Definitions

AUD

The Australian Dollar equivalent value on the basis of the buying rate:

• in the local currency for Australian dollars on the last day of the fiscal year in which the business reported
• published by any bank holding an Australian banking License
• published on an approved currency conversion website.

Appropriate Regional Authority

A Department or authority of a state or territory that is specified by a departmental Gazette Notice in relation to the grant of a Business Skills visa.

De facto partner

A person is the de facto partner of another person (whether of the same sex or a different sex) if the person is in a de facto relationship with the other person. Persons are in a de facto relationship if:

• they have a mutual commitment to a shared life to the exclusion of all others
• the relationship between them is genuine and continuing
• they live together or do not live separately and apart on a permanent basis
• they are not related by family.

For an application for a permanent, Business Skills (Provisional), Student (Temporary), Partner (Provisional), Partner (Temporary), or a General Skilled Migration visa the de facto relationship must have existed for at least 12 months immediately preceding the date of application.

Dependent child

The child or stepchild, of a person (other than a child who has a partner or is engaged to be married), being a child who is one of the following:

• has not turned 18
• has turned 18 and is dependent on that person
• is incapacitated for work due to the total or partial loss of the child's bodily or mental functions.

Eligible Family Members

Eligible family members are:

• your partner
• your or your partner's dependent child
• other dependent relatives living with you

Eligible Investment

An eligible investment that is owned by the person for the purpose of producing a return by way of income or capital gain and is not held for personal use is one of the following:

• an ownership interest in a business
• a loan to a business
• cash on deposit
• stocks and bonds
• real estate
• gold or silver bullion

Fiscal year

In relation to a business or investment, 'fiscal year' means:

• If there is applicable to the business or investment by law an accounting period of 12 months - that period
  or
• in any other case - a period of 12 months approved by the Minister in writing for that business or investment.

Main Business

A Business is a 'main business' in relation to the applicant if:

• the applicant has, or has had, an ownership in the business
  and
• the applicant maintains, or has maintained, direct and continuous involvement in management of the business from day to day and in making decisions affecting the overall direction and performance of the business
  and
• the value of the applicant's ownership interest, or the total value of the ownership interests of the applicant and the applicant's spouse or de facto partner, in the business is or was at least:
  • 51 per cent of the business where the turnover is less than AUD400 000 per annum
  • 30 per cent of the business where the turnover is AUD400 000 or more per annum
  • 10 per cent where the business is a publicly listed company
    and
  • the business is a qualifying business.

Net assets

The 'net assets' of a business is amount attributable to the owners or shareholders of the business after deducting financial claims upon the business by third parties from total assets ( Net assets = total assets - liabilities)

Ownership interest

In relation to a business, means an interest in the business as:

• a shareholder in a company that carries on the business
• a partner in a partnership that carries on the business
• the sole proprietor of the business including such an interest held indirectly through one or more interposed companies, partnerships or trusts.

Partner

'Partner' means your spouse or de facto partner (including same-sex partners).

Provisional

A provisional visa under the Business Skills Category is a temporary four year visa.

Spouse

A person is the spouse of another person if they are in a married relationship. Persons are in a married relationship if:

• they are married to each other under a marriage that is valid for the purposes of the Migration Act 1958
• they have a mutual commitment to a shared life as husband and wife to the exclusion of all others
• the relationship between them is genuine and continuing, and

they live together or do not live separately and apart on a permanent basis.

Qualifying business

Is an enterprise that:

• is operated for the purpose of making profit through the provision of goods, services or goods and services (other than the provision of rental property) to the public
• is not operated primarily or substantially for the purpose of speculative or passive investment.

Unencumbered

Unencumbered is:

• not encumbered with a burden
• having no liabilities
• not subject to financial obligation

Vocational English

Means you have a reasonable command of the English language. You must be able to read, write, understand and speak English well enough to communicate effectively for most purposes and in your own field of business.

[How this visa works