New property development criteria have been introduced for the Business Talent Visa (subclass 132) – Significant Business History stream.

What is the Business Talent Visa?

The Business Talent Visa is a permanent business skills visa that allows you to establish a new or develop an existing business in Australia. It has two streams:

  • The Significant Business History Stream: for high-calibre business owners or part-owners who want to do business in Australia; and
  • The Venture Capital Entrepreneur Stream: for people who have sourced venture capital funding from a member of the Australian Venture Capital Association Limited (AVCAL).​

The additional criteria apply only to the Significant Business History Stream for all proposed business activities that relate to property development. The aim of the change is to help applicants better understand the assessment process and in turn speed up processing times.

Who could get this visa?

The Business Talent visa (subclass 132) is for business people who are nominated by an Australian state or territory government agency. To be able to get this visa you need to submit an Expression of Interest (EOI) through SkillSelect and then be invited to apply.

You might be able to get this visa if:

  • you are nominated by a state or territory government;
  • are invited to apply;
  • you and your family members (whether or not they are included in your application) meet health and character requirements; and
  • you meet the additional requirements for the stream in which you apply.
What this visa lets you do

It lets you and any member of your family unit who has also been granted this visa:

  • stay in Australia indefinitely;
  • work and study in Australia;
  • enrol in Medicare, Australia’s scheme for health-related care and expenses;
  • apply for Australian citizenship (if you are eligible);
  • sponsor eligible relatives for permanent residence; and
  • travel to and from Australia for five years from the date the visa is granted (after that time, you will need a resident return visa or another visa to return to Australia).
What are the current requirements for the Significant Business History Stream?

You, your partner, or you and your partner combined must have all of the following:

  • total net assets of at least AUD $400 000 as the ownership interest in one or more qualifying businesses for least two of the four years immediately before you are invited to apply and if the qualifying business(es) was a publicly listed company, a shareholding of at least 10 per cent of the total issued capital;
  • net business and personal assets of at least AUD $1.5 million that are legally acquired and can be transferred to Australia within two years after the visa is granted;
  • a total annual turnover of at least AUD $3 million in one or more of your main businesses in at least two of the four fiscal years immediately before you are invited to apply;
  • ownership of at least:
    • 51 per cent of a business with turnover of less than AUD $400 000 per year
    • 30 per cent of a business with turnover of more than AUD $400 000 per year, or
    • 10 per cent of a publicly listed company
  • an overall successful business career;
  • no involvement in unacceptable business activities; and
  • a genuine desire to own and maintain a management role in a business in Australia.

You must also be younger than 55 years of age, although a state or territory can waive this requirement if your proposed business will be of exceptional economic benefit to the region where it will operate.

What are the additional requirements?

If your proposed business activity relates to property development, you must meet the following additional requirements:

  • have relevant qualifications and experience (e.g. architecture, engineering, construction management);
  • the property development activity aligns with one of Victoria’s priority sector strategies;
  • the minimum AUD $2 million capital investment does not include land purchase costs; and
  • activity must not be small scale, project-based property development.

To find out more about how these changes may affect you, contact Michael Leonard, CEO and Founder of Ark Migration on +44 7904 666 124 or email michael@arkmigration.com