Today, 19 April 2010, the Australian government has made several major changes to its business visa migration programme to take effect immediately.
State governments sponsor the majority of business visa application and their comments were considered. The changes are to promote benefits to the Australian economy such as job creation but also improve the integrity of the visa system.
Increased net assets
Any applicant wanting to apply for a State sponsored business owner visas subclass 163 or a State sponsored senior executive visa subclass 164 will need to have a minimum net asset level of AU500,000. Previously the minimum requirement was AU$250,000.
Any applicant wanting to apply for a Business owner visa subclass 160 or Senior executive visa subclass 161 will need to have a minimum net asset level of AU$800,000. Previously the minimum requirement was AU$500,000.
The increase is apparently due to increased cost of living and doing business in Australia.
Increased business ownership
Previously, business visa applicants who were relying on business ownership interest, were required to show at least 10% ownership share in their main business. As of today, the following will apply:-
1. Where business turnover is AU$400,000 or less, an applicant must have at least 51% ownership interest
2. Where the business turnover is above AU$400,000, an applicant must have at least 30% ownership interest
3. Where the business is a publicly listed company, an applicant must have at least 10% ownership interest.
This amendment applies to all business owner visas (subclasses 132, 160, 163, 890, 892, 845, 846) and applies to the definition of ‘main business’ at Migration Regulation 1.11.
A transitional provision will be available for onshore visa applicants who have purchased a business in Australia prior to the change and are applying for a permanent onshore business owner visa (subclasses 890, 892, 845, 846).
Senior Manager option removed
As of today, applicants will not be able to apply under the Senior manager option. Due to fraud and integrity issues with past applications this option has been removed from the Australian business visa system. For senior managers of major overseas business, option of a Senior executive visa may be viable given the change or employer sponsored visa.
