Australia's Department of Home Affairs has announced some major changes to their business migration program for the 2021/22 financial year which starts on July 1st 2021.
There are two (2) major changes that will be taking place in July of this year. 1) Removal of the Business Talent (Permanent) (Subclass 132) business visa completely 2) Increased business requirements of the Business Innovation and Investment (Provisional) (Subclass 188) for the business innovation stream
What does this mean for you?
If your business qualifies under the current legislation, as long as you receive an invitation to apply (ITA) from the Department of Home Affairs by June 30th 2021, then this does not affect you.
However, after 1st July 2021, all new applications will have to follow the new law.
Why did they do it?
Presumably, it's because the Department of Home Affairs have statistics behind the decision, meaning that either a) businesses did not impact the economy as well as they should have under the various streams or b) they want more commitment to the state and federal governments by encouraging provisional visas (which have legislative stay requirements) meaning business owners will be present in Australia for longer periods of time.
If you qualify for the subclass 132A visa stream, I would strongly encourage you to get your application in now - I don't see this type of visa stream coming back to Australia for another 5-10 years, if ever.
Sources: https://www.nsw.gov.au/ https://immi.homeaffairs.gov.au/ Honest Immigrations
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