Disclaimer: This publication contains comments of a general nature only, and is provided as an information service.
It is not intended to be relied upon as, nor is it a substitute for specific professional advice.
The Department of Home Affairs and the State Governments have confirmed the reform of Business Innovation and Investor Visa (Subclass 188) in July 2021.
Business Entrepreneurs and Investor are facing higher thresholds including assets and business turnover.
Below is a snapshot of the proposed changes:
- 188A Business Innovation Visa: Asset requirement will be increased from AUD$800K to AUD$1.25 million. Turnover is expected to increase from AUD$500K to AUD$750K.
- 188B Investor Visa: Increment of investment amount in Australia
- 188C Significant Investor Visa: Increment on investment amount in Australia
The State Governments are also implementing stricter rules on State Nomination Application.
Business Innovation and Investor Visa can lead to Permanent Residence Visa after qualifying periods. It is still one of the most advantageous visa options with high approval rate from the department.
Want to know more about the advantages of the Business Visa? Contact us for your free consultation and migration assessment.