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iWorld / News / Australia

Australia changes terms of business and investor visas of July 1, 2021

January 1, 2021

2 minutes read

The Australian authorities have made significant changes to its immigration laws to improve the process of issuing visas to foreign citizens. The amendments will take effect July 1, 2021 and will affect the Australian investment visa (Investor visa) and business visa programs (Business visa).

Fewer visa categories

The main change is the reduction in the number of visa categories - 3 of the 7 existing visa categories will be closed, including the 188D Premium Investor visa and the 132 Business Talent visa. Four visa categories will continue to function: investment option 188B Investor, option for business innovators 188A Business Innovation, option for significant investors 188C Significant Investor and entrepreneur option 188E Entrepreneur stream.

Changing the investment period

The Australian government also plans to shorten the investment period from 4 to 3 years and increase the capital investment requirements for the 188B Investor and 188C Significant Investor streams.

Increased requirements for business innovator destinations

The updated 188A Business Innovation visa conditions will increase the required business assets to AUD1250000 (Australian dollars) and the annual turnover to AUD7500000. Previously the amounts mentioned above were 800000 AUD and 500000 AUD respectively.

Changing the terms of registration of permanent residency

An important change is the opportunity for visa holders of categories 188 to apply for permanent residency in Australia after 3 years. The big advantage is the fact that the temporary visa is valid for 5 years. It gives applicants for permanent residency more time to meet all the conditions for obtaining permanent Australian visa category 888.

State fee increase

Since July 1, 2021 the cost of application fee for investment and business visas will increase by at least 11%.

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