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Future Of All Australian 188 Visa - Significant Investor Visa Abolished?

Business & Investment Visa Australia 2022

Read our latest news in September 2022 for Australian Immigration here >>

Today we are going to talk about the recent news about business innovation and investment visa 188 in Australia.

There is not so much good news regarding the Business and Investment Visa in Australia recently from the minister's talk and the Business Visa Allocation announced in late August 2022.

There are comments that Investor Visa streams do not bring benefits to Australia or are being criticized by the Minister of Home Affairs, Ms Clare O'Neil and the Grattan Institute.

State criteria has become more difficult for the Business Innovation stream 188a visa with higher points score. This is due to the low allocation provided by the Department of Home Affair which makes it harder to nominate applicants for states and territories.

Though there is negative news, the business and investor visa program is still very beneficial to Australia on my perspective. There are a lot of values it brings that are mentioned in the video.

There are currently 4 streams opening:

Business Visa Allocations in 2022-23

In the last 2 months, there is so much positive news regarding the skilled migration program.

However, there are a few negative updates about the business visa program to be considered.

This year has seen very low allocations for business innovation and investment visas in all states.

There were around 7,000 allocations available in 2021.

This year only has 810 total allocations in this interim stage. This is an approximately 85% decrease.

Business Visa Allocation 2022 2023

There may be more allocations, but they might not be high based on current news and outcomes from the skills summit.

The highest number is 260 and 235 for NSW and QLD.

South Australia has also seen a significant drop in their places for BIIP at only 70 this program year.

State Criteria Business Innovation & Investment Visa – SA, QLD and NSW

As a result, States have published their business visa requirements with slightly higher criteria.

NSW and SA have published their business visa requirements with slightly higher criteria.

Business and Investor Visa NSW

Instead of 65 points for 188a and 188b visas, the requirement has now been raised to 85 in NSW.

There is no change for the Significant investor stream 188C in NSW.

Business Investor Visa South Australia

Move to SA has announced 70 allocations for Business Innovation and Investment Program

Regarding the criteria, 188B Investor Visa Australia and 188C Significant Investor Visa do not change much.

It becomes more difficult to get a 188A, the applicants need to apply for ITR and be invited to apply for nomination.

Other than that, applicants must:

- Score at least 80 points in the points test (including state nomination points). 

- Provide a business plan detailing the economic impact of your proposal to South Australia

A business plan will be given more weight in terms of nomination ranking factors.

It is also more difficult to get 888A Business Innovation Stream (PR Australia):

  • Higher investment requirement, 300k instead of 200k, AND
  • 2 full-time employees
  • Director's loan is not considered as business asset by Move to SA.

It wants the 188A visa holders to spend the money in SA to show Benefits to the State!

Business and Investor Visa QLD

Business Visa Lawyers Australia Business Visa QLD

Migration Queensland advises that the interim nomination allocation (quota) for the business program (BIIP) has now been filled.

However, the business program remains open and MQ will continue to process applications – although we are unable to nominate on Skillselect.

MQ is currently awaiting further advice from Home Affairs as to when this final allocation will be provided.

For applications that are already submitted to MQ, and would like to withdraw to apply to another state or territory, please contact us here.

 

SIV news from the Minister’s talk

In the latest talk, Minister Clare O’Neil mentioned:

"I think most Australians would be pretty offended by the idea that we've got a visa category here where effectively you can buy your way into the country,"

"I don't see a lot of great benefits to the country currently." When she was asked by Andrew if the Golden Visa Australia might be abolished.

The minister has criticized the Significant investor visa to be bringing in older people who can cost the budget.

Investor Visa Australia - Comments from Grattan Institute

These comments reflect what has been published by the Grattan Institute, a private research body in which recommends public policy.

The Grattan Institute has put forward the view that business migrants pay less tax over the lifetime than skilled visa migrant workers.

The institution seems to be criticizing all 4 streams of the business and innovation program.

What is the future for Business and Investor Visas Australia?

There is a strong possibility that the Federal Government will totally cut the Significant Investor Visa stream of the 188 sometime in the future.

There is also an unanswered question that will also cut the investor visa.

This is also referred to as the 188B Visa Australia.

It requires a 2.5 million investment into the complying fund.

But the investor is difficult because it does have a prerequisite of investment experience and an age limit of 55.

We still need more time to see what is going to happen with the Significant investor stream and the investor stream.

In the meantime, it is still available and no ministerial guidelines about the abolishment of the program.

Chris's comment on current Business and Investor Visa news

I personally don’t agree with the analysis of the Minister nor the Grattan institute

The measure of individual tax payment does not reflect the true benefits of business and investment visas.

These include:

  • Create capital for small businesses or venture capital funds
  • Create more jobs for Australians
  • Export Australian products especially 188a visa stream
  • Create ties to increase international relations.
  • Can promote regional property development, especially for 188A stream

What to do now?

With limited allocations, it is no doubt the business visa program will become more difficult

The quotas can be filled very quickly before this financial year ends.

There is also the possibility that some of the 188 visa streams will be cut.

So if you are interested in a business and investment visa in Australia, you should consider applying soon.

If you want a business visa in Australia, please book an appointment or use our Business Visa Compare tool.

With Business visa compare, you only need 5 minutes to answer some simple questions and get your best business visa options.

Australia is always the top desitnation for family to enjoy the quality of living standard, education and outdoor activities. Work Visa Lawyers has professional Immigration Lawyers and Agents to deal with your Visa matters. We also have trusted financial advisory partners who are eligible to manage your investment portfolio in Australia.

For a quick assessment of your best Australian Business Visa options, please visit our FREE assessment tool: Business Visa Compare

Business Visa Compare Australia Visa 188 Australian PR

 

More about the Business Visa Australia Agents and Lawyers

Understanding the difficulties in choosing the best Australian Business Visa options, Business Visa 188 Agents and Lawyers team have worked together to create this tool to help experienced business owners or investors find their best Business and Investor Visa options in Australia.

Work Visa Lawyers has strong immigration knowledge and committed to keep updating our website and Business Innovation and Investment news in Australia.

Work Visa Lawyers ® is a migration firm founded by Lawyer Chris Johnston in 2011. Our team is focused on providing quality immigration services to our clients, wherever they are in the world. We speak English, Mandarin, Cantonese, Punjabi, Hindi, Tagalog (Filipino), Portuguese and Vietnamese.

We can help you with the Business Innovation and Investment (Provisional) visa (subclass 188) for the following four streams and Global Talent Visa:

We are experts in Business and Investor Visas 188 and Global Talent Visa 858 in Australia. We help overseas business owners, investors to create a new life in Australia with their family much faster through those visa streams.

Business Visa Lawyers Australia Work Visa Lawyers

Learn more about our Business & Global Talent Visa Team >>

Sources: 

Skynews Interview with Minister Clare O'Neil about the Significant Investor Visa and Business Visa Australia

Grattan Institute Comments on the Business and Investor Visa Australia 

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Wednesday, 19 June 2024

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