of your sponsoring authority for at least two years in the four years immediately before you apply for the subclass 892 visa.
• Business Ownership: You must have owned and operated a business in Australia for at least two years immediately before you apply for the subclass 892 visa. You must have had an ownership interest in the business and been actively involved in its management.
• Turnover: Your business must have an annual turnover of at least AUD200,000 for the 12 months immediately before the application is made. This applies to the main business or two main businesses combined. Additionally, the ownership interest or the total value of the ownership interest of the applicant and their partner must have been at least 51% of a business 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.
• Assets: To meet the assets requirement for the 892 visa, 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. Additionally, you must have net business assets in the main businesses of at least AUD75,000, and those assets were lawfully acquired.
• Sponsorship: You must have a sponsorship from the state or territory government agency that sponsored you for your subclass 160-165 visa.
• Age: There is no age limit for the subclass 892 visa.
• Health and Character: You and any family members included in your application must meet the health and character requirements set by the Australian government.

Can I get 892 visa if I buy a business in Australia?

Yes, you may be eligible for the State or Territory Sponsored Business Owner visa (subclass 892) if you buy a business in Australia and meet the other eligibility criteria. However, you must have had an ownership interest in one or more actively operating main businesses in Australia for at least two years before you apply for the visa, and the business must meet the criteria to be assessed as a qualifying business. Additionally, you must meet the asset and employee requirements, and show evidence of the turnover and net value of your and/or your partner's net business and personal assets in Australia. It is recommended to seek advice from a registered migration agent or immigration lawyer to assess your eligibility and assist with the application process.

If you are interested in applying for the State or Territory Sponsored Business Owner visa (subclass 892), it is important to carefully review the eligibility requirements and ensure that you meet all the necessary criteria.

You should also consider seeking professional advice from an experienced immigration lawyer or consultant who can guide you through the application process and provide you with personalized advice based on your individual circumstances.

Additionally, it is important to carefully research and evaluate potential businesses to purchase in Australia and ensure that they meet the criteria for a qualifying business under the visa program. A qualified business broker or consultant can assist you in this process.

Finally, it is recommended to have a solid business plan in place and demonstrate your ability to successfully manage and grow the business in order to meet the visa program requirements and increase your chances of a successful application.

Final thought

In conclusion, the State or Territory Sponsored Business Owner visa (subclass 892) is an excellent opportunity for business owners who are looking to establish and manage their businesses in Australia. To be eligible, applicants must meet the strict criteria, including owning and managing an actively operating business in Australia for at least two years, meeting the asset and employee requirements, and not engaging in business practices that are generally unacceptable in Australia. If you are considering applying for the visa, it is essential to seek professional advice and ensure that you meet all the eligibility criteria before submitting your application. With the right planning and preparation, the subclass 892 visa could be your pathway to permanent residency and business success in Australia.

The State or Territory Sponsored Business Owner visa (subclass 892) is a permanent residency visa for individuals who have owned and operated a business in Australia for at least two years. In order to be eligible, applicants must have a successful business career, have a net worth of at least AUD 250,000, and have a minimum of 30% ownership in the business they have operated for at least two years. Additionally, applicants must be sponsored by a state or territory government agency and meet all health and character requirements.