Are you a temporary resident looking to start a business in Australia? The good news is that even if you’re not an Australian citizen or permanent resident, you can still run a business Down Under.
Although you will need to be under a Business Innovation and Investment (Provisional) visa (subclass 188) to be able to conduct business and investment activity in Australia.
A business loan is a loan that provides you with funds that you can only use for business purposes. You can use this type of loan to cover startup expenses, manage cash flow, upgrade equipment or expand your business. The money you borrow will then earn interest, and you will need to repay it to the lender within a set amount of time.
However, unlike Australian citizens or permanent residents, temporary residents will need to satisfy additional criteria in order to get a loan. You will need to provide details of your visa to prove that your visa allows you to start a business in Australia and to prove that the loan term does not exceed the length of your expected stay in Australia.
Some lenders may also impose stricter criteria when lending to temporary residents, such as requiring a higher business turnover before approving your loan.
There are several important factors to consider when comparing business loans for temporary residents:
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Yes, you can start a business in Australia while you’re here on a temporary visa. However, not all temporary working visas allow you to start a business, so it’s important that you’re familiar with all the requirements and restrictions of any visa before you apply.
Many business people come to Australia under the Business Innovation and Investment Programme, which is designed to increase Australia’s entrepreneurial talent and business expertise. Most migrants under this program enter Australia on a Business Innovation and Investment (Provisional) visa (subclass 188), which allows them to do the following:
However, be aware that an Australian state or territory government will need to invite you to apply for this visa. For more information on the temporary working visas available and the business activities you’re allowed to conduct while in Australia, contact the Department of Immigration and Border Protection.
Lenders will consider the following criteria when assessing your application for a temporary resident business loan:
Keep the following tips in mind to increase the chances of your application being approved:
If your business has outstanding invoices, it may be eligible for invoice financing. It's a type of business loan that comes with reduced risk, no asset requirements or interest payments.
Compare the invoice financing products below.
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