In a bid to increase its minimum assets and annual turnover requirements, the Morrision government has proposed some notable changes to the business and investment visa program including reducing the amount of Australian business & investment visa streams from nine to four starting 1 July 2021.
In this article, we will cover the streams that are still going to be in use and those that will be discarded, discuss the changes in eligibility requirements and what you need to prepare for if you’re still considering applying for this program.
The “New” Program’s 4 Streams
The business and investment visa program will be reduced to the following 4 streams:
- Business Innovation (possibly similar to the current 188A)
- Entrepreneur (possibly as a development of the current 188E)
- Investor (possibly as a development of the current 188B)
- Significant Investor (possibly further developments to the 188C)
It is important to note that applications for the following 3 streams will be closed effective from 1 July 2021:
- Premium Investor (Subclass 188D)
- Significant Business History (Subclass 132A)
- Venture Capital Entrepreneur (Subclass 132B)
What this means is that the 132 Business Talent Visa subclass will be removed completely from the program.
One of the most notable benefits of a 132 visa is that it is a permanent resident visa, whereas the 188 visa streams are a provisional visa with a pathway to permanent residency.
Important Changes To The 4 Streams
- Provisional visa holders of the new program’s 4 streams will be eligible to apply for permanent residency if they meet the requirements after 3 years
- The validity of the provisional visa will be extended to 5 years from the current 4 years
These changes will allow provisional visa holders additional time to meet the requirements.
188A Visa Changes
- The annual turnover requirement for the 188A visa has increased from $500,00AUD to $750,000
- Business and personal assets requirement for the 188A visa has increased from $800,000AUD to $1,250,000AUD
188E Entrepreneur Changes
- Applicants for the entrepreneur visa will need to be endorsed by a State or Territory government
- The $200,000AUD funding threshold requirement from an approved entity will be scrapped
Changes To Extensions
- 188C visa extension will be changed from a single 4-year extension to now 2-year extension for up to 2 times
- 188A visa extension will remain unchanged to a single 2 year extension
It’s important to note that the Government will also be consulting widely with industry to inform any further changes to the Complying Investment Framework.
Any changes to the framework will be announced in the early half of this year, with sufficient time for businesses and investors to adjust and the extensions will give provisional visa holders more time to meet the 888 visa requirements for permanent residency.
Interested in Applying For the 132 Visa Stream Before it Closes?
There is still time left to apply for the 132 business talent visa as all applications before 1 July 2021 will still be processed.
Speak to our registered Australian immigration agents and lawyers to discuss your unique situation and immigration options.
Take a look at our free Australia visa check to identify the most suitable way forward for you and your business.