The Business Talent (subclass 132) visa is part of the Business Skills program and 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 conducting a comprehensive review of the Business Skills program. The following are some interesting points about Business Talent visa holders learned from the review.
The following chart illustrates the industry composition of the businesses that are owned and operated by Business Talent visa holders in Australia. It also shows the proportion of visa holders establishing new businesses or purchasing existing businesses.
The most common industries for Business Talent visa holders to operate a business are in wholesale trade, accommodation and cafes, manufacturing and retail trade. 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.
Business and personal assets
The net assets criteria reflect the personal success of the applicant in business and investment. 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 program's objectives of creating employment as 48 per cent of businesses employ one to four people and 25 per cent employ five to 19 people. This compares to the broader Australian business community where 60 per cent of domestic businesses are non-employing and only 24 per cent employ one to four people.
ABS: 8165.0 Jun 2003 to Jun 2006 Counts of Australian Businesses, including Entries and Exits