Business Migrants – New changes – Is it good or bad? Business investment visa for Australia CHANGING SOON
Currently Australian Business investment visas categories are divided into 9 different VISAS but as per new announcement from Australian Government about business migrants and their investment options, these visas will be cut down into four with various thresholds of required investment adjusted. These changes in Australian Business Visa sector is currently drawing lot of attention from foreign business investors who are looking to apply for business visa for Australia.
Are we making it easier or harder for business migrants to call Australia as their home for future? A close look will advise that with these changes Business migrants will need
- More money to invest,
- More turnover for future eligibility towards PR
- Higher amount of business assets
to prove their business acumen.
Acting Immigration Minister Alan Tudge said the changes would protect Australia’s interests.
“These changes will maximize the economic contribution of these high value investors to get the best possible outcome for Australians,” Mr Tudge said in a statement to The Australian Financial Review.
“Our Migration Program for 2020-21 is clearly focused on job creators, those with key skills and migrants who are going to invest in Australia’s future.” So what are changes which we expect to see from here on wards:
- Business assets of $1.25 million, up from $800,000
- Business to have an annual turnover of $750,000, up from $500,000
- The Premium Investor visa, which required migrants to invest at least $15 million in Australian investments and then apply for permanent residency, will be closed to new applicants in July next year.
- The Significant Business History and Venture Capital Entrepreneur visas will also be closed to new applicants from July 1 next year.
- The overall program will be simplified into four visa streams: Business Innovation, Entrepreneur, Investor, and Significant Investor.
Some visas will have easier thresholds, such as the entrepreneur visa applicants whose existing $200,000 funding threshold will be scrapped. Applicants will still need to be endorsed by a state or territory government however.
The changes to different visas and the government’s planning allocations will still mean that the number of places available in the overall business and investment visa program will double from 6862 in 2019-20 to 13,500 places for 2020-2021.
Looking for Business visa options to explore future settlement in Australia then contact our team now. Our migration agents will be more than happy to guide you properly.
Contact us now.
Posted by Satya Shukla on December 17, 2020
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