Business Migration Changes – 1 July 2021
Acting Minister for Immigration Alan Tudge has announced changes to the Business innovation and Investment Visa Program that will come into effect on 1 July 2021.
The Business Migration program will be reduced to four instead of nine streams:
- Business Innovation
- Significant Investor
The premium investor, significant business history and the venture capital entrepreneur stream will be closed from 1 July 2021.
Provisional business and investment visas will be valid for five years with provisional visa holders in all four streams able to apply for permanent residence if they meet the requirements after three years. The upcoming changes will provide a clear path to permanent residency for each business and investment visa category.
Business Innovation Visa
- Business Innovation visa holders will continue to be able to extend their provisional visas if they do not meet the business and residence thresholds in the required timeframe.
- Business Innovation provisional visa holders can apply for a single two-year extension provided they demonstrate a realistic commitment to continuing to manage a business that has been actively operating in Australia for the previous two years.
- Business Innovation visa holders will be required to hold increased business assets of $1.25 million (up from $800,000) and have an annual turnover of $750,000 (up from $500,000) to prove their business acumen.
Significant Investor Visa
- Significant Investor visa holders will continue to be able to extend their provisional visas if they do not meet the business and residence thresholds in the required timeframe.
- Significant Investor provisional visa holders can apply for two x two-year extensions provided they continue to maintain their complying significant investment.
- The $200,000 funding threshold required for Entrepreneur visa applicants will be scrapped.
- Entrepreneur visa applicants will need to be endorsed by a State or Territory government.