Australia’s Department for Immigration and Citizenship (DIAC) is highlighting the Business Talent (subclass 132) visa which is part of the Business Skills programme with an aim to attract more entrepreneurs to the country.
They are proving to be a welcome addition to the country and employ more people than Australian businesses of the same size, the DIAC has found.
The Business Talent visa is for applicants who can demonstrate they have owned and operated significantly larger businesses than their temporary visa counterparts and have higher personal and business assets.
Applicants for a Business Talent visa are required to provide evidence that they have net business and personal assets of $1.5 million and have owned and operated a business offshore with an annual turnover of $3 million.
The visa provides direct entry to permanent residence. Visa holders are required to complete a survey within three years of residence in Australia to determine their commitment to business in Australia.
The department is currently conducting a comprehensive review of the Business Skills programme and it has found that the majority, over 30% are granted to business people in wholesale trade, followed by accommodation and cafes, retail and then manufacturing, all at just over 10%.
Other sectors include agriculture and property and business services, both just under 10%, and then construction, communication, finance and insurance and finally cultural and recreation.
A high number of new businesses exist in industries that require a greater emphasis on complex business partnerships and networks, for example, wholesale trade, property and business services, and communication services. Industries that serve the direct public such as accommodation, cafés and retail trade see visa holders buying and operating established businesses.
Business turnover is the revenue generated by an entity as a result of the ordinary activities of a business. It relates to current business activity and is an important measure of the visa holder’s business success in Australia. The average annual turnover declared by Business Talent visa holders for their Australian business is $2.2 million.
The net assets criteria reflect the personal success of the applicant in business and investment, says the DIAC. Personal assets also provide some level of assurance that the applicant has sufficient personal funds for settlement in Australia. The net business asset standard is a measure of an applicant’s preparedness to risk their own capital in a business endeavour. The average amount of assets declared by Business Talent visa holders is $9 million and places them in the top quintile of Australian households for net wealth.
Business Talent visa holders are contributing to the programme’s objectives of creating employment as 48% of businesses employ one to four people and 25% employ five to 19 people. This compares to the broader Australian business community where 60% of domestic businesses are non employing and only 24% employ one to four people.