Upcoming changes in the Business, Investment, and Innovation Program (Subclass 188)

                             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 Morrison Government is reforming business and investor visas to maximize the economic benefits for Australia. To that end, changes have been passed and are waiting to come into effect. If you are a prospective investor, an entrepreneur, or a businessperson who has been looking at Australia as a potential market, it is imperative that you be on top of these changes and prime yourself for them.

Here are the changes that you should know:

  1. The quota under the program has doubled from 6800 in 2019-2020 to 13500 in 2020-2021.
  2. The new program will be reduced to 4 streams: Business Innovation, Entrepreneur, Investor and Significant Investor
  3. Provisional visa holders in all 4 streams will be able to apply for permanent residence if they meet the requirements after 3 years, but the provisional visa will now be valid for 5 years in comparison to the current 4-year duration currently.
  4. The requirement for Business Innovation visa holders will be tightened with the $1.25 million business and personal assets threshold and an annual turnover of $750 000.

 

As the date (1/7/2021) is quickly approaching, it is important that you ready yourself for it to prevent any disruption to your immigration plan.

At Nevile & Co., we have the resources and expertise to assist you with these changes and provide a tailor-made solution to your problem.

Contact us at nevileco@nevile.com.au to discuss further.