132 Visa Two Year Review

Unlike the Business Innovation and Investment visa subclass 188 which is a two-stage visa, the Business Talent 132 visa is a PR visa when granted and  holders do not have to go through two stage process.

However visa holders must complete a Survey of Business Skill Visa  by filling out the Form 1010 after being granted this visa and operating the business for 2 years. This is called the 132 visa two-year review. The purpose of the review is to ensure that visa holders are complying, and will continue to comply, with the requirements of their Business Talent 132 visa. By conducting the survey, the Department of Home Affairs wishes to know the following in order to retain the permanent visa:

  • Whether the visa holder still obtains a substantial ownership interest in an eligible business in Australia;
  • Whether the visa holder utilizes their skills in actively participating at a senior level in the day to day management of that business;
  • Whether the visa holder intends to continue to hold a substantial ownership interest in an eligible business in Australia and intends to continue to actively participate at a senior level in the day-to-day management of that business;

According to the Department’s requirements, they may request the visa holders to provide a series of supporting documentation including, but not limited to the following in order to meet the two-year review requirement.

  • Evidence of visa holder’s substantial ownership interest in an Australian business;
  • Evidence of day-to-day management of the business;
  • Evidence of funds that visa holders have transferred and retained in Australia for business purposes;
  • Financial statements;
  • Business Activity Statements (BAS);
  • Tax return of the business;
  • Bank accounts statements in the Australian business name;
  • Invoices, receipts, goods, orders, especially any bearing the visa holder’s name;
  • Signed contracts, especially those bearing their name;
  • Corroborative statements from business colleagues or associates.
  • Evidence of business agreements entered into with other businesses;

Failing to meet the two-year review survey may result in your permanent visa being cancelled.

However it’s important to note that in addition to meeting the requirements of the Department of Home Affairs, as listed above , the visa holder also has to meet the nominating State or Territory government’s requirement prior to their submission of the Form 1010.

The State governments may have their own special requirements for ownership interest and business and personal assets of the visa holders. This is particularly important for whose who are going to undergo a two-year review.

If you are not sure how to meet these requirements, you are welcome to contact us for professional consultation.