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A streamlined Australian Business Innovation and Investment Program will cut the number of flows in half and provide clearer routes to permanent residence in Australia for all applicants, says Sam Hopwood, Australian migration agent for International Saber.
Hopwood said that as of July 1, 2021, the Australian Business Innovation and Investment Program will consist of just four streams: Business Innovation, Entrepreneur, Investor and Significant Investor.
This is less than the nine streams that have been available since the Premium Investor stream launched in 2015.
Australia already ranks as one of the 10 countries with the highest citizenship-by-investment in the world. Refinement of the remaining streams aims to encourage more investment and make it easier for investors to stay in the country, he said.
Business innovation visa flow
The Business Innovation flow is a solution for those who already own and run a successful business. It is one of the few enabled Australian visa routes that are open to those over 45 years of age.
To qualify, you must score at least 65 points on the immigration points test and be under 55. A state or territory may elect to waive the age requirement if it is determined that your business offers an exceptional financial benefit.
To demonstrate your business acumen, you must:
- Owning a business for at least two of the previous four fiscal years that had a turnover of at least AUD 700,000 (vs. AUD 500,000).
- Have net personal and business assets of AU $ 1.25 million (compared to AU $ 800,000) for yourself, your partner, or both combined that can be used to establish a business in Australia.
“If you are granted the business innovation flow visa (subclass 188A), it will now be valid for five years (compared to four years and three months) from the date of issue, ”Hopwood said.
“After running a business in Australia, you can transition to the Business Innovation and Investment visa (subclass 888A), which is a permanent residence visa, as long as your business meets certain requirements related to billing and financial assets. .
“You will also have the option to extend the 188A if it doesn’t meet the commercial rotation requirements for the permanent 888A.
“This one-time two-year extension will be granted if you can demonstrate a realistic commitment to continue managing a company that has been actively operating in Australia for the past two years.”
Entrepreneur visa flow
Hopwood said the Entrepreneur stream has had few applicants in the past, due to strict requirements.
According to data released by the Department of the Interior at the end of 2019, only eight requests had been received between July 2012 and December 2018.
As a result, the government has been testing a patch in South Australia and has now decided to go ahead with a full implementation.
To apply, you currently need to have a funding agreement of at least AUD 200,000 from an entity approved to conduct business in Australia. This threshold is being removed.
“However, now you will need to be endorsed (not just nominated) by a state or territorial government and you will still have to show a viable business plan for your chosen activity,” Hopwood said.
“This activity could be the commercialization of a product or service, or the development of a company or business. It may not be residential real estate, hiring labor or purchasing an existing business in Australia and both you and your family must meet a good character requirement. “
As with the Business Innovation flow, if you are granted the provisional visa (subclass 188E), it will now be valid for five years (instead of four years and three months) from the date of issue.
You can transition to the permanent residence visa (subclass 888E), as long as you can demonstrate a successful history of your business activities while on the provisional visa.
Investor visa flow
If you have had a successful career in business ownership or investment management, you may be eligible for this temporary visa.
Although the requirements state that you must be under the age of 55, as is the case with the Business Innovation stream, a state or territory may choose to waive the age requirement if it is deemed to have exceptional financial benefit, Hopwood said.
The visa requires that you:
- Invest at least $ 1.5 million in government bonds from an Australian state or territory and hold that investment for four years.
- Have at least three years of experience, a track record of success, and a high level of business and / or investment management skill to apply.
- Have net personal, investment and business assets of at least AUD 2.25 million and score at least 65 on the points test.
“You must show a realistic commitment to continue and maintain business or investment activity in Australia after your initial investment matures.
“The initial provisional visa (subclass 188B) will now entitle you to live in Australia for five years,” Hopwood said.
“As part of the changes, it has been suggested that you can apply for permanent residence after maintaining your investment for three years (less than four), although you will have to maintain the investment for the fourth year to obtain the permanent visa. You must also have lived in Australia for at least two of those years. “
Significant flow of investor visas
The key benefit of Significant Investor Stream, compared to Investor Stream, is that there is no upper age limit. However, you must invest at least AUD 5 million to meet Australian investments to qualify and you must demonstrate a genuine intention to maintain that investment for the duration of your provisional visa.
This sequence was updated in 2015 to restrict the types of investments and there are now specific requirements regarding the structure of your investments that you must meet to be eligible for permanent residence.
The key change coming to this stream in July is that you will now be able to extend your provisional visa twice (two two-year extensions) before applying for the permanent residence visa, as long as you maintain your investments during this time, Hopwood said.
“You may want to do this if you don’t meet the business or residency requirements after three years. Previously, you had to apply to a separate Significant Investor Extension stream to extend your stay in Australia for those four years.
“As with the other Australian Business Innovation and Investment Program visas, the initial provisional visa will now be valid for five years and you are allowed to apply for permanent residence after three years.”
Read: This Popular Golden Visa Program Is Changing – Here’s What South Africans Need To Know
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