The State or Territory Sponsored Business Owner is for overseas business owners who are under the age of 55, who own or intend to own a business in Australia. To apply for this visa, you must be in Australia when you lodge the application, your family can be outside Australia.
To be eligible for this visa applicant must:
- be sponsored by the appropriate regional authority or a state or territory in Australia
- meet business turnover and ownership requirements
- have personal and business assets with a net value of minimum $500,000 that was legally acquired and can be transferred to Australia within two years of the visa being granted
- have sufficient assets to settle in Australia
- be able to demonstrate that they need to live in Australia for business reasons
- meet health and character requirements
Subclass 892 visa is a temporary visa valid for up to 4 years and permits the applicant to own (or part own) an Australian business. Immediate family members (such as a partner and dependent children) included on the application are also entitled to live, work and study in Australia. This visa also establishes a pathway to permanent residence, upon satisfying certain requirements.