The following types of provisional investor visas were available to individuals who applied up to the 30th of June, 2012.

• Subclass 160, Business Owner (Provisional)
• Subclass 161, Senior Executive (Provisional)
• Subclass 163, State/Territory Sponsored Business Owner (Provisional)
• Subclass 164, State/Territory Sponsored Senior Executive (Provisional)

As these visas are no longer available to new visa applicants we have not commented further on them here.

Existing subclass 160, 161, 163, and 164 visaholders can progress to permanent residency under subclasses 890 and 892.

Business Owner (Residence), Subclass 890

Requirements for the granting of this permanent residency visa are as follows:

• Be the holder of one of the above provisional business visas, or a subclass 162 or 165 provisional business visa
• Have been resident in Australia as the holder of one of these visas for at least 1 out of the 2 years immediately before the visa application is lodged
• Have a genuine commitment to continue to maintain business or investment activities in Australia.
• Have never been involved in unacceptable business activities
• Have had direct and continuous involvement in the day to day management of up to two businesses operating in Australia for the past two years
• Own at least one of the following:
  • – 51 per cent of a business where the annual turnover is less than A$400,000
  • – 30 per cent of a business where the annual turnover is A$400,000 or more
  • – 10 per cent of a business that is a publicly listed company
  • – 10 per cent of a main business in Australia if purchased before the 19th of April, 2010.

Also, for the 12 months immediately before the visa application is submitted to the Department of Immigration:

• The main business (or two main businesses together) had a turnover of at least A$300,000
• The net value of the visa applicant’s (or the applicant’s partner’s, or the applicant and his/her partner’s combined) assets in the main business (or two main businesses) in Australia was at least A$100,000
• The net value of the visa applicant’s (or the applicant’s partner’s, or the applicant and his/her partner’s combined) personal and business assets in Australia was at least A$250,000.
• The business/es employed at least the equivalent of two full-time employees who are:
  • – Australian citizens
  • – Australian permanent residents
  • – New Zealand passport holders
  • – Not members of the applicant’s family.

State/Territory Sponsored Business Owner (Residence), Subclass 892

Requirements for the granting of this permanent residency visa are as follows:

• Be the holder of one of the above provisional business visas, or a subclass 162 or 165 provisional business visa
• Have been resident in Australia as the holder of one of these visas for at least 1 out of the 2 years immediately before the visa application is lodged
• Have a genuine commitment to continue to maintain business or investment activities in Australia
• Have never been involved in unacceptable business activities
• Be sponsored by a State or Territory Government
• Have had direct and continuous involvement in the day to day management of up to two businesses operating in Australia for the past two years
• Own at least one of the following:
  • – 51 per cent of a business where the annual turnover is less than A$400,000
  • – 30 per cent of a business where the annual turnover is A$400,000 or more
  • – 10 per cent of a business that is a publicly listed company
• For the 12 months immediately before the visa application is submitted to the Department of Immigration the main business (or two main businesses together) had a turnover of at least A$200,000

In addition, for the 12 months immediately preceding the lodgment of the visa application with the Department of Immigration 2 out of 3 of the following requirements must be satisfied:

• The net value of the visa applicant’s (or the applicant’s partner’s, or the applicant and his/her partner’s combined) assets in the main business (or two main businesses) in Australia was at least A$75,000
• The net value of the visa applicant’s (or the applicant’s partner’s, or the applicant and his/her partner’s combined) personal and business assets in Australia was at least A$250,000.
• The business/es employed at least the equivalent of one full-time employee who is:
  • – An Australian citizen
  • – An Australian permanent resident
  • – A New Zealand passport holder
  • – Not a member of the applicant’s family.

There are significant tax consequences of moving from a provisional visa to a permanent residency visa which all intending permanent visa applicants should be aware of when considering their visa strategy, as discussed here.

GM Business – a division of Go Matilda Visas – is your ideal partner for guidance and advice on your permanent residency visa strategy. We are Australian visa advisors and our Managing Director is a qualified Chartered Accountant in Australia, so can work with you from a position of knowledge to bring together the financial information and documentation required to secure your permanent residency visa.

We work with our clients on the basis of fixed fees, and a wish to have a long term relationship based on our expertise, trust and a quality service.

We look forward to hearing from you.