A shareholding in a company that carries on a business as trustee of a discretionary trust constitutes an 'ownership interest' in that business for the purposes of s 134(10) of the Migration Act 1958 (Cth) and the Business Skills - Established Business (Residence) visa criteria. The statutory definition creates a construct that departs from general law principles and does not require the applicant to demonstrate a proprietorial interest in the business assets. The observations of Dowsett J in Ng v The Minister requiring proprietorial involvement should not be followed. However, the decision was 2-1 and the dissent raises substantial arguments about valuation of the interest under reg 1.11(1)(c).
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