The Australian article by Stephen Rice contains inaccuracies. This is article aims to set out the facts and correct the misinformation contained in The Australian article.
Has the Labor Government axed the Business Innovation and Investment Program (BIIP) visa?
No, the Australian Government has not axed the BIIP visas.
Migration Review and Migration Strategy
A review of the Australian migration system was conducted in 2022-2023, and the Migration Report (the ‘Report’) was released on 21 March 2023.
One of the possible reform directions arrived at by the reviewers is “Better target permanent skilled visas to maximise economic outcomes and remain internationally competitive”. One of the measures identified to support the possible reform directions is to:
Revisit the allocation of places across the permanent skilled program. In particular, reconsider the size and role of the Business Innovation and Investment Program (BIIP), noting more positive outcomes from the Significant Investor Visa. Consider how to manage the allocation of places to state and territory nominated and regional visas, including possible consolidation of these programs. [1]
During her address to the National Press Club on 27 April 2023, the Minister for Home Affairs, The Hon Clare O’Neil MP, was asked whether the business investment visa subclass 188 A, B, C be removed in the future. The Hon Minister replied that, “We haven’t said that we will abolish those programs. What we have said is that they need a radical restructure as part of the work that we’re doing and I think this needs to be folded into the broader conversation about highly skilled people who we see as creating the future jobs for Australians and now how we manage them in. It’s not just about what’s called BIV and SIV. This is just the world of acronyms that I live in! It is not just about BIV and SIV. It is about the whole question of that, really quite – drivers of economic growth and how we should think about bringing those people into our country.”[2]
Australia’s Migration Strategy was released to the public in December 2023. This Migration Strategy is based on the findings of the Migration Review. The Strategy notes that:
The Migration Review flagged the opportunity to draw on the relative strength of the Significant Investor stream to design a visa product more sharply targeted to select migrants who can drive innovative investments in sectors of national importance or play a valuable role in the venture capital industry.
The Migration Strategy further mentions as an area for future reform:
A new Talent and Innovation visa could create a single, streamlined pathway to attract relatively small numbers of highly talented migrants to Australia, such as high performing entrepreneurs, major investors and global researchers.
As a result of the review, or the current financial year (2023-2024), the Australian government has reduced the allocations for the BIIP program (see Figure 1) and has not allocated these places to any Australian state or territory in order to process the applications on hand.
There has been no ‘axing’ just a pause while the review of the program is being conducted. All indicators point to the fact that the Government will be continue offering visa to highly talented migrants to Australia, such as high performing entrepreneurs, major investors.
Does the business visa program make up a quarter of Australia’s migration allocations?
The first sentence of the article states that “[a] business visa program which makes up a quarter of all the nation’s migration allocations has been quietly axed by Labor ….” The truth is that in 2022-2023, the Business Innovation and Investment Program (BIIP) was allocated 5,000 places out of 195,000, or 2.56% and for this financial year, 1,900 places out of 190,000 places or 1%. Hardly “a quarter”.
The migration allocations for the year ending 30th of June 2024 have zero allocations for Business and Investor Visas. That signifies that there are no Business or Investor Visas available for this year, as illustrated in the chart below.
This means it will not be possible to get a state nomination for any of the four streams of the Business and Investor Visa Program.
The four streams of the Business Innovation and Investor Programme (BIIP) are:
Business Innovation stream
Investor stream
Significant Investor stream
Entrepreneur stream
Why did they close the Business 188 visa?
The Parkinsons’ Migration Review Final Report had several negative comments about the Business Innovation and Investor Programme. These negative comments included that the overall age of business Visa applicants is higher than other visas and that this could cause high medical expenses. Further, there were comments that 188 Visa holders had low incomes while in Australia.
In relation to the income point, we argue that this was based on accurate information that underestimated the range of income generated by Business Visa holders, including through their business and personal.
The migration review also recommends revisiting the allocation of places across the permanent skilled program. In particular, it suggests reconsidering the size and role of the Business Innovation and Investment Program (BIIP), noting more positive outcomes from the Significant Investor Visa.
Other visa options
If you do not want to wait until new Business and Investor Visas are announced, you may consider the Global Talent Visa.
New Investor Visa opportunities coming from July 1, 2024
The Migration Review Final Report did mention some positive contributions by their Significant Investor Visa and suggests consideration be given to whether the BIIP is retained as a substantial program.
We expect a redeveloped version of the Significant Investor Visa to be introduced from 1 July 2024.
On page 66 of the report, there are suggestions that consideration should be given to whether the BIIP is retained as a substantial program: “We note that outcomes for the small Significant Investor stream have been stronger than for the remainder of the BIIP. If there is a desire to retain some element of the BIIP, consideration could be given to drawing on the relative strength of this stream in designing a niche investment visa product, much more sharply targeted to select migrants able to drive innovative investments or play a valuable role in the venture capital industry.”
It is expected that the new investor Visa will be similar to the current significant investor Visa and may require:
$5000,000 investment into a complying investment
Complying investments are yet to be determined by the federal government and may include a stipulated percentage of investment into venture capital.
If you intend to invest in Australia, we can help you find the best Australian business visa options. Our team of experienced Immigration Lawyers and Migration Agents looks forward to assisting you. If you are interested in a Significant Investor Visa for Australia, please contact us.
If you need help with this visa, Work Visa Lawyers can assist you.
Work Visa Lawyers is highly experienced in all parts of an employer-sponsored visa application process. We can assist with all aspects of the application and will provide an eligibility assessment before advising you to proceed with a visa application.
Based in Adelaide South Australia, we provide Australian Immigration advice to people and businesses from all over the world. You can book an appointment online or call us at (+61) 8 8351 9956.
Choosing to move to Australia is a very exciting decision – congratulations! Now the question is, which visa is right for you? If you are able to invest, the 188C visa otherwise known as the Significant Investor visa (SIV) may be right for you. But what is it and how does it work?
CLICK HERE to know everything about the Investor visa (SIV)
1. Why Would I Want the 188C SIV Significant Investor Visa?
The 188 Subclass is a group of visas for people looking to invest in Australia. There are a number of visa types in this subclass which vary in their conditions based on the value of the investment made. Compared to other business visas, the 188C has the following advantages:
No upper age limit;
No English language requirement;
No points test;
Able to bring eligible dependants (spouse/partner, dependent children up to 23 years old);
No academic qualification requirement;
No business management skills or fund management experience requirements;
May be applied for from within Australia or outside Australia;
Ability to extend visa (up to 8 years in total);
Flexible residential requirement (you need only reside in Australia 40 days per year);
Pathway to permanent residency.
Of course, the biggest attraction factor for many is that the 188C SIV offers successful applicants a direct pathway to permanent residency in Australia.
Work Visa Lawyers can help with your application for a 188C SIV Significant Investor visa.
2. Who Can Apply for SIV Australia?
The 188C SIV Significant Investor visa is open to applicants with high assets and a high income, who are willing to make a AUD 5 million investment in Australia.
3. Be willing and able to make an investment of AUD 5 million into a complying significant investment fund.
3. How Do I Become a Permanent Resident?
188C SIV Significant Investor visa holders are eligible to become permanent residents of Australia if they:
Hold the AUD 5 million complying investment for 4 years;
Either spend 160 days in Australia, or their spouse spends 720 days in Australia; and
Are nominated by an Australian state or a territory, or Austrade.
Permanent Residency does not happen automatically though – you must apply for it! At Work Visa Lawyers, we can help with this aspect of the visa process too.
4. What Happens To the Money I Invest?
One of the most common questions we get asked about the 188C SIV Significant Investor visa is, “what happens to the money I invest?” Once you have signed up, your money is invested into managed funds which the Australia Government identifies as being beneficial to Australia. These are used to boost the national economy.
The investment is split into:
AUD 500,000 in venture capital and growth private equity funds which will invest in start-ups and small private companies;
AUD 1.5 million in approved managed funds which must invest in new companies listed on the Australian Stock Exchange; and
a ‘balancing investment’ of at least AUD 3 million in managed funds.
The money must remain invested for at least 4 years, although it may be transferred to another complying investment during this period.
You remain the legal owner of the money during and after the investment period and if your investment grows, that growth belongs to you too (subject to Australian tax law). Once the minimum investment period is complete, your investment is returned to you and you may use it as you wish.
Of course, as with any investment, there is a chance of financial loss. You should always obtain advice from an experienced lawyer and an independent financial advisor before making this kind of decision*. Make an appointment with Work Visa Lawyers today to discuss whether this is the right visa for you.
*Work Visa Lawyers are not financial advisors and cannot provide you with financial advice – you should also speak with an independent financial advisor before making this decision.
5. How Do I Apply For a 188C SIV Significant Investor visa?
If you meet the requirements in point 2, you can apply for a 188C SIV Significant Investor visa from anywhere in the world. First, you will need to lodge an Expression of Interest (EOI) with either the state or territory in which you wish to reside, or with Austrade. Work Visa Lawyers proudly recommends South Australia, but we can assist with your application to any state, territory or Austrade. The state/territory or Austrade will assess your EOI and if you meet the criteria, they will nominate you for a Significant Investor 188C visa. Once you are nominated, you will need to submit an application, complete with evidence that you meet the requirements.
To ensure your application is completed correctly and give you the best chance of success, you should engage an experienced immigration law firm like Work Visa Lawyers to draft and lodge your paperwork for you.
Applying from within Australia
If you are already in Australia and want to stay here while you wait for your 188C SIV Significant Investor visa application to be processed, you may need another visa for the duration, usually this will be a Bridging Visa. There are 2 options depending on your situation.
-Bridging Visa A
Bridging Visa A (BVA) allows applicants to stay in Australia until a visa decision is reached. The BVA does not have a travel facility however, so should you wish to travel outside of Australia for any reason while waiting for your visa, you will need to apply for Bridging Visa B.
-Bridging Visa B
Bridging Visa B (BVB) allows applicants to leave and return to Australia whilst awaiting a decision on visa applications. This visa is ideal if you have business or personal needs to attend to outside Australia, but wish to return.
Applying from Outside Australia
Applying from outside Australia is ok too! Work Visa Lawyers has Immigration Lawyers and Registered Migration Agents available for consultation at a time that suits you via Zoom, over the telephone, or face to face in our Adelaide office. Our staff speak many languages and we can arrange an interpreter if you would like one.
6. Who Is Applying For the 188C SIV Significant Investor visa?
Since the launch of SIV program in November 2012, the bulk of applications originated in the following 5 main countries and regions, primarily in Asia. This is in part due to Australia’s geographical proximity to Asia, but Australia is also an ideal location for lifestyle, universities and healthcare, global business, and financial security.
Applications were from:
Mainland China, 84.8%
Hong Kong, 5.1%
Vietnam, 1.3%
Malaysia, 1.2%
South Africa, 1.1%
7. Changes Are Coming Soon!
This article is correct at the date of publication but changes are coming! In April 2023, the Minister Clare O'neil confirmed that the Business Innovation and Investment Program will not be abolished. However, a radical restructure is needed to attract highly skilled people who will create the future jobs for Australians.
October and November has received a lot of good news and negative news from Skilled Migration Program and Business Innovation and Investment Program (BIIP) in Australia.
Apart from the outcomes of the Skills Summit in September which have been announced recently, there is more news from the skill select results and state nomination updates especially in NSW.
The biggest update could be the publishment of the Migration Allocation Budget where we saw a cut in Global Talent Visa, but a significant increase in Business and Investment Visa 188 or in Employer sponsorship and Parent Visa.
Skills Select results - Visa 189 and 491 Invitation round October 2022
The 6 October had seen another massive round. There were 11,714 visa 189 invitations which is the highest number even for the last 2 years in such a round.
There were invitations for onshore applicants in this round, but still a higher level for OFFSHORE INVITATIONS overall.
We can see that the government is now focusing on offshore migrants to help address the skills shortages.
There are 818 Family Sponsored 491 visa invitations, which is nearly double up from 466.
I would expect the occupations to broaden in each round. As we can see clearly, medical and health related occupations are still covering most invitations of the 189 visa. Other occupations have been invited are engineer professionals (Civil engineer, chemical engineer, electrical engineer...), trade occupations and Early Childhoood / Secondary Teacher.
It is very difficult and time consuming to get the relevant registrations and skills assessments for medical occupations. So the number of EOI in the systems for those occupations are likely to have largely cleaned out.
The positive thing is that, the minimum point for most occupations (around 80-90%) are 65.
The focus on offshore is raising many concerns for overseas passport holders in Australia.
Should they go offshore to increase their chances of securing an invitation?
My answer is NO.
The offshore focus, if it continues, could endanger the international education industry in Australia. A strong factor in choosing to study in Australia is having a path to migrate.
So the Australian Government should think carefully about the value of international students to Australia, including their contribution to filling job vacancies. There needs to be balance and including inviting more onshore applicants.
One more concern is about the visa 189 Australia does not have restriction on where visa holders have to live and work. This could bring skilled migrants to come to metro areas such as Melbourne, Sydney and Brisbane and the skills shortages in regional areas will be more severe.
After all, this is really a good news for skilled migrants onshore and offshore.
They now have more options to choose from and to plan ahead for Australian PR.
Migration Allocations Up for Skilled Visa 189/491/190
In the last announcement on Federal Government budget for the Migration Australia, Prime Minister Anthony Albanese has poured a significant funds into the program.
An additional $576 million for over 4 years to the Department of Home Affairs for activities including visa processing, offshore processing costs and supporting refugees.
The skilled independent visa 189 allocations have been upped again. Last year they were 6,500, now they are 32,000.
Plus other state nominated visas are also up. Remarkable growth for regional visas which are now up to 34,000 places and State Nominated Visa 190 (PR) is risen to 31,000 allocations.
The total number of skilled visas available as part of the program increase significantly from 79,600 to 142,400 in this financial year 2023.
So this means those wanting to migrate, it is time to get your nominated occupation skills assessment and English result.
Now two months later, state and territories are closing their programs, having exhausted their state quotas for this specific stream.
Recently the new allocation levels of 5000 business visas to 30 June 2023 has been announced. However, with the current crisis in the business and investment visa program, this number can be filled quickly.
The future of business visas and particulary the Significant Investor Visa is still in doubt with the rumours aroud the minister's talk in September.
For the 190 visa NSW, some occupations have low point scores, such as 65 for Registered Nurses and trades such as Roof Tilers.
But other occupations are impossibly high and send the clear message, look for greener pastures.
For the 190 Visa in NSW for Accountants are 110 points, ICT Business and Sytems analyst are 100 points
Having these scores published is helpful for those wanting to apply.
Parent Visas
Welcome news with the publication of updated allocation numbers from 26 October.
The number of parent visas has gone from 4500 to 8500. This will lead to a lowering of processing times for the parent visas.
For example, the estimates for the Contributory Parent Visa 143 had gone out to over ten years, with a backlog of over 50,000.
So this will be lower with more visa grants per year.
Student visa holders
Unrestricted work rights for international students who hold student visa subclass 500 will end on 30 June 2023. The restriction of 40 hours a fortnight will then apply.
This may be challenging for some international students to adjust to. But overall, the pressure to work full time can also be detrimental to the ability to study.
This is a right decision for International students since their tuition fee is comparatively higher than the money they are able to earn.
That will also affect their future and their capability to fill in high skills shortgages.
Working Holidary Visa
There has been a 30% incresase in the cap for working holiday visas. This will be welcoming for all those planning a backpacking and working holdiday in Australia.
With the high interest from young people around the world, this will still be filled quickly as soon as it opens for some Asian countries.
Please check carefully with our specialists to know more about the program opening round to be able to secure a working holiday visa.
Sensible reforms - Health examination waived for onshore applicants
A relaxation on the need for medicals has been announced for temporary visa applicants already in Australia. This will help reduce waiting times for medicals and save money for applicants and the government. But there are some categories, such as those working in medical settings, that will still need medicals.
More sensible reforms along these lines are welcome.
The allocations had been cut from 8448 down to 5000 for the year ending 30 June 2022.
See our separate video to be posted soon, to consider the implications and future for the GTV.
Migration Institute Australia National Conference
I have recently returned from the Migration Institute of Australia (MIA) National Conference, which was held in Hobart, Tasmania. Opened by the Hon Andrew Giles, Minister for Immigration, Citizenship and Multicultural Affairs.
Minister Giles set the tone for a renewed immigration program focussed on nation building and multiculturalism.
Paul Denman, Senior Director for the Immigration Program spoke about the practical considerations of clearing the visa backlog.
Brendan Coates presented the Grattan Institutes perspective on the best way to measure migrations perspective being through the income generated by migrants.
Under such a model high paid migrants are to be favoured over filling skills shortages and business visas such the SIV visa.
Enda Stankard and Andrew Martin from MA Financial Group outlined the contributions made to Australia by the Significant Investor Visa (SIV). At the Gala Dinner and Awards night the MIA celebtrated 35 Year leading the Australian migration industry.
Craig Foster gave an inspiring speech about his in successfully advocating Australian refugee Hakeem to be released from a Thai jail and to avoid extradition to Bahrain. His continuing to work includes #RacismNotWelcome and #PayUpFIFA
Congratulations to all the Award winners including Craig Foster for his Distinguished Service to Immigration in Australia. John Hourigan was awarded Life Membership in recognition of his many years of contributing to the MIA,.
Thanks to the voluntary efforts of the Leadership of National president Julie Williams and Vice President Constantine Paxinos, to all MIA Board members and CEO Peter Vymys and all committed staff at the national office.
Following that, the jobs and skills summit held in Canberra on the 1,2 September 2022 has announced a lot of current Australian immigration initiatives.
There are some key points to be mentioned later in this blog regarding the summit outcomes.
There is still much more news to come in the future.
We believe this year’s migration program is very promising.
This article will discuss all the latest Australian Immigration updates in September and August 2022:
State Allocation Confirmation from Australian Government for Program year 2022-2023
State Nomination visa 491 and visa 190 Update
Visa 189 Skilled independent invitation round
Skills Summit Outcomes
Agriculture Industry challenges
Post Study work visa 485 Extension for Select degree (minimum 4 years duration)
SA Skilled Migration Program update
Business Visa Australia update on allocations and requirements
State Allocation 2022-2023 - Big Increase for Skilled Migration Program
The interim allocations for all states and territories have been released.
The total allocations have been up to about 50,000 this financial year.
There are massive allocations increases in permanent visa 190 with nearly doubling the places.
That shows a move to encourage permanent migration under the new labour government.
In more detail, NSW, Victoria, and WA see significant growth in both visa streams.
Other states have received more quotas than last year.
It is going to be a great year for skilled migrants who seek permanent residency in Australia
Skilled Migration Program Update - visa 190/491 updates in 2022
On the 25 of August, South Australia is the last state to announce the opening of their skilled visa 190/491 program.
There are many positive changes in all state nomination programs including:
Much simpler nomination criteria in all states
Fully opening for offshore application
In the scope of this video, we cannot demonstrate the criteria of each state.
However, you can always get access to it by the link above.
What you should do now?
Upon the opening of state nomination, all skilled workers should start to seek a suitable nomination.
Next, you should ensure that you have a valid SKILL ASSESSMENT and eligible English test result.
Calculating your EOI points and considering age points are also necessary.
So far there has been all positive news for international students and skilled migrants.
Hopefully, there will be more PR options in other streams like employer-sponsored.
Please subscribe to our channel for the latest updates.
SA Skilled Migration Program - SA visa 491 and 190 2022-23 program year
At its last announcement, SA has opened its skilled visa 491 and 190 to over 500 occupations
In that, 97 new occupations have been added to SA’s high-priority visa list including some popular ones like:
Finance manager/broker
Accountant
ICT occupations like Software engineer
Hairdressers
Community service workers
Project administrator
SA is now rolling out a “magnet state” campaign that attracts young people in Australia to come.
Premier Peter Malinauskas says:” you can have a global career in South Australia, living, studying, and working alongside the world’s current and emerging leaders, coming together to achieve great things.”
Tasmania State Nomination - Tasmania Skilled Visa 491 and 190
The Tasmanian Skilled Migration State Nomination Program is expected to open to gold and green pass candidates by Monday 12 September 2022.
Please ensure that you meet the minimum requirements and have at least one gold or green priority attribute.
After that, you may be able to register your interest in the nomination.
NSW state nomination update - Skilled Occupation Lists - Visa 491 and 190 NSW
Overall, the jobs and skills summit focus on dealing with current labour shortages and economy issues. A bigger, better trained and more productive workforce are the goal to acquire. The aim is to deliver high paid jobs, boost incomes and living standards and create more opportunities for Australians.
However, within the scope of this writing, only migration aspect will be outlined.
There are many migrations focused on 4 immediate initiatives and longer-term focuses:
1) Lifting migration cap with more focus on PERMANENT migrants
2) Increasing the speed of visa processing
3) Enabling graduates of Australian universities to work in Australia for longer
4) Extending the lifting of restrictions that allow temporary visa holders to work more hours
Lifting permanent migration number to nearly 200,000 for 2022-23 fiscal year and processing more visa backlogs
Australia is facing a severe skills shortage and a huge visa backlog.
The government believe by clearing the backlog and increasing permanent migration would heal the pain of skilled labor shortages
Immigration Minister Andrew Giles has recruited more than 500 new staff to clear the visa backlog sitting at around 900,000.
The government will spend $36.1 million to clear the backlog
Home Affairs Minister Clare O’Neil announced the skilled migration cap in 2022-23 would be lifted to 195,000 – up from 160,000
+ Including 9,000 places for regional Australia to 34,000
+ additional 4,700 for healthcare
+ additional 6,100 for infrastructure
+ additional 6,800 for technology workers.
+ additional 5,000 for business sponsorships.
For a longer term, a permanent migration is set to be executed.
What does it mean?
It means thousands more nurses and thousands more engineers settling in the country this year. Those medium and long term skilled occupation will receive a lot of benefits from the government.
Moreover, the new Labor Government will start to re-assess the occupation list.
Increase the duration of 485 visa for international graduates in Australia
Foreign students’ graduate visa 485 extension and relaxing work restrictions will be available to strengthen the workforce pipeline.
The Australian Government will increase the duration of post-study work visa 485 for international students
This will help strengthen the pipeline of skilled labor.
The extension only applies to select degrees in areas of verified skill shortages.
Eligible graduates will have their visa 485 increased from:
Two years to four years for select Bachelor’s degrees
Three years to five years for select master’s degrees
Four years to six years for select PhDs.
A working group will be established to advise on the development of this and other relevant issues.
The group will report to Ministers by 28 October 2022.
At the moment, only 16 percent of international students stay on after their studies end.
This will mean they can stay on longer and use their skills to contribute to the productivity of our economy.
The outcomes from the skills summit are geared towards supporting international education.
International education is an important Australian industry that has been heavily impacted by the pandemic.
Continued temporary relaxation of working hours for internation students holding 500 visa
Regarding relaxing work restrictions, international students will still be able to work more than 40 hours per week until June 2023.
Moreover, international students will be able to work before the course commencement.
Until June 2023, no restrictions will be applied to international students about their working right.
Increase the Temporary Skilled Migration Income Threshold (TSMIT)
It is recommended by the parties to raise the TSMIT. This is one of the main factor for TSS 482 Visa program.
The minimum wage payable to temporary skilled workers currently at 53,900 will be lifted to 60,000 as wanted by business groups.
Unions want it to be 90,000 to avoid exploitation in low-paid jobs.
The aim of the change is to increase the living standard of those temporary visa holders whilst in Australia.
Agriculture Visa and Challenges in Agriculture sector in the near future
A new group of farmers, unions, and the Federal Government has been formed to tackle chronic workforce shortages in the agricultural sector.
Agriculture Minister Murray Watt announced the group on the sidelines of the summit
Senator Watt said the working group would meet monthly over the next year to discuss the sector's challenges
It has been estimated at 170,000 worker shortfalls.
This will make sure that farmers can get the workers that they need and to make sure that agriculture workers are protected and respected in their work.
In a new release from Department of Home Affairs, they confirmed that the PALM scheme will remain a key program for meeting agricultural workforce shortages. They are planning to boost permanent migration through new Pacific Engagement Visa to be introduced in July 2023
3000 Visas would be allocated annually, Applicants need to be aged between 18 and 45 years, having a job offer in Australia, and some English proficiency.
More information will be published later.
If you are working in Agriculture, consider another options if not eligible for PALM scheme. For more options, check this link
Business Visa Australia Allocation and Its Future
This year has seen very low allocations for business innovation and investment visa in all states.
NSW has published its business visa requirements with slightly higher criteria.
Instead of 65 points for 188a and 188b visa, the requirement has now been raised to 85 in NSW.
Not just NSW, other states have announced their business visa program with very low places.
Consequently, States will become more difficult in picking up suitable applications.
Global talent visa updates 2022 - EOI and Priority Processing Criteria
EOI Expiration
In recent notice from the Department of Home Affairs, they have announced there will no expiration date for the Global Talent Visa program Expression of Interest.
The current duration cap is 12 month.
The GTI officers are currently processing EOIs submitted in April 2021. However, for some cases, you might receive early invitation.
Work Visa Lawyers clients got their invitation in just 2 days with support of Global Talent officer.
In which order are EOIs considered?
Expressions of Interest are usually assessed in order of receipt, however the following may receive priority assessment:
Confirmed support from a Global Talent Officer
Hong Kong nationals and residents
Candidates of extremely high calibre
EOIs from candidates clearly outside program parameters may receive early notification.
In September 2021 South Australia opened for applications for the 188 Entrepreneur visa and announced it had made some changes to the eligibility criteria which make it much easier to get. Previously this visa was limited to applicants who had already secured financial backing for their businesses but the new version is much more accessible. For the right person with the right business proposal, the Entrepreneur visa can offer a path to Australian permanent residency.
Background
The Business Innovation and Investment Program encompasses Australia’s range of business and investment visas. It incorporates the 188 visa and all its sub-streams, and the 888 permanent visa. Once an applicant has completed their 5 year stay on the 188 visa, if they have fulfilled the obligations of their visa they may apply for the 888 visa which grants them permanent residency. There are multiple streams under each visa heading but today we’re looking at the 188 Entrepreneur stream, also known as the Entrepreneur Visa - a visa for ambitious business people wanting to start an enterprise in Australia.
What are the Benefits of the 188 Entrepreneur Visa?
The Entrepreneur visa allows you and immediate members of your family to live and work in Australia. After 3 years you can apply for permanent residency and eventually, citizenship too.
Who Is Eligible?
To be eligible for the Entrepreneur Visa anywhere in Australia, you must meet the Federal Requirements. The Federal Requirements for the 188 visa are that you must:
Federal Requirements
Propose to undertake a business activity in Australia that will lead to the commercialisation of an innovative product or services in Australia
Have at least a competent level of English
Be nominated by a state
Meet the health and character requirements
Be under 55 years of age or be able to show your business will provide an exceptional economic benefit to Australia
Sign a values statement
Owe no debt to the Australian government, and
Not have previously had a visa cancelled or an application refused.
In addition to these, you must comply with any additional requirements of the state you intend to live in. The South Australian Requirements for the 188 Entrepreneur visa are that you must:
South Australian Requirements
Intend to live in South Australia
Propose your business be based in South Australia
Be nominated by a Service Provider, and
Provide a detailed proposal for your Australian business.
Who cannot Apply?
Unfortunately, holders of certain visas are deemed ineligible to apply for the South Australian Entrepreneur Visa. You will be immediately refused if you are a holder of a:
Student visa of any kind (including 500, 570, 571, 572, 573, 574)
403 Temporary Work visa, or
771 Transit visa.
Do I need to be in Australia to apply?
You can apply for the South Australian Entrepreneur visa from anywhere in the world! There is no need to be onshore.
Service Providers
In order to be eligible for the South Australian Entrepreneur Visa, you must be nominated by a Service Provider. These Service Providers are a group of organisations dedicated to working with new and growing businesses. The Service Providers are:
The proposed business must be likely to, in the opinion of the Australian Government, achieve the 888 Entrepreneur visa criteria within 5 years. The criteria are divided into “Key Factors” and “Supporting Success Factors”. You will need to demonstrate you are likely to meet either:
2 x Key Success Factors; or
1 x Key Success Factors and 3 Supporting Success Factors
Remember, you don’t need to already be fulfilling these criteria – you just have to show that you are likely to fulfil them in the next 5 years. As far as what your business actually does, it doesn’t matter so long as it is likely to fulfil the criteria. There are 3 prohibited categories:
Labour hire
Residential real estate
Purchasing an existing business,
And of course, your business idea needs to be legal and ethical. So long as it fits the criteria and isn’t one of the prohibited categories, it could be anything from creative arts to space technology!
What about states other than South Australia?
The only other state that is accepting applications for the 188 Entrepreneur visa outside of South Australia is New South Wales (NSW) however the criteria for eligibility are higher in NSW. In addition to meeting the Federal Requirements, the NSW Requirements are that you must:
New South Wales Requirements
Already have funding secured for your business project;
Funding must be secured from an approved entity (an Australian Government agency, publicly-funded research organisation, university, or an approved investor).
Be nominated by an approved NSW Startup Program;
Submit a detailed business proposal;
Commit to living and working in NSW; and
Have your business headquarters in NSW.
The difference here is that for an 188 Entrepreneur Visa in NSW, you must have already secured your funding. In South Australia, you need only show that you are likely to secure funding.
How do I apply for the South Australian 188 Entrepreneur Visa?
The first step is to make an appointment to talk about your options with an experienced immigration lawyer or registered migration agent at Work Visa Lawyers who can go through the details of the 188 visa with you and make sure you are eligible, and that your intellectual property is protected. If you meet the criteria, the next step is to commence discussions with one of the approved Service Providers (above) as you will need one of these groups to nominate you if you are to receive the Entrepreneur Visa. If for any reason you do not meet the criteria, Work Visa Lawyers will assess your personal situation and advise what you need to do to qualify, or what alternative visa pathways might be available to you.
Being situated in Adelaide, South Australia, Work Visa Lawyers are uniquely positioned to help you with your South Australian Entrepreneur Visa application, and we would love to help you on your journey.
While every care is made to ensure this information is correct at the time of publication, it is subject to change without notice. All information provided on this page is provided for purely educational purposes and does not constitute legal advice. For advice on your personal situation, please speak with an Immigration Lawyer or a Registered Migration Agent.
Investor visas are one of the best ways to get permanent residency in Australia. If you want to move to Australia and you have the means to invest five million Australian dollars, the 188 Significant Investor visa might be ideal for you.
The Business Innovation and Investor 188 visa is the visa for experienced business people or high net-worth individuals. There are four streams of the 188 visa, depending on how much you are able to invest, but the Significant Investor visa is the stream with the most benefits. Here are 10 reasons we think you’ll love the Significant Investor visa.
On 17 December 2020, the Morrison Government has made an announcement to reform business and investor visas aiming to maximise the economic benefits for Australia.
What changes have been announced?
9 steams reduced to 4 streams
The business program will be simplified from 9 streams to 4 streams which are:
Business Innovation(perhaps similar to the current 188A)
Entrepreneur (perhaps a development of the current 188E)
Investor (perhaps as development of the current188B)
Significant Investor (further developments to the 188C).
From 01 July 2021, the Premium Investor (188D), Significant Business History (132A) and Venture Capital Entrepreneur visas (132B) will be closed to new applications. However, those already lodged before 01 July 2021 will continue to be processed.
Visa timeframe changes - all include a provisional visa with path to PR
These four streams Business Innovation (188A); Entrepreneur (188E); Investor (188B) and Significant Investor (188C) are provisional visas and Permanent Residence pathways. Those visa holders need to meet certain requirements after 3 years to be eligible to apply for a Permanent Residence.
The visa effective timeframe will be extended to 5 year for visa holders.
Business Innovation and Significant Investor visa holders will also continue to be able to extend their provisional visas if they do not meet the business and residence thresholds in the required timeframe.
Changes for 188A Business Innovation visa eligibility requirements
Personal and Business assets will be increased from AUD800,000 to 1.25 million dollars for the visa applicants to demonstrate.
Annual turnover will also be increased from AUD500,000 to AUD750,000 to prove their business acumen.
Changes for Entrepreneur (188E) visa requirements
The requirement for receiving at least AUD200,000 funding from an approved entity is scrapped. Visa applicants will need to be endorsed by a State or Territory government.
Further changes will be announced in the early half of next year. Work Visa Lawyers are closely monitoring the changes.
Overall, the changes announced make Business and Investor visas more expensive and more time consuming for applicants.
The big question is, will this impact on demand, or will there still be plenty of potential applicants for business and investor visas.
The concern underlying this, is that the Federal Government has made a number of changes to visa, the employer sponsored 482, the seldomly used 494 Regional visa, that have made the processes more expensive and complicated, and that have been shunned by business, industry and applicants.
The most successful visa revamp has been the GTI Visa, a variation of the Distinguished Talent Visa, that has lowered the requirement and been met very enthusiastically.
The other big question to be asked is, why are there no feartures in this major revamp, to benefit regional areas? Without incentives for regional areas, the Business and Investor migrants will likely all cluster around Melbourne and Sydney.
It has become harder for 188A visa applicants to apply for a permanent residence visa subclass 888. 188A visa applicants will be required to continuously meet certain requirements (i.e. ownership & continuous management) for 3 years before a permanent resident visa application.
The turnover requirement has also been adjusted for 188A visa application (AUD500, 000 to AUD 750,000 annual turnover). This adjustment will encourage 188A visa holders to open High net worth businesses in Australia in order to boost Australian economy after the COVID crisis.
Previously, 188A visa holders more inclined to open small businesses e.g. café and restaurants, those businesses will be unlikely to fulfil the new turnover requirement.
The Australia government should perhaps consider trying to balance the needs of Australia market and the needs of business migrants. High threshold requirements for business migrants to obtain a PR will make Australia a less attractive country to migrate and migrants may choose to migrate to other popular and investment policies friendly countries like Malta; Cyprus and United Kingdom.
The Australia Government should consider the following factors to maintain and improve the benefits delivered by Business & Investment visas:
Improving servcie standard times and levels of communication during the process of applying and waiting for a result.
Maintaining good relationship with key migration source countries.
Create visa options to benefit Regional Australia not only to Sydney & Melbourne.
Do you need help?
Our team of experienced Immigration Lawyers and Migration Agents look forward to assisting you with your Australian visa or appeal.
Based in Adelaide South Australia, we provide Australian Immigration advice to people and businesses from all over the world.
If you require further information regarding your Australia visa options you can contact us through:
(08) 8351 9956 or +61 8 8351 9956 or This email address is being protected from spambots. You need JavaScript enabled to view it.
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We noticed that Immigration South Australia has changed its name to Move to South Australia.
Move to South Australia has updated its criteria for interim 491 and 190 nominations to support and prioritise South Australia’s economic recovery and public health response.
So, you have decided to invest in Australia. You have a successful business in your country and thinking about starting a business in Australia. That’s great, you may want to get an Australian Business Visa. The Business Talent (Permanent) Visa Subclass 132 is similar to Subclass 188 – Business Innovation Stream visa and shares a lot of common criteria with the rest of business skills visas. These visas are great options for the business owners and investors who have had a proven history in successful business ownership and management over an extended period of time. While you are excited to expand your business and lodge a business visa application you need to avoid making the mistakes that can cause your visa application being refused. We know a visa refusal can affect your planned visa pathway. Therefore, to assist our clients in having a successful Business Visa application we have done some research and studied 26 reviewable decisions from The Australian Federal Circuit Court, AAT, and Federal Court. We have Identified 5 Common Mistakes in the visa applications, and how you can avoid them because we are here to save your Business visa Application.
The top reasons are: 1. PIC 4020 and “Bogus Documents” or “Misleading information” 2. Lack of Ownership in the Nominated Business 3. Insufficient Required Investment Funds 4. Funds Used to Make Investment are Unencumbered and Lawfully Acquired 5. Insufficient Points
1. PIC 4020 and “Bogus Documents” or “misleading information”
This is the Number One mistake that applicants made and as a result their visa application refused.PIC 4020 enables refusal of a visa if an applicant provides a bogus document or information that is false or misleading in relation to their application.
PIC 4020 requires visa applicants to not give, or cause to give, false or misleading information of a material particular to not just Home Affairs in relation to a visa application, but also to: the Administrative Appeals Tribunal, a Medical Officer of the Commonwealth or a skill assessment authority.
It applies to not only the visa application, but to a visa that an applicant held in the 12 months before the application was made. Should an applicant be refused for failing this PIC for bogus documents or misleading information, they are subject to a 3-year bar (from being granted another visa) for any visa which has this PIC as a criterion.
In most of these cases the question of bogus documents arose about their financial documents such as tax return and the business assets. On the other hand, there are few cases where the applicant mistakenly provided bogus document or information that is false or misleading.
We agree that the process is one of the most complicated visas, it involves numerous financial reports, evaluation reports, and auditing reports.
The best way to prevent a refusal is to lodge a complete and correct application, and to respond to all requests for further information within timeframes as notified by the Department. Any gaps or inconsistences in information and/or documents provided can result in further scrutiny being applied to your application, and therefore a greater delay and likelihood of your application being refused.
2. Lack of Ownership in the Nominated Business
To demonstrate business experience, the application requires you have experience in owning and actively managing a business in your home country. Insufficient ownership in the main business is the second reasons for the Department of Home Affair to refuse the business visa application. In some cases, the applicant did not have the minimum of 30% ownership requirement in the main business. Even if they had the minimum ownership requirement, it may not have been at least 2 of the 4 fiscal years immediately before the date of invitation to apply for the visa. To avoid making this mistake in your application make sure you know the requirements and criterial to be eligible for a business visa.
For both the Business Innovation and Investment 188 visa and the 132 Significant Business History Visa, in two of the four fiscal years prior to applying you must have had an ownership interest in one or more main businesses, which means:
have maintained direct and continuous management in the business
have an ownership interest to the total value of at least:
51% if the turnover is less than AUD 400 000 or
30% if the turnover is AUD 400 000 or more or
10% if the business is a publicly listed company
For the132 Significant Business History Visa there is the additional requirement that: The total net assets of you, your partner, or you and your partner combined, must be at least AUD400,000 from the ownership interest in one or more qualifying businesses, gained over at least 2 of the 4 fiscal years immediately before you were invited to apply for this visa.
3. Insufficient Required Investment Funds
You probably think that the applicants in this case did not have required funds and as a result their visa application refused. Well, it’s not as simple as that. Our research shows the applicants might have enough funds but some could not prove it due to different system of property valuation undertaken in their countries. For example, in one of the cases the applicant told the Tribunal that in Iran the law provides that only 2% of the total value of the property is required to be recorded on the Title Deeds. If you live in a country where the system of property valuation is different and as result you cannot prove correct value of your property or assets, you need to get a legal advice from your lawyer before you lodge an application.
It is critical to remember to support your business visa application you must provide the certificate of title, title deed, valuation certificate by an accredited property valuer and/or mortgage certificate. If these certificates cannot show the correct value of your property and assets you cannot have a successful visa application.
4. Funds Used to Make Investment are Unencumbered and Lawfully Acquired
Coming to the fourth reason for Subclass 132 and 188 visa refusal where the Applicants failed to consider the funds being used to make the investment must be unencumbered and lawfully acquired. Our research shows that the Federal Court and the Tribunal affirmed the decision to refuse the visa application where the source of investment fund is from use of;
gambling proceeds,
gifts from unrelated parties, and
invalid trust
To avoid making this mistake as a business visa applicant you need to make sure that the funds used to finance your designated investment are personally owned and unencumbered and legally accumulated as a result of your business and/or investment activities. You also need to provide a signed declaration listing the sources of funds for your asset portfolio, and that these funds were lawfully acquired. Evidence to support your source of funds declaration:
For business income, provide evidence of business ownership, performance and profit distribution. For example, company registration and shareholder records, financial statements or taxation records
For investment income, provide evidence of investment activities and performance. For example, statements issued by stocks trading company, property purchase and sale contracts, leases or investment product contracts.
For gifted or inherited assets, provide duly witnessed gift deeds or wills. Also provide other evidence demonstrating how the original owner accumulated the assets
For a historical accumulation of wealth where official verifiable evidence is no longer available, provide bank records demonstrating continuous ownership of funds over a substantial period.
For assets held in Australia, provide evidence which links the assets to the declared sources.
Through these investment structures, the investor may hold complying investments in any proportion. “Eligible investments” for the purposes of the Investor Stream include:
Ownership interests in a business
Cash on deposit
Stocks or bonds
Real estate
Gold or bullion
Loan to a business
5. Insufficient Points
No matter which visa you wish to apply, points are always important for having a successful application. The fifth and last common reason for Business Innovation Visa and 188 refusals is not having the required 65 points.
Our research shows that most visa applications were refused because the applicant did not have sufficient points, or did not provide evidence to prove he or she is entitled to more points.
The AAT usually remitted the business visa applications where the applicants provided further documents such as university qualifications or English language ability to receive the required points.
To avoid such an issue with your application, you need to know what the required points are for subclass 132 and 188. As an applicant you need to make sure that you have all the necessary documents to prove your points at the time you make a business visa application.
Well what are the minimum required points for subclass 132 and 188 are 65 points? The factors that can affect your points are:
We hope you have found our research of case decisions over the past four years helpful. And when it comes to considering a Business Visa Application, you keep in mind that bogus documents, lack of ownership in the nominated business, insufficient required investment funds, funds used to make investment are unencumbered and lawfully acquired and insufficient points are the most common reasons for Business Visa application refusals. Remembering these pitfalls when preparing your application will put you in the best position for Visa success.
Do you need help with an Australian visa application? At Work Visa Lawyers we are experienced in assisting applicants in all matters relating to Australian visa applications. Our areas of expertise include Partner Visas, Skilled Migration visas, Business Skills Migration visas, Employer Sponsored Work Visas and other Family Migration visas as well as the Administrative Appeals Tribunal (AAT) Review, Judicial Review and Ministerial Intervention.
Akhavannejad (Migration) [2019] AATA 2223 (14 February 2019) Zhang (Migration) [2019] AATA 1009 (10 January 2019) Surya (Migration) [2017] AATA 976 (16 June 2017) SADEGHIAN (Migration) [2019] AATA 3012 Kukadia (Migration) [2019] AATA 4527 (14 August 2019) HOSSEINIANJEDANI (Migration) [2019] AATA 3511 (17 June 2019) HOSSEINIANJEDANI (Migration) [2019] AATA 3511 (17 June 2019) WU (Migration) [2018] AATA 1092 (9 March 2018) Guo (Migration) [2019] AATA 487 (14 March 2019) Lovely (Migration) [2019] AATA 5318 (28 November 2019) Wong & Ors v Minister for Immigration & Anor [2018] FCCA 3490 (29 November 2018) Chen & Ors v Minister for Immigration [2015] FCCA 1018 (22 April 2015) Momtaz v Minister for Immigration [2019] FCCA 520 (7 March 2019) Xie & Anor v Minister for Home Affairs [2019] FCCA 266 (7 February 2019) Han v Minister for Immigration [2019] FCCA 3558 (11 December 2019) Zhang v Minister for Immigration & Anor [2017] FCCA 134 (30 January 2017) Smith (Migration) [2019] AATA 4939 Cai (Migration) [2017] AATA 416 (9 March 2017) Ding & Ors v Minister for Immigration [2019] FCCA 160 Zhang (Migration) [2017] AATA 1662 (5 September 2017) 1404069 [2015] MRTA 781 (19 May 2015) 1408380 [2015] MRTA 459 (24 March 2015) 1413159 [2015] MRTA 537 (8 April 2015) W0600780 [2007] MRTA 480 (7 September 2007) 1508766 (Migration) [2016] AATA 3715 (11 April 2016) HOSSEINIANJEDANI (Migration) [2019] AATA 3511 Kukadia (Migration) [2019] AATA 4527 (14 August 2019) Momtaz v Minister for Immigration [2019] FCCA 520 (7 March 2019) Zhang v Minister for Immigration & Anor [2017] FCCA 134 (30 January 2017) HOSSEINIANJEDANI (Migration) [2019] AATA 3511 HOSSEINIANJEDANI (Migration) [2019] AATA 3511 Zhang (Migration) [2019] AATA 1009 (10 January 2019) Zhang v Buljan [2016] FCCA 2426 (15 September 2016) Cai (Migration) [2017] AATA 416 (9 March 2017)
Click here to view the full table of case decisions. This information is accurate on 9th January 2020.
Work Visa Lawyers was pleased to attend the recent Regional Showcase held in Murray Bridge, organised by Immigration SA and The Australia China Business Council (ACBC).
Immigration SA has announced it will temporarily halt the granting of new business migration state nominations after it reached its quota from the Australian Government for the 2018/19 program year.
Business visa holders, whether they be permanent or provisional, must continue to meet certain conditions after arrival in Australia. Being aware of all the visa conditions and utlising the available support is key to ensuring a successful venture in Australia.
Buying an Australia property as an immigrant on a visa can be difficult. Whether you are a permanent resident or a temporary resident, there are many visa requirements as well as Foreign Investment Review Board (FIRB) requirements a migrant must be aware of. When investing in Australian property temporary residents, foreign investors, and even visa holders may be approved to purchase using home loans.
Australia has strict guidelines for foreign non-residents and temporary residents who wish to purchase a house in Australia. Back in March 2015, a Sydney residential property bought for A$39 million, the “Villa del Mare”, received instructions from the Treasurer of the Australian Government that it must be sold off. The purchase was found to be not compliant with the Foreign Acquisitions and Takeovers Act (1975), which requires foreign investors to notify the Treasurer through the Foreign Investment Review Board (FIRB) before purchasing residential real estate. Since then there have been additional properties that were found to be illegally purchased and forced to be sold.
Who creates and enforces the guidelines on purchasing properties as a foreign non-resident or temporary resident?
The Foreign Investment Review Board (FIRB) is the governing body which ensures residential properties are bought in compliance with the Foreign Acquisitions and Takeovers Act (1975). In addition to the assessment of foreign purchase of residential property, the FIRB also assesses foreign investment in Australian businesses, especially in agriculture and mining.
The FIRB serves as a control to prevent foreign investors from over-inflating residential property prices through excessive investment. As such a list of requirements was created to ensure local Australian interests are protected.
What residential properties can be bought by an Australian temporary resident? How is it different for permanent residents?
Australian permanent residents share the same treatment as Australian citizens with regards to the purchase of residential property. There are no FIRB restrictions for permanent residents.
On the other hand, temporary residents and foreign non-residents are subject to various rules when purchasing residential property.
What is the definition of a temporary resident or foreign non-resident for the FIRB assessment?
holds a temporary visa that permits them to remain in Australia for a continuous period of more than 12 months (regardless of how long remains on the visa); or
is residing in Australia, has submitted an application for a permanent visa, and holds a bridging visa which permits them to stay in Australia until that application has been finalized.
Temporary residents would include holders of the following Australian visas:
If your temporary visa is less than 12 months you are considered to be a foreign non-resident.
What are the rules for purchasing a residential property as a temporary resident?
Residential properties are categorized as “new dwellings” or “established dwellings”
New Dwellings
New dwellings are homes built on residential land which has not been previously sold as a dwelling and has:
not been previously occupied; or
if the dwelling is part of a development and sold by the developer, it has not been previously occupied for more than 12 months in total
A refurbished or renovated residence which was previously occupied is not considered to be a new dwelling. Vacant land bought for residential construction is deemed to be a new dwelling instead. As such, “Home and Land” packages are considered to be new dwellings too, as long as:
the development is completed within four years from the date of approval
evidence of completion is submitted to the FIRB within 30 days of being received
There are no conditions or limitations on the number of new dwellings that can be purchased by a temporary resident. Approval is generally required before the purchase is made.
Established Dwellings
Established dwellings typically refer to residential properties that are on the secondary market. If a residential property is constructed and occupied, it is usually considered to be an established dwelling.
Temporary residents can purchase ONE established dwelling to live in as their primary residence in Australia. The property should not be used for leasing. The property also should be sold within 3 months if the temporary resident moves out of the established dwelling. In other words, an established dwelling cannot be purchased by a temporary resident to be held as an investment property. Additionally, temporary residents who want to purchase an established dwelling for redevelopment must seek prior approval from the FIRB before purchasing the property.
What are the fees associated with buying a property on a visa?
A visa holder purchasing a property will be subjected more fees and higher rates/interest rates than an Australian citizen or permanent resident. Two fees every visa holder must factor in are the FIRB acquisition fee and the Stamp Duty.
FIRB Acquisition Fee
When lodging your application with FIRB you will be prompted to pay an acquisition fee.
Acquiring an interest in residential land where the price of the acquisition is:
$1 million or less: $13,200
$1 million to $1,999,999: $26,400
$2 million to $2,999,999: $52,800
$3 million to $3,999,999: $79,200
$4 million to $4,999,999: $105,600
$10 million or higher: contact the Australian Tax Office for a fee estimate
Foreign citizens who want to buy or invest in residential property in Victoria (VIC), New South Wales (NSW), Queensland (QLD), South Australia (SA) and Western Australia (WA) will need to pay an additional stamp duty levy and, in some states, a land tax surcharge.
Foreign Citizen Additional Stamp Duty Surcharge By State:
*Note: Please confirm true, up to date tax rates with state government as government bodies and tax rates do change.
There is also the possibility of being charged an annual vacancy fee. From 9 May 2017, foreign persons who purchase residential real estate will be subject to an annual vacancy charge where the property is not rented out or occupied for more than six months per year.
There are several fees, taxes, and rates that differ between states and the specific visa you are carrying. When buying property in Australia, it is highly recommended that you speak with a professional tax agent/ the Australian Taxation Office, and an accountant to ensure that you know all the fees.
At what stage do I need FIRB approval and will I be disadvantaged?
The FIRB guidelines state the you must have approval before a property can be purchased in Australia.
An offer to purchase a property may need to be conditional on FIRB approval, which may lead to delays and the offer not being accepted or as attractive as others without such conditions. The regulations state that you must complete a separate application for each property you intend to purchase. This issue can be mitigated by applying for what is called an 'Exemption Certificate'.
An Exemption Certificate allows a foreign person to purchase one unspecified property within a six-month period. The exemption certificate means that you do not have to seek individual approval for each property you are interested in. More information is available from the Australian Tax Office.
Are there any barriers to getting finance approved?
Your status as a temporary resident may impact your ability to secure finance to purchase property in Australia. Financial institutions have different restrictions on the amount you can borrow depending on your visa type and status.
Being self-employed or a business owner may also have an impact on how much you can borrow. Contacting your financial institution or financial adviser for more information.
What happens if I do not comply with the FIRB policies?
Violations or “Breach" of the FIRB policies will incur a criminal and civil penalty. Additionally, the property in question will be forced to be sold as the ownership is deemed illegal. As such it is best to comply with the FIRB policies and always contact the FIRB if you have any doubts about the procedures and requirements. You can find the contact information for the FIRB on their website listed below.
How does buying a property help a 188A Business Innovation visa holder apply for PR?
A criterion for the subclass 888 Business Investment Stream permanent business visa is that the you must meet two of the following three requirements:
assets of AUD200,000 net value in your main business (or 2 main businesses) in Australia
personal and business assets in Australia of AUD600,000 net value
equivalent of at least 2 full-time eligible employees in your main business
By meeting the first requirement for business assets and also buying property, meeting the second requirement should be straight forward considering the median price of a house in Australia is over AUD500,000. This would achieve the two out three criteria meaning that the business would not need to employ two full-time eligible employees.
Let us help you find the right Australian Business Visa
Does owning property enhance a permanent residence or citizenship application?
Owning a property is not an essential criterion to be met when applying for permanent residency or citizenship.
In the case of citizenship, owning a property is considered by the Department of Home Affairs in assessing the 'close and continuing link to Australia' criteria. However, it is not a compulsory requirement, and other factors such as family connections, work history, and time in Australia are also considered.
As a temporary resident, can I rent out the properties I have purchased?
Temporary residents may have the intentions to build up a portfolio of residential properties as a form of investment. Upon purchase, many of these properties are rented out to generate passive rental income. As a temporary resident, you can do so as long as the properties being rented out are all new dwellings. By regulation, you can only purchase one established dwelling for your own residence, and not rent it out.
Comments by Chris Johnston – Principal Lawyer and Registered Migration Agent at Work Visa Lawyers
The purchase of residential property is a primary consideration for many Australian visa holders. Residential properties may be purchased as a family home and primary residence, or as a safe asset for investment. If you are a temporary residence visa holder, you need to check with the FIRB to ensure you comply with the investment policies. Failure to comply with the requirements may cause unnecessary financial losses and frustrations.
As a rule of thumb, if you are a temporary resident in Australia you must seek approval from the FIRB first before purchasing a property.
As a permanent resident, the FIRB restrictions will be lifted and as such, it is recommended that temporary residents apply for permanent residency once they are eligible. With permanent resident status, you can safely invest and purchase residential properties knowing that you are exempted from FIRB requirements.
Work Visa Lawyers understand that owning a home is a big step in settling down in Australia. We hope that this article has provided you with the necessary knowledge about purchasing your first home in Australia.
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Do you need help with an Australian visa application?
At Work Visa Lawyers we are experienced in assisting applicants in all matters relating to Australian visa applications. Our areas of expertise include Skilled Migration visas, Business Skills Migration visas, Employer Sponsored Work Visas, Partner and other Family Migration visas as well as Migration Review Tribunal, Judicial Review and Ministerial Intervention.
If you require further information regarding your Australia visa options you can contact us through:
Phone (08) 8351 9956 or +61 8 8351 9956 or email This email address is being protected from spambots. You need JavaScript enabled to view it.
