You must demonstrate that you have not been engaged in a business where the provision of professional, technical or trade services took up more than 50% of your time. In other words, you must demonstrate that your managerial duties in your business take up more than 50% of your time.
Turnover is found in the profit and loss statement for the business in any given year. It may also appear as “revenue” or “total sales”. Only amounts received and receivable by the enterprise on its own account are considered to be revenue. The fiscal year will be the normal reporting/accounting period for the country where the business is maintained.
If you intend to use 2 businesses turnover can only be included if you owned:
Management role is defined as having been directly involved in managing a business. Although it is not necessary to hold or be responsible for the principal or dominant role in the management of a business, it is necessary that you have been directly involved in managing at least one facet of a main business.
You must own the assets personally or jointly with your spouse/partner. At least AUD 800,000 must be transferred to Australia within the first two year period.
A registered patent is a set of exclusive rights granted by a state (a national government) to an inventor or their assignee in relation to an invention, which may be a product or a process, for a certain limited period, in exchange for public disclosure of the invention.
The procedure for granting patents, the conditions to be fulfilled, and the extent of the exclusive rights vary between countries according to national laws and international agreements. Typically, however, a patent application must include one or more claims defining the invention which must be new, non-obvious, and useful
or industrially applicable. In many countries, certain subject areas, such as business methods and mental acts, are excluded from patents. The exclusive rights granted to the owner of a registered patent in most countries are the right to prevent others from making, using, selling, or distributing the patented invention without the patent owner’s consent.
A registered design is concerned with the appearance of products if they are new and distinctive – that is, the features of shape or configuration that have been incorporated in the product or the features of pattern or ornamentation applied to a product.
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© Business Visa Eligibility Assessment Form – Business Innovation Stream 2013