The business owner visa subclass 890 is ideal if you're looking to start up your own business in Australia or if you're already running a successful business and want to relocate to the country with your spouse, partner, and children to expand the business further. This visa covers applicants intending to start up their own Australian business, as well as those already operating an existing business within the country.
If you hold an eligible subclass 457 visa, this can be transferred to this visa once it has been applied for and approved by the Department of Home Affairs in Australia.
About Business Owner Visa Subclass 890
Business Owner Visa Subclass 890 is a visa designed for entrepreneurs and those who have invested in Australian businesses. It allows people to move permanently to Australia and set up their own business in Australia or invest in an existing Australian business. To apply, you will need to show evidence of:
Having made a substantial investment in Australia which meets the threshold of AUD$10m and has created at least 10 jobsBeing involved in managing an established business in Australia with a value of at least AUD$10mBeing employed as an executive officer of an established company with a total annual turnover of at least AUD$25mBeing appointed as a director of an Australian corporation.Holding certain positions on government boards.Having other significant employment in Australia. There are also some exceptions where applicants do not need to meet all criteria, such as if they can provide evidence of possessing unique skills needed by the country or possessing qualifications relevant to shortages in Australia's skilled workforce.In addition, these applicants for business talent permanent visa subclass 132 can still apply for citizenship after three years instead of five years without meeting any other requirements.
Documents required
A valid passport from one of the following countries: New Zealand, Australia, Canada, Japan, or the United States of AmericaThe intention to invest at least AUD$750,000 into an Australian business.The intention to reside and be present in Australia for more than six months within 12 months of your application being granted.Evidence that you have access to funds equivalent to AUD 1 million.Evidence that you are non-disabled.Completion of health check requirementsApproval by ASIC (Australian Securities and Investments Commission).Approval by Austrade.Submission of a post-arrival investment plan.Submit an investment proposal.The processing time taken during the Application procedure
It typically takes about six months for your visa application to be processed. There is a two-month window for processing, but it's still good to keep in mind. It can take up to 14 weeks from when you lodge your visa application form until you receive an invitation letter and then another 14 days after that until the document arrives at your address.
The cost of this visa
The application cost for Business Owner Visa Subclass 890 is $1,620. In addition, you will need to provide a character assessment and police certificate. If you want your spouse or partner to come with you, they will need their own visa, which can be costly.
Lastly, some other costs could arise during the application process. Make sure to factor those in before deciding whether or not this visa is right for you.
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