Like the 161 Senior Executive visa, this visa is aimed at Senior Executives with a background of Executive positions within large, internationally recognised organisations who have significant net assets and a genuine commitment to participating in the management of a new of existing business.
The differences between the two visa subclasses is that this visa is sponsored by a State/Territory Government and therefore the business must operate within the State that Sponsors your application until you apply for Permanent Residence. 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
The basic requirements to be considered for a Business Owner Visa is 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 have occupied a Senior Level Management position within a major organisation for 2 of the 4 fiscal years prior to applying
- Your total assets have a net value of at least AUD500 000
- You have sufficient assets to settle in Australia
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 required above.