This visa is a point-tested visa that offers a 5-year provisional visa with a pathway to permanent residency after a minimum of 3 years. Amongst other visa requirements, these can be summarised at it follows:
- Applicant need to score at least 65 points (Points Test)
- Applicant needs to be under 45 at the time of invitation
- Competent English Skills
- Applicant needs to have prior business experience or formal qualifications to successfully run the business.
- Applicant needs to have resided in Queensland for at least 6 months prior to lodging the application for Queensland State Nomination and must provide supporting evidence of having been managing the business for at least 35 hours per week.
- Positive Skills Assessment in one of the relevant occupations (even if it is different to the scope of the business)
- The minimum investment required to an existing regional business is $100,000 AUD. The business needs to have been purchased as this program is not available for star-ups or home-based businesses.
- The minimum investment can may include initial costs, business registration costs, marketing, advertising, etc.
- The business needs to have been trading in an eligible regional postcode for at least 6 months after the purchase date immediately prior to lodging an Expression of Interest (EOI).
- The business needs to have been employing an Australian Citizen or a Permanent resident.
- Applicant’s qualifying employment to meet permanent residency requirements can be undertaken by owning and managing the regional business.
- Applicant needs to show that he/she own the business (100% ownership)
- Applicant needs to provide enough settlement funds
The requirements listed are only a summary of the key aspects surrounding this pathway. For more information, please read the Fact Sheet from BMSQ: https://static.migration.qld.gov.au/2019/12/11131955/BSMQ_FACT-SHEET_Small_Business_Owners_Program_v3.pdf
The Department of Home Affairs also provides detailed information on the Subclass 491 visa. Please follow this link: https://immi.homeaffairs.gov.au/visas/getting-a-visa/visa-listing/skilled-work-regional-provisional-491