The Australian visa for succes

The Australian visa for successful businesspeople over 50

There are many different Australian visa options, and unfortunately, most of them have an age limit of 45. However, there is a visa option for those over 45 looking to move their business and family to Australia.

The Australian visa for succes

The Business Innovation visa gives South African business owners the chance to make the move, and the age limit is only 55.

What is the Business Innovation visa?

While many Australian visas have a low age limit, to qualify for the Business Innovation visa (subclass 188), you need only be under the age of 55, and even this age limit can be increased in certain cases. The visa allows you to move your business and your family to Australia. You can bring your partner, children/step-children and your partner’s children/step-children with you on this visa and they too will have the right to live, study and work in Australia for the duration of the visa.

Year-long hot and sunny weather, blue flag beaches, a sense of community and laidback lifestyle make Australia the destination of choice for many South Africans. With world-class schools and low levels of crime, this visa gives you and your family a variety of opportunities in terms of education, lifestyle and security. If a fresh start is what you’re looking for, look no further. This visa might be the opportunity you’ve been waiting for.

What are the requirements for the Business Innovation visa?

These are the specific requirements that you and your business will need to meet in order to be eligible for this visa:

  • For two out of the four fiscal years immediately before applying for the visa, you must have had ownership of an established business that had at least AUD500,000 turnover in each of those years
  • Either you or your partner or the two of you combined, must have total net business and personal assets of at least AUD800,000 that can be used to establish a business in Australia
  • You must meet the English language requirement
  • You must score at least 65 points on the immigration points test
  • You must be under the age of 55*
  • You and each dependant applying with you will need to meet the health and character requirements
  • Those 18 years or older will also need to sign an Australian Values Statement, confirming that you will respect the Australian way of life and obey Australian laws

*A state or territory can choose to waive this requirement if your proposed business will be of exceptional economic benefit to the nominating state or territory.

A route to Australian permanent residency for you and your family

The Business Innovation visa (subclass 188) is a provisional visa and is valid for four years and three months from the date it is granted. After this, you and your dependants will be eligible for the Business Innovation visa (subclass 888) which is a permanent residency visa. You can apply for the permanent residency visa after as little as two years in Australia, provided that your business has met the following benchmarks.

 

Business criteria (two out of three must be satisfied) 1. Applicant (and partner) have held at least AUD200,000 net main business assets for the last 12 months
2. Applicant’s main business has had at least two full-time Australian employees for the last 12 months
3. Applicant (and partner) have held at least AUD600,000 net business and personal assets for the last 12 months
Business turnover Applicant and partner’s main business generated turnover of at least AUD300,000 for the last 12 months
Time spent in Australia Applicant must have spent one out of the two years preceding the application living in Australia
Time of ownership of main business Applicant must have maintained ownership of the main business for a period of at least two years

How to apply for the Business Innovation visa

The application for the initial Business Innovation visa (subclass 188) as well as the permanent residency Business Innovation visa (subclass 888) are both extremely complicated. One missing piece of documentary evidence could mean that your application is rejected. The advice of a MARA-registered immigration advisor is invaluable when it comes to these applications.

The Managing Director of Sable International’s Australian office, Sam Hopwood, will be conducting free, one-on-one consultations in their Cape Town office at the end of this month. If you’re interested in discussing your Australian visa options in detail, book your spot.