Like the 162 Investor Visa, this Visa is for genuine business people with an investment career who are committed to investing or business in Australia.
The differences between the two visa subclasses is that this visa is sponsored by a State/Territory Government and there are also lesser age restrictions on this visa subclass as well as lower asset requirements.
This visa is the first step towards Permanent Residence status in Australia and allows you to:
- Establish a new or existing business in Australia.
- Travel in and out of Australia any number of times as long as the visa is valid
- Have your family accompany you to Australia. They will have access to work and study rights. Your family includes your partner and any dependents
There are basic requirements for this visa, listed as follows:
- You must be under the age of 55 years old at the time of submitting the application (age exemptions may apply in specific circumstances)
- You must have vocational English
- You must intend to make a Government approved designated investment of AUD750,000 in a State/Territory for 4 years
- You must have the following for at least one of the five fiscal years immediately before the application is made
– maintained direct involvement in managing a qualifying business in which you (or you and your spouse or de facto partner) had an ownership interest of at least 10 per cent of the total value of the business; or
– maintained direct involvement in managing your (or you and your partner’s combined) eligible investments, the total value of which was at least AUD750 000
- The net value of your (or your and your partner’s combined) assets was at least AUD1,125,000 for the two fiscal years immediately before you apply.
- You have a total of at least three years experience of direct involvement in managing one or more main businesses or eligible investments
- You have demonstrated a high level of management skill in relation to an eligible investment or qualifying business activity
If you are married or in a de-facto relationship for at least 12 months prior to applying, your spouses assets may be included and combined to total the net assets and total investments required above.