163 Visa Purpose
The 163 visa (The State/Territory Sponsored Business Owner visa) allows the holder to move to Australia and start a business. However, it will have an end date attached when it’s issued, so it is only a temporary work visa. In other words, it is not permanent residence for the holder, but can be a pathway to obtain that status.
**Note that most of the business visas (160-165) are currently closed to new applicants; however, The Migration Place can help you with all your business visa needs. If you are looking to apply to Australia for a visa for your business needs please do not hesitate to contact us today and we can help you with the best available option.
Who the 163 Visa is For
The 163 visa is designed for successful business people who would like to move to Australia and establish a company. There are many other temporary entry visas, but this one is slightly easier and more straightforward than others. Unfortunately, there are many monetary requirements that need to be met.
If you are a business person who is interested in obtaining the 163 visa, you should strongly consider the services of The Migration Place to assist you. We have extensive experience in helping people obtain this visa, and we can make sure that you meet all the necessary requirements and submit the proper documentation to be approved. We have the advantage of knowing specifically what the Australian government is looking for, so we save a lot of time and money by increasing the efficiency of the application process.
163 Visa Qualifications
If you are not from a country where the native language is English, then you will need to prove that you have a certification to an appropriate level of the language. Also, to obtain the 163 visa, you must have a minimum of four years of senior managerial experience to demonstrate that you are capable of running a company. In the past, you must have had ownership, or at least a large share of ownership, in a profitable business. In this case, profitable is defined as having a minimum annual sales revenue of AUD$300,000. Additionally, you cannot be older than 55 years of age. If you are unsure if you can meet or prove these requirements, don’t hesitate to contact one of our experts to have a closer look at your eligibility.
163 Visa Financial Requirements
Since this Australian temporary visa is dependent on business knowledge and steady assets, there are strict financial requirements. For example, the applicant must have made over AUD$300,000 during the past three years. Also, anyone applying for the 163 visa must have personal assets that are greater than AUD$300,000.
The Australian government also wants to ensure a strong investment in the local economy, so you will need to deposit AUD$300,000 in an Australian bank account. Additionally, at least AUD$100,000 needs to be invested in your business. The Migration Place can also assist with the process of opening up bank accounts and transferring funds internationally.
The 163 visa allows you to bring family members, such as your partner and dependent children, to Australia. If the application process has been started, you can add on dependent family members up until the point when the decision is made.
How to Apply for the 163 Visa
The applicant must be outside of Australia while applying. However, there is one exception. If the applicant holds an Australian student visa, they can be in or out of the country while they apply.
163 Visa Duration
It is a temporary work visa that is issued for a period of three years. After a certain time period, there are possibilities to change it to a permanent visa, but you must first meet a series of requirements.
The 163 visa is only an Australian temporary visa, but there is an option to apply for permanent residency at a later date. After two years, you can qualify to apply for permanent status if you meet a few conditions. First, you must have a profitable business, and the annual sales revenue must be greater than AUD$200,000. Second, the 163 visa will be sponsored by a particular state, and you must have lived in that state for more than one year.
Although this is can be a very successful way to gain permanent residency, there is a lot of risk involved in the 163 visa. If you’re business doesn’t steadily generate enough money, you will be forced to close down and leave Australia after the time limit has passed. Since there is a high risk because of the financial stakes in this visa, it is highly recommended that you strongly evaluate your decision before beginning the application process. The Migration Place is ready to assist you at all stages of this.
Other Business Skills Visas (160-165)
The 163 Visa is not the only provisional visa you are able to apply for. There are also a series of other business skill related visa sub classes. With these visas you are able to establish a business in Australia and travel in and out as many times as the visas is valid for. You are also about to have your family come with you and have the ability to work and study. Below are some of the additional visas you can apply for:
- the Business Owner (Provisional) visa (subclass 160)
- the Senior Executive (Provisional) visa (subclass 161)
- the Investor (Provisional) visa (subclass 162)
- the State/Territory Sponsored Business Owner (Provisional) visa (subclass 163)
- the State/Territory Sponsored Senior Executive (Provisional) visa (subclass (164)
- the State/Territory Sponsored Investor (Provisional) visa (subclass 165)
Contact The Migration Place
For all matters concerning Australian 163 visa applications, contact the team at The Migration Place today.