Are you looking to run a business with permanent residency status in Australia? Keep reading to know more about the Small Business visa pathways Australia towards this goal.
If you’re looking to obtain permanent residency in Australia, several ways are available. First, the skilled migration program is one of the most famous ways to achieve this goal. Because of its popularity, it is also the most competitive program, with people from around the world struggling to find their place.
In such circumstances, people looking to run a business in Australia but cannot as they don’t meet the state or territory requirements should consider Small Business Owner (SBO) Pathway. So let’s dive into what it entails and how you can proceed with the terms.
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Small Business Owner Pathway
The 491 Visa is the small business owner’s pathway to achieving permanent residency status in Australia. The migrants living and operating in the regional area can benefit from this pathway. The catch is to meet the Department of Home Affairs’s (DoHA) requirements and regional needs.
Your occupation should be on the Home Affairs’ Legislative Instrument List. Having full-time work rights and not studying currently is also critical for this visa.
You can apply for this visa by executing the below-mentioned steps:
Step 1: Review Eligibility
You can begin your application process by reviewing your eligibility status. Find the information about the 491 visa- who is eligible, Home affairs and regional requirements, visa conditions, documentation checklist, etc., from the respective websites.
Step 2: Expression of Interest (EOI)
The next step involves submitting an Expression of Interest through Skillselect. Your EOI should include all the necessary information regarding your occupation, work experience, etc.
Step 3: Online Form Submission
Further, you need to submit the online 491- Small Business Owner Assessment form.
Step 4: Assessment and Communication
Once you submit your EOI, the regional Migration department will verify your eligibility. If successful, you will get an email from them asking you to send your application and the necessary documents. Since the departments do not accept post or email documents, ensure to upload them on the link given in the invitation email.
Step 5: Application Submission
Once you receive the invitation, prepare your application, upload the requested documents, and pay the non-refundable application fee. The regional migration department will review your application and communicate the next steps accordingly.
Note- You will have to submit your application 14 days from the invitation from the department. In case of any issues, ask for an extension. The applicants not receiving any intimation should submit EOI again if they need an Australian nomination.
Step 6: Application Review and Communication
Once the department gets your application, they will receive and approve it if everything is in order. The Department of Home Affairs will invite your application for the visa within 60 days.
Note- If there’s been any mistake in the submitted EOI or you missed the lodgement date, you need to wait six months to re-apply.
State-wise Comprehensive Table of Requirements and Application
You can apply for Small Business Owner visas in Queensland, Tasmania, and Canberra. Here’s a comprehensive table detailing the aspects of the three states:
|Description (SBO Stream ->) Particulars |||Queensland||Tasmania||Canberra|
|Eligible Visa Type||Provisional 491 Visa||Provisional 491 Visa||Provisional 491 and Permanent 190 Visa|
|Current Visa||Full Work Rights, not Student Visa||Any Visa Type||Any Visa Type|
|Current Location||Must be in Queensland for minimum 6 months||Minimum stay in Tasmania for 6 months||491 Nomination- atleast 3 months 190 Nomination- Minimum 6 months|
|Business Type||Must buy an existing business or a franchise operating since at least a year||New business establishment||Either buy existing business or establish a new one|
|Business Value||Minimum AUD 100,000||No requirement||No requirement|
|Ownership Percentage||Full 100%||Complete 100%||Minimum 51% with business partner being Australian citizen or PR holder|
|Business Length||Minimum 6 months before applying||Minimum 6 months before application||Minimum 6 months before application|
|Annual Turnover||No specification||No specification||AUD 200,000 or pro rata|
|Salary||No specification||Demonstrate business earns personal income atleast AUD 53,900 for minimum 3 years in the upcoming 5 years||190 nomination= AUD 26,000 for minimum 6 months 491 nominations= AUD 13,000 for minimum 3 months|
|Australian citizen or PR Employees||Must employ minimum 1 employee who holds Australian PR or is a citizen for minimum 20 hours per week||No requirement||Must employ minimum 1 Australian citizen or PR-holder for 13 weeks 20 hour per week|
|Ineligible Business Types||Startups, home-based businesses, part-owned, and a business already used to qualify for QLD SBO stream||Part-owned, franchises, service stations, massage clinics, passive business investment, Taxi/Uber-related businesses||Sub-tenancy, courier services, ride-share, taxis, business used to qualify ACT SBO stream|
What can you do with this Visa?
The 491 visa allows you to stay in any regional or designated area in Australia for 5 years. Moreover, you can transition this visa into permanent residency later. Eligible family members can get included in the application.