Immigration and Business Sales
We all know that the Covid 19 pandemic has put our lives “on hold” for much of the last two years. This has been particularly true for prospective business migrants with Australia’s travel restrictions and borders closures.
During the pandemic, LUX Business Sales and Advisory has successfully sold many businesses to business Asian migrants for 188A visa and 491 Regional Skilled visa. With Australia opening its international borders from January 2022, it provides the opportunity for successful business migrants to enter the local market once again as prospective business buyers. Our Brisbane business brokers are specialists in helping migration business buyers successfully purchase a business that suits all their business migration visa requirements.
Each state and territory have different requirements for the Business Innovation and Investment Program (BIIP) Subclass 188 visa, and you should check their respective business migration websites for more information.
In Victoria, there is a focus on STEM related expertise and businesses. For NSW, the government requires a minimum investment in target sectors of $500,000 in Sydney and $300,000 in regional areas. The South Australian government seeks to attract investment into businesses that drives innovation and employment into the local economy. In my home state, Queensland, the minimum investment into a business is $400,000 in Brisbane and the Gold Coast, and $300,000 in regional areas of the state. The most preferred industries include agribusiness, wholesaling, manufacturing, tourism, hospitality, and retail. And many migrants come to QLD to purchase a business.
Queensland was also the first state to introduce the Small Business Owners (SBO) program utilising the 491 Regional Skilled visa. For the SBO, the migrant must purchase a business for a minimum of $100,000 in a regional area and have operated it for six months prior to applying for the 491 visa.
The most popular SBO businesses includes restaurants and cafes, convenience and grocery stores, home improvement, handyman services, massage business, newsagency, and IT consultancy services.
The origins of business migrants are mainly from Asia with Chinese heritage (same as ME!!) leading the way, but SE Asian countries like Vietnam, Malaysia, Indonesia being more prevalent. In other parts of the world, India, Pakistan, the Middle East nations like UAE and Iran and South Africa make up the emerging markets.
We all know Brisbane is going to host next Olympic Games in 2032. As a result, the surge in interstate migration and business migrants to Queensland will create a great opportunity for current business owners to sell their business.