New zealand VIsa

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Permanent residence for temporary business owner visa holders

The temporary business owner visa holders may qualify for residence under subclass 890 once they established and have successfully running a business for at least 2 years in Australia. There are several requirements to be met to qualify of residence under this category including a an annual turnover of at least 3,00,000; employment 2 full time staff, have held net value assets of at least $1,00,00 throughout the 12 months, have personal and business assets of $2,50,000 during the 12 months and be resident in Australia for an period of 12 months in the last 2 years.

For those who are sponsored by a State or Territory, the option is to apply for residence under subclass 892. As in the case of sponsored business class temporary visa, the requirements for residence under subclass 892 are less onerous than the subclass 890. The requirements include holding an ownership interest in an Australian business for at least two years.; annual turnover of At least $2,00,000 for at least 12 months, employ 1 full time staff, held assets in the business of at least $75,000 of at least two years, have business and personal assets of at least $2,50,000 and be resident in Australia for at least 12 months in the 24 months period.

Those who hold provisional Senior executive visas may be able to apply for residence under either of the subclasses visas stared above, if they meet the criteria. They also have another option of applying for residence under the Employer Nomination Scheme (ENS) if they have worked for an Australian employer for 2 years or more and their employer is wiling to sponsor their application.