Migration & visa related news
December 3, 2016 Moving to Australia and settling there, and calling it HOME isn’t as straightforward as putting in an application. With that said, Australia is keen to bringing business people and their skills from all over the world and they do make the country accessible for those looking for an opportunity in setting up business in Australia. The Australian Government has introduced Business Innovation and Investment visas to achieve this goal. The Business Skills Migration framework is covered by the Migration Act of 1958 and Migration Regulations of 1994.
Presently, the regulations prescribe four main streams under which the subclass 188 visa application can be made:
• Business Innovation Stream
• Investor Stream
• Significant Investor Stream
• Premium Investor Stream
Business Innovation Stream can be the Best Option
The Business Innovation Stream suits most of the overseas businesses owners in order to fulfill the minimum criteria. This stream is intended for business owners and investors who have had a proven history in successful business ownership and management for at least four years. Visas granted under the Business Innovation Stream allow visa holders to set up or takeover a qualifying business and prove to the Australian Government that they are able to establish and manage successful businesses in Australia.
Prerequisites to Apply
People who are running a successful business with a minimum annual turnover of AUD 500,000 and having a minimum asset wealth of AUD 800,000 (including personal, business and spouse’s asset) could qualify for this visa. However, the annual turnover requirement should be observed for at least two years out of the last four fiscal years. According to the prescribed legislative instrument IMMI 12/041, the minimum amount of points to be satisfied is 65. There is no mandatory English and Academic requirement.
The process of completing an application can be summarized as follows:
• The applicant must file an expression of interest through the Skill Select system in order to be nominated and be invited by the Department of Immigration to make an application.
• The applicant must apply for State and Territory nomination depending on their intention to live and do business. The State and Territory will determine whether to nominate the applicant.
• The Department will then determine whether to invite the applicant to submit an application. Once invited, the applicant must submit a visa application within the time-frame specified under the invitation.
• Once the visa is approved the applicant will get a timeline to enter in Australia; however, this visa is for four years initially and allows multiple entries. Afterwards, it can be extended through the Business Innovation extension stream.
This visa allows applicants to work full-time, and family members can commence full-time study in Australian Institutions. Before the initial visa expires the applicant needs to show that s/he has established a successful business and invested an amount of money according to the state or territory’s requirement. Then, s/he can apply for the second stage of the visa application. The spouse of the primary applicant can apply for the second stage if the primary applicant is too busy overseeing his overseas business. This gives greater flexibility for applicants who cannot leave the country of origin because of business commitments. This visa leads to citizenship provided that all application requirements for Australian citizenship are met.
Some Facts about Australia
Australia ranks fourth in the 2015 Index of Economic Freedom. The country’s quality of judicial processes index is rated the world’s best. Australia also ranks well for enforcing contracts (4th out of 189 economies) and in the ease of getting credit (5th out of 189 economies). The country ranks highly in-terms of the soundness of its banks, legal rights, and corporate debt. Australia has one of the world’s most efficient stock markets, strongest economies, banking regulation, and anti-trust laws.
The Australian economy is in its 25th year of uninterrupted annual growth and an important contributor to five sectors expected to drive future global growth: agribusiness, education, tourism, mining, and wealth management.
Australia is committed to innovation and science, recognizing that it underpins the country’s growth, economic prosperity, global competitiveness, and job creation.
Australia offers modern ICT infrastructure, high levels of investment, generous research and development (R&D), tax incentives for businesses, and strong intellectual property protection.
• supportive of high-quality research outcomes and entrepreneurial activity;
• committed to R&D, with gross expenditure on R&D growing at twice the OECD average;
• rated fifth in a ranking of the world’s top 200 universities by five key subject fields;
• home to the largest pool of funds under management in the Asian region.
Onus is on Proactive Business People
If business personnel want to settle in Australia, fulfilling the prerequisites, they can apply by their own or get support from an Australian Registered and recognized Immigration Consultant. According to Australian law, only registered consultants can legally give immigration assistance. If someone finds it difficult to apply by themselves or looking for the right consultant, then they can fill-out this form. An Australian Immigration Consultant will directly communicate for an obligation free initial consultation.
Interested in migrating to Australia?
• Click here to express your interest
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