Business Visa Australia is among the most preferred business immigration pathways for business owners, high net-worth individuals, entrepreneurs, investors, and self-employed individuals. Australia has successfully provided wholesome business opportunities along with residency benefits, human development, and family care. The Covid-19 has severely hit the business market and immigration process in Australia; however, it is expected to recover from the impact by the year 2021. Therefore, the Australian Govt. is taking strict measures and new visa regulations for the year 2021.
The Australian Government recently announced the cutting down of business and investment visa
streams from the nine categories to four to support the economic recovery Post-Covid era. The existing
Business Innovation and Investment Program has three visas and nine streams. As per the latest visa
reforms, these streams will now be cut back to four:
Business Innovation Stream
Entrepreneur Stream
Investor Stream
Significant Investor Stream
These changes will come to effect from 1 July 2021 as per the Immigration Minister Alan Tudge. He
believes that the streamlining of BIIP will magnify the economic contribution from the investors.
Changes to visa eligibility requirements:
As per the new visa norms, the Australia Business pathway will see an increase in requirements for new applicants to prove their 'business acumen.'
Applicants must now require to have business assets of AUD 1.25 million and an annual turnover of
AUD 750,000. The amount was earlier AUD 800,000 and AUD 500,000 respectively.
Furthermore, some visas will have lesser thresholds. For example – the existing Entrepreneur visa
has AUD 200,000 funding threshold, which will be scrapped from July next year.
From 1 July 2021, Subclass 132 visa categories such as Significant Business History, Venture Capital
Entrepreneur, and Premium Investor will not take new applications until further notice.
However, the immigration authority will continue to process the previous applications for these
pathways mentioned above.
As per the existing program, most business immigrants get provisional visas with a minimum visa
validity of four years. After the visa changes, Govt. will increase the visa validity to five years to allow
the applicants more time to meet the residency requirements.
Australia on its way to clear the backlog
Despite Covid-19, Business Visa Australia pathways continue to fill its allocated Migration Program
quota. The quota was set at 7,260 for 2014-15, which was reduced in 2019-20 to 6,862. However, the
immigration department has doubled the allocation with 13,500 in October 2020 for the current
program year. The increase in quota was executed due to the growing demand for the visas.
The Government believes that these changes will allow them to reboot its business program and meet
the regional Australia requirements. Business migrants bring talent and investment to the big cities
where there's the most significant economic activity instead of regional areas. So, govt. is finding ways to generate more business opportunities in the regional areas where there is a low population.
If you wish to settle in Australia, you can reach us @ 8595338595 or on
web@businessimmigrationvisas.com for free counseling and guidance on the Business Visa Australia.
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