Unlocking Opportunities: A Win-Win Guide for Selling a Business and Visa 491 Applicants

Great opportunity for Australian business owners considering selling a business

 

Are you a business owner in Australia considering selling your business? Or, perhaps you're an aspiring migrant looking for a pathway to regional Queensland, Australia? In this article, we'll explore a unique opportunity that brings these two parties together. Australian business owners, your business could be the gateway for someone's Australian dream, and potential visa applicants, there's a way to turn your entrepreneurial aspirations into reality.

 

A Path to Australian Residency: The Subclass 491 Visa Explained

Australia has long been a dream destination for many skilled workers and their families. The Skilled Work Regional (Provisional) visa, subclass 491, offers a unique opportunity for them to turn that dream into a reality.

 

The subclass 491 visa is designed for skilled workers and their families who wish to live, work, and study in designated regional areas of Australia. There are two options for obtaining this visa. Either state-nominated, which means a specific Australian state sponsors your application, or sponsored by an eligible family member who is a permanent resident in Australia.

 

 

Queensland Solution for Visa 491 Applicants

Migration Queensland recently opened their 2023-24 Expression of Interest (EOI) program for small business owners in regional Queensland and it specifies a pathway for migrants currently living and operating a small business in regional Queensland.

 

The Small Business Owner (SBO) Stream has two pathways that are available to skilled migrants who have an occupation that is on the Home Affairs Legislative Instrument LIN 19/051; have a positive skills assessment in an occupation outlined in that instrument; be under 45 years of age; meet the minimum English language requirement competency; and have full-time working rights.

 

Option 1

Applicants must buy a business that is existing; registered in one of the locations identified; cost at minimum $100,000; work in that business for a minimum of 30 hours a week; and employ at least one Australian resident for 20 hours a week (or two at 10 hours each). Family members and subcontractors are excluded. The business must have been pre-existing prior to purchase and trading for a minimum of six months before an EOI can be lodged.

 

Option 2

The applicant must have started a business and run it continuously for 2 years minimum and the business must have a turnover of $200,000 or greater in the 12 months prior to application and be generating a profit.

 

Regions for Visa 491 eligibility

For those who have been nominated and applied for a 491 Visa after 5 March 2022, the following are the postcodes (https://auspost.com.au/postcode) that are classified as meeting requirements:

 

4019-4022, 4025, 4037, 4074, 4076-4078, 4124-4125, 4133, 4183-4184, 4207-4275, 4280-4287, 4300-4301, 4303-4498, 4500-4512, 4514-4519, 4521, 4550-4575, 4580-4895.

 

These suburbs cover a broad area including the outskirts of Brisbane, Ipswich, the Bay Islands, parts of the Gold Coast, Sunshine Coast, Gympie, Inala, Doolandella, Springfield and many other areas.

 

 

Important Tips for Selling a Business

Before you put your business on the market, it’s essential to understand the unique opportunity it may present to a prospective buyer from Subclass 491. They could potentially use the purchase of your business as a pathway to permanent residency in Australia. It will be important to emphasise the location of your business, its profitability and potential for growth and success. 

 

By understanding the unique opportunity your business presents, you can attract buyers who aspire to use it as a stepping stone to regional Queensland and a new life in Australia. Your business could be the key to someone's Australian dream, and by guiding them through the process, you're not only selling a business but also facilitating a life-changing journey.

 

Important Tips for 491 Visa Applicants Looking to Buy a Business

It is important to remember to seek legal and financial advice before starting or investing in a business and ensure you understand the visa requirements, application steps and meet all the criteria before submitting an EOI. You should analyse the businesses financials, location and potential for growth.

 

Due diligence is key when considering whether to purchase a business. You might like to read more on this in our article called “What is Due Diligence and What does Due Diligence Mean? or see our video series on Due Diligence.

 

If you would like to discuss either buying or selling a business, please contact Cristian Marcu, Principal of ELDAD Property Group for a confidential discussion. We would be happy to assist you in your business endeavours.