If you intend to invest in Australia, you can apply for the business owner visa subclass 890. In simple terms, this visa allows you to stay in Australia and set up your business. However, before applying, you must know the complete process of the visa and its requirements so that you can easily fill up your application form without any hassle or delay.

Here are all the details about this visa which will help you to apply easily.

What is a Business owner visa subclass 890?

Suppose you are an Australian citizen or planning to apply for permanent residency and want to start your own business in Australia or have recently bought one. In that case, you can apply for a business visa subclass 890. This visa will allow you to stay in Australia for up to four years with your dependents. If you plan on staying longer than that period, then applying for permanent residence is recommended. Also, try for Business Talent Permanent Visa Subclass 132. This is valid only if your business makes more than AUD$750,000 per year and has been in operation for at least two years before application.

Eligibility Criteria for Business Owner Visa 890

To qualify for a Business Owner Visa Subclass 890, you must be able to provide evidence of an AUD750,000 investment into a business in Australia that meets certain criteria. These are as follows:

• The business must have been registered for at least 12 months before your application.
• It must have at least one full-time employee (either working within or outside Australia).
• It must demonstrate an annual turnover of more than AUD1 million or an annual profit of more than AUD500,000.
• If it is a rural business, it must meet additional requirements related to its location and size.

For example, it may need to employ staff members from local communities. 

• Your personal contribution to setting up and running the business will also be considered.
• List of Skills Required: Several specific skills may help your case when applying for an 820 subclass visa.

For example, if you plan on investing in a rural enterprise or developing new technologies or products in line with Australia’s research strengths, some additional points may come.

Documents Required for Business Owner Visa 890

• A bank account statement showing a minimum of AUD 150,000 in available funds.
• An identification card issued by a government body (or embassy) with a photograph. This must show your name, date of birth, and expiry date. If your identification does not have an expiry date, it must be valid for two years from the date of issue or from when you applied for your visa, whichever is later.
• Two passport-sized photos were taken against a light background.
• Evidence that you own at least 50% of a business in Australia. The business should operate for at least 12 months and employ at least one full-time employee who is an Australian or permanent resident or holder of a permanent humanitarian visa.
• Business activity statements for each financial year during which you owned your business. These statements are usually obtained from your accountant or company’s records.
• Business bank statements for each financial year during which you owned your business, including any time when you were self-employed outside of Australia. These statements are usually obtained from your accountant or company’s records.
• You will also need to prove that your business has been registered with ASIC within 6 months before applying for Business owner visa subclass 890.