Highlights
- Queensland to make significant changes to the Small Business Owners visa
- From 1 April, applicants must spend at least $100,000 on the business, which should be at least two years old
- This pathway is available to onshore applicants willing to run a business in regional Queensland
Business and Skilled Migration Queensland (BMSQ) is making significant changes to the Small Business Owner Visa Subclass 491 program from this year.
Introduced in December 2019, Visa Subclass 491 has become a popular talking point amongst permanent residency-seekers in Queensland.
In a few months’ time, this visa will mandate a minimum spend of $100,000 on the business to be purchased.
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Queensland makes changes to Small Business Owner visa pathway
SBS Hindi
25/02/202107:11
The business should also have been in operation for two years instead of one, as per the earlier requirements.
Before these changes were announced on 24 February, the total investment in the business was required to be a minimum of $100,000, including base price and enhancements.
A statement released by BSMQ says it will prioritise businesses that create jobs, support COVID recovery industries or are located in a regional area of the state.
Businesses that have been purchased before 1 April 2021 are not subject to the new requirements.
The BSMQ statement also specifies that sub-leases of franchises (such as petrol stations) and home-based businesses (such as courier and cleaning businesses), will not be considered fit cases for this visa.
According to BSMQ, these requirements are aimed at ensuring the program is sustainable in the long-term.
With a minimum requirement of 50 points, the Small Business Owners visa is considered to be a pathway for entrepreneurs on ‘easy terms’.
The state nominates business migrants in industries that are in demand.
Source: Pixabay
The BSMQ statement adds, “Queensland nominates business migrants in industries that are in demand, for both provisional visas and permanent residency, which allows you to invest or set up a business in Queensland.”
This pathway is available to onshore applicants only willing to buy and run a small business in regional Queensland.
Brisbane-based migration agent Suman Dua says that the Visa Subclass 491 is an “excellent opportunity for business migrants.”
“The business a migrant intends to buy, need not be in the same occupation as that in his/her skill assessment. An accountant can buy a restaurant, or a motor mechanic can buy a fast-food franchise. However, you must have full working rights in Australia and a skill assessment,” explains Ms Dua.
Disclaimer: We’d like to point out that the information contained in this segment is general and is not specific advice. If you would like accurate information relevant to your situation, you should ask a registered migration agent.
