12.8 C
London
Friday, June 14, 2024

Australia’s Business Visa Program – An Overview 2023

Business Innovation Stream

This stream is for people with business skills and allows them to operate a new or existing business in Australia.

To be eligible for this visa, applicants must:

  • Score at least 65 on the points test
  • Provide proof of business success (annual turnover and ownership interest)
  • Have total net business and personal assets of at least:
    • AUD1.25 million if invited to apply for this visa on or after 1 July 2021
    • AUD800,000 if invited to apply for this visa before July 1, 2021
Investor Stream

This stream requires visa holders to invest in Australian investments that meet certain requirements. Visa holders may also maintain business or investment activity in Australia.

To be eligible for this visa, applicants must:

  • Be nominated by a state of territory government agency to invest at least:
    • AUD2.5 million that meets certain requirements if invited to apply on or after July 1, 2021
    • AUD1.5 million in an Australian State or Territory if invited to apply before 1 July 2021
  • Score at least 65 on the points test
  • Have net business, investment and personal assets of at least AUD2.5 million
Significant Investor Stream

This visa is available to people who invest at least AUD5 million in Australian investments and maintain investment activity in Australia.

To be eligible for this visa, applicants must:

  • Be invited to apply for this visa
  • Be nominated by a state or territory government agency or Austrade to invest at least AUD5million that meets certain requirements and have a genuine intention to hold that investment for the duration of the provisional visa
  • Have genuine intent to live in the state or territory whose government agency nominated them
Entrepreneur Stream

This visa is for start-up and early-stage entrepreneurs who have been endorsed to develop their concepts and have been nominated by a state or territory government agency.

To be eligible for this visa, applicants must:

  • Be nominated by a state or territory government agency
  • Undertake or propose to undertake compliant entrepreneur activity in Australia
  • Present a business plan for entrepreneurial activity
  • Have at least competent English

The Future of the Business Visa Program

The Business Visa Program has come under criticism from Federal Home Affairs Minister Clare O’Neil. Potentially influenced by the Grattan Institute and their view that business migrants pay less tax than skilled migrants, Ms O’Neill feels the Business Visa Program does not add value to Australia.

In August 2022, each state and territory were each given an allocation of business visa places totaling 810. Each of the states and territories with the exception of South Australia has exhausted its allocation. When migration planning levels were released in December 2022, no additional places were allocated to the Business Visa Program effectively closing the program for the migration year.

If you would like to learn more about business visas, contact the Visa Solutions team. Book a consultation.

Source

Latest news
Related news