stated on 24 June 2021 that

(i) close the Premium Investor Subclass 188 stream

(ii) repeal Business Talent Subclass 132 stream

(iii) increase assets, revenue and investment requirements for the Business Innovation and Investment Program Subclass 188 visa streams

What do the above mean?

1) The Premium Investor Subclass 188 visa which is meant for high net-worth applicants who make an investment in Australia of at least AUD 15 million and maintain business or investment activity in Australia for at least 4 years, has been closed.

2) The Business Talent Subclass 132 visa is a PR visa mainly for business owners who are nominated by an Australian state or territory government agency to establish a new or develop an existing business in Australia will no longer be applicable after 1 July 2021.

3) The Business Innovation and Investment Subclass 188 shall remain but will have higher requirements which include some of the following:

a)    Business annual minimum turnover requirement will increase from AUD500,000 to AUD750,000.

b)    Business and personal assets requirement will increase from AUD800,000 to AUD 1.25 million.

c)    For business investor stream, minimum eligible managed investment requirement will increase from AUD 1.5 million to AUD 2.5 million.

d)    Under business investor stream, the business and personal assets requirement will increase from AUD 2.25 million to AUD 2.5 million.

What does this mean to you? Are the requirements more stringent now?

If you are a business owner and/or have business and personal assets of at least AUD 1.25 million, Reach out to us and we can assess your eligibility.