Australia’s government is all set to simplify several of its visa streams under the Business visa category to fuel Australia’s economy and promote business activities. All these visa categories will lead to permanent residence.
Australia is one of the most preferred immigration destinations globally for both skilled workers and business investors. The country offers many immigration pathways to people seeking a new life in Down Under. In 2015, the Australian government introduced a Premium Investor Scheme comprising nine different business visa categories for applicants who wish to settle and carry out business activities in Australia.
From July 2021 onwards, a simplified version of the Australia Business Visa Category will be introduced, streamlining the Australian Business Innovation and Investment Programme into four visa programs, providing straightforward routes to permanent Australian residency for applicants.
The four categories will be:
- Business Innovation visa stream
- Entrepreneur visa stream
- Investor visa stream
- Significant investor visa stream
The refinement of the visa categories aims to encourage investment activities in Australia and make it easier for foreign investors to settle.
Business Innovation visa stream
The Business innovation visa stream is an ideal choice for people who already own and run a business. The visa pathway is open to everyone between the age group of 18 to 55 years. To qualify for the visa, you must score at least 65 points on the points test and be under 55. The government can waive the age requirement if the business benefits the state or territorial economy.
To be eligible, you must:
- A nomination from the state or territory government
- Ownership in one more business for at least 2 of the previous four financial years, which must have had an annual turnover of at least AUD 500,000 in those years
- Have net business and personal assets of not less than AUD1.25 million (up from AUD800 000) for you, your partner, or both combined that can be used to establish a business in Australia. The assets must be obtained legally and can be transferred to Australia within two years from the date of issue.
Selected applicants will receive the Business Innovation stream visa (subclass 188A) for five years.
If your business is successfully established in Australia, you can then convert the existing Subclass 188A visa to the Business Innovation and Investment visa (Subclass 888A), a PR visa. However, to get this visa, you must prove that your business meets all eligibility criteria for financial assets and annual turnover.
Additionally, investors also have the option to extend the Subclass 188A visa, provided they show a genuine intention and commitment to manage their business activities in Australia.
Entrepreneur Visa Stream
Earlier, to apply under this stream, you needed to have a minimum of AUD 200,000 from one of the designated entities to conduct investment activities in Australia. The threshold is now has been revoked by the government. The amount requirement made the stream exceptionally difficult for the applicants to apply for this pathway.
Though the threshold will get eliminated from July 2021 onwards, investors still need to get endorsed by a state or a territory government and prove genuine commitment to start a business in Australia. You also have to show a viable business plan for your chosen activity.
The investment activity could include the commercialization of a product or service and enterprise development. Meeting health and character requirements is also crucial to get the visa.
Investor Visa Stream
The visa pathway is the perfect choice for anyone with business ownership and investment management experience. Investor visa stream is a temporary visa designed for those who want to set up their own business in Australia.
To be eligible, you must:
- Be able to invest at least AUD1.5 million in an Australian State or Territory and maintain business or investment activity in Australia.
- Be nominated by a state or a territory government
- Have at least three years of valid work experience, track record of a successful business, and exceptional entrepreneur skills.
- Have business and personal assets with a net value of at least AUD2.25 million. These assets must have been lawfully acquired and be available for transfer to Australia within 2 years of the visa being granted.
It is critical to show a realistic commitment to continue and maintain business or investment activity in Australia once your investment expires. The provisional visa (subclass 188B) will allow to live in Australia for five years.
Significant Investor Visa
The biggest benefit of a significant investor visa is that it does not require applicants to meet age-related requirements. All you need to show is the investment of AUD 5 million into complying investments in Australia. You also need to establish a genuine and realistic commitment to maintain business activities in the country.
The most important upcoming change in this stream is that investors will now extend their visa for two years twice before applying for the permanent residency visa. However, before that, you must maintain sufficient investment during this period.
You can extend the visa for three years if you fail to meet the business or residency requirements. Earlier, investors had to apply for a separate Significant Investor Extension stream to extend their stay for four years.
To know more information, you can connect with us on 8595338595 or drop an email at [email protected]. We will provide your evaluation results and chart out the best Australian business immigration pathway for you.