491 Visa Eligibility Criteria update: Queensland and Victoria
BSMQ Queensland
Changes in Subclass 491 - SBO pathway eligibility
Eligibility criteria for the Subclass 491 Small Business Owners pathway has been updated by BSMQ. Updated BSMQ criteria requires you to:
- have an occupation on HA s Legislative instrument (LIN 19/051)
- have prior business experience (operating the business successfully for at least 6 months meets this criteria), qualifications to successfully run the business, or previous family-run business experience.
- be on a visa that allows full-time work and operation of the business for a minimum of 35 hours per week
- have purchased an existing business in regional Queensland (Note: not available for start-ups or home-based businesses, franchise businesses must have been operating for at least a year prior to purchase)
- invested a minimum of $100,000 in the business prior to submitting an EOI
- have 100% ownership of the business (partnerships or joint ventures not eligible)
- be trading in the business for 6 months prior to application
- employ one (1) employee who is an Australian resident working a minimum of 20 hours per week. Please note: an Australian resident for 491-SBO purposes is an Australian permanent resident, Australian citizen or New Zealand citizen on a subclass 444 Special Category visa.
- provide evidence of sufficient settlement funds.