Australia
Australia is one of the largest countries in the world and is extremely rich in natural resources. A highly developed country, Australia has a very high standard of living and four Australian cities led by Melbourne ranked at No. 1 figure among the ten best cities to live in the world. This high standard of living in Australia along with political stability and economic opportunities means that people from across the world desire to immigrate to Australia. Australia has identified its attractiveness as an immigration destination and seeks to use it to bring investment into the country through the Residency by investment program which grants a path to a temporary residence and ultimately permanent residency and citizenship.
Australia Residency Overview
In recent years to promote investment in the country, Australia has started a Residency by Investment program which can open the pathway for future permanent visa or citizenship in the country. These Visas are called Business Innovation and Investment visas. Although Australia has a large number of visa types, the five most prominent types which are included in the program are:
The Business Innovation stream for individuals wishing to promote their new or existing business in Australia and nominated by State or Territorial governments. Individuals must be renowned in the field of business and make a significant contribution to the economy.
The Investor stream option (with nomination by the State or Territorial Government) for individuals who contribute a minimum sum of AUD 1.5 million into an Australian territory to maintain compliant investment and business activity.
The Significant investor stream option (with nomination by the State or Territorial Government or Austrade) for Individuals who contribute a sum of AUD 5 million into the Australian territory for promoting compliant business or investment.
The Premium Investor Stream Option (with nomination by the State or Territorial Government or Austrade) for individuals who contribute a sum of AUD 15 million into compliant premium investments.
The Entrepreneur Stream (with nomination by the State or Territorial Government or Austrade) for individuals who have a funding agreement with a third party to carry out entrepreneurial activities.
What are the visas granted in the Residency by investment program?
The Residency by Investment program grants visas under the category of Business Innovation and Investment Visa. The Visas under this category can be of three types:
- Temporary Visas (Subclass 188) (Also called Provisional Visas)
The Temporary Residence Visas are granted in all the five categories listed above (Business Innovation, Investor, Significant Investor, Premium Investor, and Entrepreneur). The Visa is valid for a period of up to 4 years and 3 months.
- Extension Visas (Subclass 188)
The extension visas are granted for persons who have completed a required period under the Temporary Residence Visa in the Business Innovation and Significant Investor streams. The extension visas permit an extension to the extent that the total period does not 6 years under the temporary and extension visa combined for the Business Innovation stream and 8 years under the Significant Investor stream.
- Permanent Residence Visas (Subclass 888)
The individuals who have completed 4 years with a temporary residence visa (subclass 188) under Business Innovation, Investor, Significant Investor, and Entrepreneur are eligible to apply for Permanent Residence Visas. For investors who are in the Premium Investor stream, a 12-month stay on the temporary visa is sufficient to apply for a permanent visa.
What is the eligibility for a Business Innovation and Investment Visa?
For the temporary visas (Subclass 188), the following preliminary requirements have to be fulfilled for all streams
- an expression of interest has to be submitted through an online platform. Selected applicants will be nominated by a state or territory government agency or Austrade and invited to apply for a temporary visa.
- The applicant must meet the character requirement and must not be involved in unacceptable activities
- Fulfill health requirement
- Sign the Australian Values statement
- Have no debt to the Australian government
- The applicant must not have had a visa canceled or a previous application refused
How long does it take to receive a Business Innovation and Investment visa?
There is no minimum processing time for any of the visas under the Business Innovation and Investment visa category as there are a very small number of applications. The process of receiving an invitation and/or nomination from the governments or government agencies may however take time.
Empire Global with its specialized team can simplify the entire process for applying for a Business Innovation and Investment visa in Australia. Get in touch with us to know more about you can benefit from the program and fulfill its requirements.
