Business Visa – Upcoming changes

Business Visa – Upcoming changes 

From 1 July 2021, some changes to the Business Innovation and Investment Program will come into effect. A number of key aspects of the eligibility criteria for the Business Innovation Stream (subclass 188), which is a provisional visa that can lead to permanent residency through the subclass 888 visa pathway, have been amended.  Below we have outlined the key changes, as well as what the new eligibility criteria will look like come July 2021.
KEY CHANGES NEW ELIGIBILITY CRITERIA
  • The program will be reduced from 9 streams to the following 4 streams:
    • Business Innovation
    • Entrepreneur
    • Investor
    • Significant Investor
  • The visa will be valid for 5 years, which will give visa holders more time to meet the requirements for permanent residency
    • Visa holders will be able to apply for a 2-year extension
  • Visa holders will be able to apply for the permanent residency through Subclass 888 after 3 years, if they meet the requirements
  • Applicants will be required to hold business and personal assets of AUD$1.25 million (up from AUD$800,000) for 2 years prior to making an application. 
  • Applicants will need to have an annual turnover of AUD$750,000 (up from AUD$500,000) for 2 our of the last 4 fiscal years prior to making an application 
  • Be nominated by a State or Territory government
  • Own personal and business assets of at least AUD$1.25 million
  • Have ownership interest in 1 or 2 businesses that have had an annual turnover of at least AUD$750,000 in 2 of the last 4 fiscal years
  • Score at least 65 on the points test
  • Have a successful business career
  • Be under 55
  • Have functional English
  • Not have a history of involvement in unacceptable activities
  • Have no debt to the Australian Government
  • Sign the Australian values statement
  • Not have had a visa cancelled or refused in the past
 
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