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