Queensland government officials announced on Wednesday they are taking a flexible approach for the 491 small business owner visa pathway to permanent residence. They advised applicants could include marketing, refit, working capital and other expenses to make up the purchase price of $100,000 of a business in regional Queensland.
This means a cook could buy a bakery on the Gold Coast for $80,000 and make up the balance to $100,000 through working capital and planned marketing expenses and still qualify under the program.
Applicants need to have bought and operated a business in regional Queensland (anywhere but Brisbane) for at least 6 months and have employed at least one Australian resident under the program. Queensland clarified that the employee does not need to be employed for the entire 6 month period, but needs to be employed at least 20 hours per week at the time of application.
Queensland also clarified that the Australian resident employee does not need to be an Australian citizen or permanent resident. They could even be an international student.
Queensland also advised they were taking a flexible approach on the 6-month rule due to business closures due to covid-19.
The 491 visa leads to permanent residence after three years through the 191 visa as long as the applicant lives and works in a regional location and has a taxable income of at least $53,900 each year.
The 491 visa is open to applicants under 45 with competent English and a positive skill assessment from a skills assessing body on the long 491 occupation list. Queensland has a limited number of 491 visa allocations. Find out now whether you are eligible before the allocation runs out.
To find out more about this very attractive Queensland pathway to permanent residence, contact us now on (07) 5591 5099 and a member of our team will be happy to help.
Author: Sed Crest
Directors: Ian Kennedy and Sophie Pearson
Date: 5 June 2020