Check out the recent changes which are inculcated in the Business Skills Migration Program. The motto behind the amendments is to enhance the contribution from overseas business applicants who come to Australia for business purposes, hence enhancing the Aussie economy. The amendments are meant for applications which would be lodged after on or after 19th April. Have a look:
Financial requirements: The minimum assets needed for the mentioned categories has been hiked to AUD500 000. Earlier it was AUD250 000. The categories which are applicable for these amendments are State/Territory Sponsored Business Owner (Provisional) visa and State/Territory Sponsored Senior Executive (Provisional) visa.
Also, there have been some changes in the provisional Business Skills visas as well. The required assets needed to show financial worth has been increased to AUD800 000. Earlier it was AUD500 000. The reasons behind the same have been stated as hike in cost of living as well as assets required to establish any business over there. The categories for which the amendments are implemented are Business Owner (Provisional) and Senior Executive (Provisional).
Another vital amendment has been linked with the Business migrants as now they would be required to own a certain amount of interest in business to cater to the visa requirements. That particular rate has been hiked from 10 per cent to:
- 51 percent, in the condition when the business turnover is minimum than AUD400 000
- 30 percent in the case where the applicants faces a business turnover is AUD400 000 or in additional to this amount or
- In any condition, the business turns out to be a publicly listed company then 10 per cent would be provided.
The amendments are applicable to Subclasses 132, 160, 163, 890, 892, 845, 846 as well as Category of ‘main business’ in Migration Regulation 1.11. Also, transitional provision would be provided to onshore visa applicants provided they have got a business before the amendments were applied in the visa categories. Also, to those who are going for an onshore business owner visa.
Also, the facet of Senior Manager has been abolished from the Subclass 163 visa category.
