All You Need to Know: Latest Changes in Australian Visa Norms

All You Need to Know: Latest Changes in Australian Visa Norms

Latest Changes in Australian Visa Norms

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For those who dream of living in Australia, the country offers various means to procure citizenship. One of the most valuable visas is the Business Innovation and Investment (Provisional) Visa (subclass 188). This visa allows visitors to live in Australia and engage in a new or existing business in the Business Innovation Stream or the Business innovation extension team.

This visa allows you to live permanently in Australia. In the last twenty-five months, 90% of the applications in this category have completed processing. This visa is a boon for entrepreneurs, investors, and business owners who would like to continue their activity in Australia.

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Business owners and investors worldwide can migrate to Australia via its Business Innovation and Investment Program. The business innovation and investment program have two stages. The first stage gives you a provisional visa (subclass 188), and the second stage gives you a permanent visa (subclass 888).

Recently, in July 2021, some changes were introduced to the norms of Australian Visa under Business Innovation and Investor streams. It is imperative for fresh applicants to know these changes in detail and apply accordingly. Starting this year, the BIIP will be simplified to contain only four streams instead of nine streams earlier. There are also some changes in the eligibility requirements. Here’s a look at the changes in four streams and the conditions in each stream –

188 Visa Stream Description Requirements if invitation received before 1st July 2021 Requirements if invitation received after 1st July 2021
Business Innovation The applicant proposes to operate a new or existing business in Australia Total Net Value: $800K
Annual Business Turnover: $500K for 2 out of the first four fiscal years
Total Net Value: $1.25 Million
Annual Business Turnover: $750K for 2 out of the first four fiscal years
Investor The applicant proposes to carry out business or investment activity in Australia Total Net Value: $2.25 million
Total Net Value of Eligible Investments: $1.5 million
Investment Needed:$1.5 million
Total Net Value: $2.5 million
Total Net Value of Eligible Investments: $2.5 million
Investment Needed: $2.5 million
Significant Investor Applicant wants to carry out investment activity in Australia Significant investment of at least $5 million, which consists of:
  • At least AUD500,000 in venture capital and growth private equity funds which invest in start-ups and small private companies
  • At least AUD1.5 million in approved managed funds.
  • A ‘balancing investment’ of at least AUD3 million in managed funds.
  • Visa valid for four years with an opportunity to extend for a further two years
Significant investment of at least $5 million, which consists of:
  • At least AUD1 million in venture capital and growth private equity funds which invest in start-ups and small private companies;
  • At least AUD1.5 million in approved managed funds. The managed funds must invest in emerging companies listed on the Australian Stock Exchange; and
  • A ‘balancing investment’ of at least AUD2.5 million in managed funds.
Entrepreneur Applicants proposing to carry out entrepreneurial activities in Australia Have received funding of at least $200,000 from one of the following entities:
  • Commonwealth Government agency
  • State or Territory government agency
  • Publicly funded research or innovation organisation
  • Higher education provider specified as a Table A or Table B provider under Part 2-1 of the Higher Education Support Act 2003
Funding is no longer required. However, relevant states and territories may set additional criteria.
Premium Investor For applicants proposing to carry out business or investment activity in Australia Make a complying premium investment of at least AUD15 million Closed
The Business Innovation and Investment Program is an important part of Australia’s foreign policy. Applicants who satisfy the criteria in either stream will be given preference at the time of processing. Changes will impact those who have received an invitation after 1st July 2021, there will be some significant changes. They will need to bear a much bigger investment expenditure compared to those who received their invitation before 1st July 2021.

The Australian government expects to attract bigger investors with these changes and seeks to find entrepreneurs and businessmen who can positively impact the Australian economy.

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