Australia is a very fruitful place for someone looking for employment opportunities. But it does not end here, as Australia is an equally prospective place for someone who wants to start a business or invest in an already existing one. Also, it presents various opportunities for entrepreneurs with unique and new ideas.
Entrepreneurs are greatly welcomed, appreciated and encouraged in Australia. This is why there are many visas in the Australian immigration system that can help an entrepreneur to come and start up a business or invest in a business in Australia. Subclass 188 visa and subclass 132 visa are some of the best examples of visas for people planning to do a business or invest in a business in Australia. But some changes are coming up in these visas by the mid of this year.
In this article, we will talk about these changes and how they will affect the applicants and aspirants of these visa subclasses. Let’s have a look at these visas and the changes coming up in these visa subclasses
What are the upcoming changes in subclass 188 and subclass 132?
Subclass 132 and subclass 188 are very significant Australian visa streams. They lie under the Australian business visa category. Through these visas, many entrepreneurs and successful business holders come to Australia and develop their businesses there or invest in an already existing business. Some changes are coming in the way of these visas which will definitely affect the applicants and the aspirants of these visa subclasses. These changes will be in effect from 1st July 2021. Here are all the important things you need to know about these changes.
Closure of some streams
Some streams of subclass 188 and subclass 132 are closing. This means that they will no longer be effective from 1st July 2021.
The streams that are closing are as under:
- Subclass 188 D Premium Investor
- Subclass 132A Significant Business History
- Subclass 132B Venture Capital Entrepreneur
This implies that business talent visa subclass 132 will no longer be available. But there are many other options present in the Australian business visa category that can help you run or invest in a business in Australia.
Change in the Time Granted for 188 Provisional Visas
A very positive change that is coming in subclass 188 is that the time granted by this visa has been increased by a year. The validity of subclass 188 provisional visas will be for five years instead of four.
PR pathway for 188 provisional visas
The holders of subclass 188 provisional visas that are also eligible to apply for Australian PR, will be able to apply for PR after three years. This means that the holder of subclass 188 provisional visas can now apply for Australian PR sooner than before. Previously this limit was 4 years which meant waiting for a longer period to apply for PR. This is no doubt a welcoming change in subclass 188.
Changes in turnover and asset conditions for 188A visa
There is an increase in the requirement of minimum turnover and asset for subclass 188A visa. This increase is given as below
- Annual turnover should be AUD750,000 at the minimum which was previously AUD500,000
- The assets requirement of the applicant is now AUD1,250,000 which was AUD800,000
The requirement of State or Territory government endorsement for 188E Entrepreneur visas
It is now mandatory for the applicants of subclass 188 Entrepreneur visa to be endorsed by a State or Territory. Previously funding of AUD200,000 was required for this visa. But it is no longer needed and now it requires endorsement from state or territory and the satisfaction of other eligibility conditions.
Changes in Extensions
There are some changes in the extension period of the 188C visa. Previously the extension provided was for four years and now two extensions are provided which are 2 years each. However, the extension for the subclass 188A visa is the same that is one extension of 2 years.
These were all the changes that are coming in the way of subclass 132 and subclass 188 visas. Most of these changes are positive and will be good news to the aspirants of these visas. These changes infer more time granted, better extensions provided, quicker PR applications, and easiness for entrepreneurs.
We hope and expect that these changes will be welcomed by all the people around the globe who are looking for a chance to get an Australian business visa. If you are one of them, then do waste any more time and book a free consultation with our migration agent at The Migration now to learn more about these changes.
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