Changes in Australian immigration rules for business skills migration program
Australia, 21st April: A few changes have been introduced to the Australian business skills migration program by Australian immigration department.
As per the changes by the Australian Department of Immigration and Citizenship (DIAC) to be applicable from 19th April, 2010 onwards, business people wanting to immigrate to Australia through business skills migration program will be facing stricter Australian visa norms.
Main aim of the changes being introduced by the Australian immigration department to different categories of Australian business visa is to increase the business migrants’ contribution towards Australian economy. Also, the changes are aimed to help in creation of increased jobs in Australia and bring desired improvements in the integrity of Australian visa.
The DIAC has made it quite clear for the knowledge of all Australian visa applicants that there is no approved list of businesses by Australian government required to be purchased by potential migrants to Australia. The announcement aims to shield applicants for Australian visa from certain rogue or fraudulent business agencies.
Also, the Australian immigration department has cautioned all business migrants to possess a valid and appropriate Australian business visa for doing any business in the nation. It is the duty of potential migrants to ensure whether they need an approval from the Foreign Investment Review Board or not before proceeding towards buying any business in Australia, the DIAC maintained.
So, the new eligibility requirements under the Australian Skilled Business Visa program are as follows----
• To become eligible for an Australian Business Visa, business owners will need to show their substantial or controlling interest in any business. The rules will applicable to the Business Skills visa subclasses -132, 160, 163, 845, 846, 890 and 892.
• Applicants for a provisional Australian Business Skills visa, under subclass 163 and 164 now require $500,000 as overall net assets. Earlier, the minimum net asset requirement for such Australian visas was $250,000.
• And the minimum overall net asset requirement for those applying as Business Owner (for the subclass 160) and Senior Executive (for the subclass 161) is $800,000.
• The position of senior manager for State or Territory Sponsored Business Owner visa has been deleted. So, from now on, only business owners are eligible to apply for such visa.
Such changes will not, in any way, affect those who have already bought businesses in Australia or to permanent onshore business visa applicants.