Long expected changes to Australia’s business visa program were finally made public on 17 December 2020.
In a media release, on 17 December 2020 the Acting Minister for Immigration in Australia, The Hon Alan Tudge MP, announced the abolishment of Australia’s only direct-Permanent Residence 132A business visa.
In addition, changes were announced to the two-stage 188-888 visa program.
Interestingly, what was not mentioned in the media release was the touted changes to the investment level for the 188 Investor Visa (aka 188B). Many insiders believe there will be an increase from $1.5m to $2.5m investment into Australia but with an abolishment of the secure Government Bond option. Instead, the 188B is likely to become a “mini-SIV”, requiring at least $0.5m investment into venture capital funds.
These changes come into effect from 1 July 2021.
Until the 1 July 2021, the current rules apply to 132A and 188 visa applications.
The most popular business and investor visas are 188A, 188B and 132A. Only the 132A grants immediate Permanent Residence. Therefore, the 132A visa is called Australia’s Golden Visa.
Sadly, from 1 July 2021 business owners will no longer reap the benefit of a direct Permanent Residence outcome with the current benefits of minimal staying requirement in Australia.
However, there is still time for business owners who qualify for the 132A, but they must act quickly.
There are only a certain number of places for these visas each year. Applicants must obtain a “State Nomination” and that is a highly competitive process.
The 132A visa rules include:
- 1. Business turnover of $3m for the 2 years in the last 4 years
- 2. $400,000 net business assets for 2 years in the last 4 years
- 3. Invest $1.5m into Australia when granted the 132A visa
- 4. Stay sufficient time in Australia to manage the business option under the State Nomination
We do not mind which state you apply to for your visa application.
Many business owners will choose a state that allows them to invest in small-scale property development and own the land themselves. Currently, only South Australia allows that option.
On the other hand, many business owners will prefer to employ staff in an expansion of their overseas operation. Again, the favoured state for that option is South Australia.
At JADE Visa we pride ourselves on rapidly assessing a client for their eligibility against the visa criteria and quickly getting client’s documents submitted to the Department of Home Affairs.
Call us now for a free assessment, including a detailed review of all your business accounting documents and property ownership records. We will not charge you for this service and promise the highest level of professionalism and confidentiality.
Our team includes Chartered Accountants familiar with the accounting and tax laws in Vietnam and Australia.
We welcome you to let JADE help you secure PR in Australia.