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Today’s ever changing economic climate can result in necessary changes to business plans.
What happens if you were approved for state nomination based on a particular business plan, and then this plan changes after your 188A visa is granted?
New Federal Budgets have revealed the Migration Program planning levels.
The quota for Business Innovation and Investment Visa program has been reduced to 5000, comparing to 13,500 last year.
This will mean that it is more competitive and challenging to secure a place in the program.
We are talking about the four streams of the 188 visa.
States have announced that they are running out of allocations as they are working from a interim allocation of about 800 places. 800 places for all states and territories are too short to fill up the demand of the Business and Investor visa program in Australia.
Watch our full video about Business Visa news in November 2022 here:
In that, QLD and NSW have already used up their interim allocation and closed the program temporarily. VIC and SA are very careful in selecting the applicants. SA decided to temporarily close the Investor Stream 188B and Significant Investor Stream 188C streams.
Hopefully, the states can receive further allocations for the Business Visa Australia shortly after the Federal Budgets announcement and open to all the streams.
Now, let's look at some of the most popular stream in Business Visa 188 Australia and why should you go for it.
The 188A Business Innovation stream remains popular among applicants all over the world. This is because it has lower capital rewquiremetns than the investor path, and builds on the applicants existing business skills.
The 188C Significant Investor stream is the most simple one except for the amount if investment fund with NOT much criteria including:
In order to find your best Business and Investor Visa Australia, please use our Business Visa Compare tool:
There is still a shadow over the 188C visa which requires a 5 million dollar investment.
In Sep 2022, the Home Affairs Minister Clare O’Neil commented with Sky News that the SIV program “isn’t adding value to the country”.
In the talk, Minister Clare O’Neil mentioned:
"I think most Australians would be pretty offended by the idea that we've got a visa category here where effectively you can buy your way into the country,"
"I don't see a lot of great benefits to the country currently." When she was asked by Andrew from Sky News if the Golden Visa Australia (Significant Investor Visa 188C) might be abolished.
The minister has criticized the Significant investor visa to be bringing in older people who can cost the budget.
There are also comments from Grattan Institute which raised concerns if the SIV will be removed shortly.
=> Applicants wish to put in a SIV application need to take actions as soon as possible.
Or, you may consider to apply for a 188B - Investor Stream instead.
Similar to 188C, 188B Visa requires applicants to invest 2.5 million Australian Dollar to the complying investment fund of Australia. It also has a pathway to Australian Permanent Residency.
The 188B Visa has grown in popularity recently and the comments on the SIV may make more people consider the visa 188 Investor stream.
The final category is the 188E Entrepreneur Stream.
While it has no capital investment requirement, the level of interest is surprising low. This may be because the of the requirements being harder to quantify or predict.
The 188E visa requires applicant to show innovated business ideas.
State such as SA and Victoria require endorsement from service providers or investor incubator bodies.
There is a pathway to permanent residency after you hold the visa for 2 years and have a successful record of entrepreneurial activities.
Following the Federal Budget, there is a new Ministerial Direction 100 for skilled visa processing priority instruction published recently.
The new labor government has pointed out that their primary focus at this stage is to:
- Clear the visa backlogs caused by the delay in processing time during Pandemic Covid-19.
- Address skills shortages
The government will still process efficiently those skilled visas in the near future to make the visa backlogs to a manageable level before Christmas.
The following skilled visas are subject to Ministerial Direction No. 100:
In the last point of the Direction 100 Factsheet, it says that the Government will reduce priority to some programs to shift attention to skilled visas such as State Nomination, Employer Sponsorship program.
The report states that this reduction will help increase efficiencies in reducing processing times across caseloads. This is reflected by the total allocation number of those programs this financial year 2023.
However, Visa applications for the Global Talent and Business & Investment program will still be processed efficiently in line with the planning levels of the Migration Program.
Read full details of the Ministerial Direction 100 - Skilled Visa Priority Processing >>
In summary, the allocations are now lower, at 5000. But with only 800 state allocations so far, there is still over 4000 potential places to be sending out in the next 7 months.
The demand on the Business Investment visa 188 is still high so the new allocations could be filled quickly. Imagine the 800 allocations have been filled within 2 months since announcement, the rest is expected to be running out soon in 3-4 months.
This leads to a more selective process from the government. That means your documents and profile must be clear and well-managed to be successfully get the visa 188.
An application for business or investment visa Australia must be handled with care as it involves demonstration of significant assets (AUD 2.5 - 5 million) and the preparation to liquidate the amount for transfer into the complying investments before the visa is granted.
The team at Work Visa Lawyers has extensive experience in compiling financial and business documents from different countries and submitting the information in an organised manner for the DHA to process the documents smoothly.
Work Visa Lawyers works with accredited fund managers to provide options to our clients for the complying investments.
Our team of experience Immigration Lawyers and Migration Agents look forward to assisting you with your Australian visa.
We are available in English, Mandarin, Cantonese, Vietnamese, Punjabi, and Tagalog.
So that is the news about the Business Visa space.
Please stay tuned for further update.
Read our latest news in September 2022 for Australian Immigration here >>
Today we are going to talk about the recent news about business innovation and investment visa 188 in Australia.
There is not so much good news regarding the Business and Investment Visa in Australia recently from the minister's talk and the Business Visa Allocation announced in late August 2022.
There are comments that Investor Visa streams do not bring benefits to Australia or are being criticized by the Minister of Home Affairs, Ms Clare O'Neil and the Grattan Institute.
State criteria has become more difficult for the Business Innovation stream 188a visa with higher points score. This is due to the low allocation provided by the Department of Home Affair which makes it harder to nominate applicants for states and territories.
Though there is negative news, the business and investor visa program is still very beneficial to Australia on my perspective. There are a lot of values it brings that are mentioned in the video.
There are currently 4 streams opening:
In the last 2 months, there is so much positive news regarding the skilled migration program.
However, there are a few negative updates about the business visa program to be considered.
This year has seen very low allocations for business innovation and investment visas in all states.
There were around 7,000 allocations available in 2021.
This year only has 810 total allocations in this interim stage. This is an approximately 85% decrease.
There may be more allocations, but they might not be high based on current news and outcomes from the skills summit.
The highest number is 260 and 235 for NSW and QLD.
South Australia has also seen a significant drop in their places for BIIP at only 70 this program year.
As a result, States have published their business visa requirements with slightly higher criteria.
NSW and SA have published their business visa requirements with slightly higher criteria.
Instead of 65 points for 188a and 188b visas, the requirement has now been raised to 85 in NSW.
There is no change for the Significant investor stream 188C in NSW.
Move to SA has announced 70 allocations for Business Innovation and Investment Program
Regarding the criteria, 188B Investor Visa Australia and 188C Significant Investor Visa do not change much.
It becomes more difficult to get a 188A, the applicants need to apply for ITR and be invited to apply for nomination.
Other than that, applicants must:
- Score at least 80 points in the points test (including state nomination points).
- Provide a business plan detailing the economic impact of your proposal to South Australia
A business plan will be given more weight in terms of nomination ranking factors.
It is also more difficult to get 888A Business Innovation Stream (PR Australia):
It wants the 188A visa holders to spend the money in SA to show Benefits to the State!
Migration Queensland advises that the interim nomination allocation (quota) for the business program (BIIP) has now been filled.
However, the business program remains open and MQ will continue to process applications – although we are unable to nominate on Skillselect.
MQ is currently awaiting further advice from Home Affairs as to when this final allocation will be provided.
For applications that are already submitted to MQ, and would like to withdraw to apply to another state or territory, please contact us here.
In the latest talk, Minister Clare O’Neil mentioned:
"I think most Australians would be pretty offended by the idea that we've got a visa category here where effectively you can buy your way into the country,"
"I don't see a lot of great benefits to the country currently." When she was asked by Andrew if the Golden Visa Australia might be abolished.
The minister has criticized the Significant investor visa to be bringing in older people who can cost the budget.
These comments reflect what has been published by the Grattan Institute, a private research body in which recommends public policy.
The Grattan Institute has put forward the view that business migrants pay less tax over the lifetime than skilled visa migrant workers.
The institution seems to be criticizing all 4 streams of the business and innovation program.
There is a strong possibility that the Federal Government will totally cut the Significant Investor Visa stream of the 188 sometime in the future.
There is also an unanswered question that will also cut the investor visa.
This is also referred to as the 188B Visa Australia.
It requires a 2.5 million investment into the complying fund.
But the investor is difficult because it does have a prerequisite of investment experience and an age limit of 55.
We still need more time to see what is going to happen with the Significant investor stream and the investor stream.
In the meantime, it is still available and no ministerial guidelines about the abolishment of the program.
I personally don’t agree with the analysis of the Minister nor the Grattan institute
The measure of individual tax payment does not reflect the true benefits of business and investment visas.
These include:
With limited allocations, it is no doubt the business visa program will become more difficult
The quotas can be filled very quickly before this financial year ends.
There is also the possibility that some of the 188 visa streams will be cut.
So if you are interested in a business and investment visa in Australia, you should consider applying soon.
If you want a business visa in Australia, please book an appointment or use our Business Visa Compare tool.
With Business visa compare, you only need 5 minutes to answer some simple questions and get your best business visa options.
Australia is always the top desitnation for family to enjoy the quality of living standard, education and outdoor activities. Work Visa Lawyers has professional Immigration Lawyers and Agents to deal with your Visa matters. We also have trusted financial advisory partners who are eligible to manage your investment portfolio in Australia.
For a quick assessment of your best Australian Business Visa options, please visit our FREE assessment tool: Business Visa Compare
Understanding the difficulties in choosing the best Australian Business Visa options, Business Visa 188 Agents and Lawyers team have worked together to create this tool to help experienced business owners or investors find their best Business and Investor Visa options in Australia.
Work Visa Lawyers has strong immigration knowledge and committed to keep updating our website and Business Innovation and Investment news in Australia.
Work Visa Lawyers ® is a migration firm founded by Lawyer Chris Johnston in 2011. Our team is focused on providing quality immigration services to our clients, wherever they are in the world. We speak English, Mandarin, Cantonese, Punjabi, Hindi, Tagalog (Filipino), Portuguese and Vietnamese.
We can help you with the Business Innovation and Investment (Provisional) visa (subclass 188) for the following four streams and Global Talent Visa:
We are experts in Business and Investor Visas 188 and Global Talent Visa 858 in Australia. We help overseas business owners, investors to create a new life in Australia with their family much faster through those visa streams.
Learn more about our Business & Global Talent Visa Team >>
Sources:
Grattan Institute Comments on the Business and Investor Visa Australia
Read our latest Australian immigration updates April 2022 here>
Australia has a strong education system and is considered one of the best in the world, which makes it very attractive to students across the world.
Most of the students once they complete their studies want to get settled in Australia because of the livability factor.
They may get a decent lifestyle including physical and mental wellbeing, which makes them want to get settled here.
Obtaining Australian Permanent Residency Visa is getting more and more competent, and the visa system is vast and complex.
Many times, people do get confused about how to get it
Here we are discussing a few common pathways to Australian PR for you
In September 2021 South Australia opened for applications for the 188 Entrepreneur visa and announced it had made some changes to the eligibility criteria which make it much easier to get. Previously this visa was limited to applicants who had already secured financial backing for their businesses but the new version is much more accessible. For the right person with the right business proposal, the Entrepreneur visa can offer a path to Australian permanent residency.
The Business Innovation and Investment Program encompasses Australia’s range of business and investment visas. It incorporates the 188 visa and all its sub-streams, and the 888 permanent visa. Once an applicant has completed their 5 year stay on the 188 visa, if they have fulfilled the obligations of their visa they may apply for the 888 visa which grants them permanent residency. There are multiple streams under each visa heading but today we’re looking at the 188 Entrepreneur stream, also known as the Entrepreneur Visa - a visa for ambitious business people wanting to start an enterprise in Australia.
The Entrepreneur visa allows you and immediate members of your family to live and work in Australia. After 3 years you can apply for permanent residency and eventually, citizenship too.
To be eligible for the Entrepreneur Visa anywhere in Australia, you must meet the Federal Requirements. The Federal Requirements for the 188 visa are that you must:
In addition to these, you must comply with any additional requirements of the state you intend to live in. The South Australian Requirements for the 188 Entrepreneur visa are that you must:
Unfortunately, holders of certain visas are deemed ineligible to apply for the South Australian Entrepreneur Visa. You will be immediately refused if you are a holder of a:
You can apply for the South Australian Entrepreneur visa from anywhere in the world! There is no need to be onshore.
In order to be eligible for the South Australian Entrepreneur Visa, you must be nominated by a Service Provider. These Service Providers are a group of organisations dedicated to working with new and growing businesses. The Service Providers are:
The proposed business must be likely to, in the opinion of the Australian Government, achieve the 888 Entrepreneur visa criteria within 5 years. The criteria are divided into “Key Factors” and “Supporting Success Factors”. You will need to demonstrate you are likely to meet either:
Remember, you don’t need to already be fulfilling these criteria – you just have to show that you are likely to fulfil them in the next 5 years. As far as what your business actually does, it doesn’t matter so long as it is likely to fulfil the criteria. There are 3 prohibited categories:
And of course, your business idea needs to be legal and ethical. So long as it fits the criteria and isn’t one of the prohibited categories, it could be anything from creative arts to space technology!
The only other state that is accepting applications for the 188 Entrepreneur visa outside of South Australia is New South Wales (NSW) however the criteria for eligibility are higher in NSW. In addition to meeting the Federal Requirements, the NSW Requirements are that you must:
New South Wales Requirements
The difference here is that for an 188 Entrepreneur Visa in NSW, you must have already secured your funding. In South Australia, you need only show that you are likely to secure funding.
You can read more about the NSW program here.
The first step is to make an appointment to talk about your options with an experienced immigration lawyer or registered migration agent at Work Visa Lawyers who can go through the details of the 188 visa with you and make sure you are eligible, and that your intellectual property is protected. If you meet the criteria, the next step is to commence discussions with one of the approved Service Providers (above) as you will need one of these groups to nominate you if you are to receive the Entrepreneur Visa. If for any reason you do not meet the criteria, Work Visa Lawyers will assess your personal situation and advise what you need to do to qualify, or what alternative visa pathways might be available to you.
Being situated in Adelaide, South Australia, Work Visa Lawyers are uniquely positioned to help you with your South Australian Entrepreneur Visa application, and we would love to help you on your journey.
Chris Johnston, Founder and Principal Lawyer at Work Visa Lawyers
While every care is made to ensure this information is correct at the time of publication, it is subject to change without notice. All information provided on this page is provided for purely educational purposes and does not constitute legal advice. For advice on your personal situation, please speak with an Immigration Lawyer or a Registered Migration Agent.
https://immi.homeaffairs.gov.au/visas/getting-a-visa/visa-listing/business-innovation-and-investment-188/entrepreneur-stream
https://migration.sa.gov.au/visa-options/business-and-investment-visas/business-innovation-and-investment-provisional-visa#nav-requirements
https://www.nsw.gov.au/topics/visas-and-migration/business-and-investor/subclass-188e
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