Business Migration Glossary

A$

Australian dollar

Assets

An Asset can be:

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

Domicile

A dwelling-place, home; which is your place of permanent residence.

Fiscal year

In relation to business or investment, a fiscal year is:

  • an accounting period of 12 months
  • a period of 12 months accepted as applying to that business for taxation or reporting purposes by the authorities in the country in which the business operates and reports.

Functional English

Means basic English language skills required to deal with everyday social and work situations.

Main business

A main business is:

  • the business of an applicant where an ownership interest exists
  • the business of an applicant where they have maintained, directed and had continuous involvement in the management the business, including day-to-day decision-making affecting the overall direction and performance of the business
  • the value of the applicant's ownership interest (and their spouse) is at least 10 percent of the total value of the business
  • the business is a qualifying business.

Major business

Means a business (other than a government enterprise) where the annual turnover was more than the equivalent of A$10,000,000 (A$10 million) in each of any two of the four fiscal years immediately before the visa application is made.

Net assets

The net assets of a business is the amount attributable to the owners or shareholders of the business after deducting any financial claims upon the business by third parties from total assets, that is:

Net Assets = Total Assets – Liabilities

Ownership interest

In relation to a business ownership interest 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 interest held indirectly through one or more intervening companies, partnerships or trusts.

Provisional

A provisional visa under the Business Skills category means a temporary four-year visa

Qualifying business

Means an enterprise that:

  • makes a profit through the provision of goods and/or services but does not include the provision of a rental property to the public
  • is not operated primarily or substantially for the purpose of speculative or passive investment.

Vocational English

An applicant with Vocational English can:

  • read and understand a variety of texts written in English with reasonably good comprehension
  • write English well enough to communicate effectively for most purposes
  • understand spoken English in a range of situations
  • speak English fairly fluently in a range of situations.

Note: If an applicant for a Provisional visa does not have vocational English, they must pay the second instalment of the Visa Application Charge. For information about charges, visit the Department of Immigration and Citizenship (DIAC) website.

Lakshman Ratnayake

Lakshman Ratnayake's Story

Business Owner

Immigrated from Sri Lanka

"It's welcoming, peaceful and multicultural with so much to offer in the way of work and business opportunities."

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Last updated: 07 July 2009

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State Government of Victoria