Australia Business Visa is a popular business immigration pathway for foreign entrepreneurs, investors, and business owners. Accepted candidates can attain permanent residency in Australia, and their family provided that they invest in a new business or set up a new firm in the country. Before the pandemic, many business migrants chose business visas to achieve their migration dreams. However, due to the travel restrictions, the program has been on a temporary halt.
According to the recent news, the immigration department is increasing the investment requirements and the investment visas to be cut back to four programs. The Government aims to protect Australian Interests in maximizing the economic contribution of these high-value investors with this new rule. The immigration Minister has also cleared that the Australian Migration Program for 2020-21 will focus on the business professionals and job creators who can invest in Australia's future.
The new rule has substantially changed the Subclass 188 BusinessInnovation Stream requirements of business assets from AUD 800,000 to AUD 1.25 million. Furthermore, the Australian business must show an annual turnover of AUD 750,000 instead of AUD 500,000 to prove their business acumen. The program allows innovative business professionals to operate a new or existing business in Australia.
The program required applicants to invest a minimum AUD 15 million in an Australian investment instruments for permanent residency. In addition to that, other investor streams such as the Premium Investor visa will be closed to new applicants in July next year. Another visa of 132 business talent visa and its streams of Venture Capital Entrepreneur and Significant Business History visas will also be closed to new applicants from July 1 next year. After all these changes, the Australian Business Immigration spectrum will limit four streams - Business Innovation, Entrepreneur, Investor, and Significant Investor.
However, despite all that changes and turbulences, the approval rate for the overall business and investment visa program will double from 6862 in 2020 to 13,500 in 2021. The projection is influenced by the impacts of Covid on the business market of Australia and the immediate need for foreign direct investment. The country's federal budget also pointed out the most significant dip in population growth due to the closed international borders. There is a need for foreign talents and investment for the revival of the Australian economy.
Considering these changes, Significant Investor Visa is in huge demand, requiring AUD 5 million in Australian investments in exchange for a permanent visa. This particular Australia Business Visa granted 135 approvals in the last financial year in a pool of 4420 business and investment visas. As of now, a total of 2349 significant investment visas have been granted, with around AUD 11.7 billion investment in Australia's economy.
If you wish to settle in Australia despite these investment changes, you have a greater chance of getting selected. Reach us @ 8595338595 or on web@businessimmigrationvisas.com
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