Several of Australia’s visa categories that contribute to permanent residency will be simplified over the next three months. Many migrants seeking to live in Australia choose from a variety of permanent residency options, with skilled and supported visas being among the most common.

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HERE ARE THE AUSTRALIA VISA CHANGES COMING IN JULY

The government recently announced that from the 1st of July Australian Business Innovation and Investment Program would be streamlined by reducing the number of visa choices available to only four. According to a Businesses report, Sam Hopwood, a consultant for Sable International, which manages migration to Australia, this advancement would allow for easier and clearer pathways to Australian residency.

THE FOUR AUSTRALIAN VISA OPTIONS AVAILABLE ARE THE FOLLOWING:

FIRST IS BUSINESS INNOVATION VISAS:

Prospective emigrants who own and run a successful business should consider the Business Innovation stream. This is an especially valuable choice for those over the age of 45 who would otherwise be unable to move to Australia under other visa streams that are only open to applicants under 45.

To prove business acumen, applicants will be required to :

– Have owned a business for at least two out of the previous four fiscal years and be able to demonstrate at least A$700,000 turnover.

– Have net business and personal assets to the value of A$1.25 million for the main applicant and their partner (or both combined) that can be used to establish a business in Australia.

SECOND IS ENTREPRENEUR VISAS

Due to the extremely difficult specifications, this has not been a common choice. According to Hopwood, there haven’t been many people who have applied for this sort of visa in the past. As a result, the government is overhauling this visa program to draw more applicants. Applicants must currently show evidence of funds of at least A$200,000 to do business in Australia.

Commercialization of a product or service as well as the creation of an organization or company, are examples of this activity. It can’t be residential real estate, labor hire, or the acquisition of an established company in Australia, and you and your family must have a strong moral character.

THIRD VISA OPTION IS INVESTOR VISAS:

Applicants with a successful career in business ownership or investment management may be eligible for this type of visa, which is only a temporary visa. Applicants must be under the age of 55, according to the guidelines. A state or territory like the Business Innovation stream, can waive the age requirement if an applicant is deemed to have an exceptional economic benefit.

Applicants must meet certain requirements in order to obtain the visa.

Invest at least A$1.5 million in Australian state or territory government bonds and leave the investment there for four years.

– Have at least three years’ experience, a record of success and a high level of skill in business and/or investment management.

– Have net business, investment and personal assets of at least A$2.25 million and score at least 65 points in the points test.

As part of the reforms, it has been proposed that applicants may apply for permanent residency after making a three-year investment, but they will need to make a fourth-year investment to be granted the permanent visa. The applicant must have spent at least two of those years in Australia.

THE FOURTH AND LAST OPTION IS SIGNIFICANT INVESTOR VISA

The Significant Investor Stream has an advantage over the Investor Stream in that there is no overall age limit. To be eligible, however, applicants must invest at least A$5 million in unique Australian investments. They must prove that they plan to retain the investment for the entire length of the provisional visa.

According to Business tech, applicants are restricted in the types of investments they may make. To be qualified for permanent residency, applicants must meet strict criteria about the composition of their investments. The most significant change to this choice (as of July 1) is that applicants will now be able to extend their provisional visas twice (two two-year extensions are possible) before applying for permanent residency, as long as they retain their investments during that period, as per Hopwood statement.

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