A new Business Visa has been launched in Australia on November 21, 2018. It was first announced in March. The aim is to improve the economy in the south part of Australia. The new Australian Business Visa will not require a capital outlay.
The Business Visa under subclass 408 will allow Overseas Immigrants to stay in Australia for 3 years. It can be extended to the family as well. There are two criteria The Overseas Immigrants have to meet.
- They should be under 45 years of age
- They should receive an endorsement from the South Australian state government for an innovative business
The Australian Government confirmed that endorsement from state Government is important. It will ensure only genuine entrepreneurs have access to the new Australian Business Visa. As reported by SBS.com.au, this Visa would create more jobs and invite entrepreneurs to the country.
Steven Marshall, the state premier said this would lead to immigrants applying for Permanent Residency. It, in turn, would create new successful businesses, companies and jobs in South Australia. Sectors with a capacity to grow can benefit from this. Eventually, the economy will improve, he added.
The Australian Business Visa will not require any mandatory capital outlay. All the applicant needs to do is prove their vocational English proficiency. The South Australian state Government is to invest $400,000 in this program.
Most of the Australian Business Visas require a capital outlay of a minimum $200,000. This is where this Visa differs from them. Also in terms of English language proficiency, the requirement is quite low. Immigrants need to score band 5 in each of the 4 components of IELTS.
This new Australian Business Visa is a temporary permit for genuine entrepreneurs to establish their business. However, it opens the pathway for them to apply for Permanent Residency Visa in the future. At first, the business proposal would be examined by the State Government. Those who can set up a successful business venture will be eligible for Permanent Residence.
The State Government will also keep a check on the business activity of the Visa holders. If it proves to be not closely associated with the proposal, the visa may be cancelled.
The initiative started on 21st November 2018. It will continue until the end of November 2021. The Government has confirmed that there is no cap on the number of Visas to be granted.
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If you are looking to Visit, Study, Work, Invest or Migrate to Australia, talk to Y-Axis, the World’s No.1 Immigration & Visa Consultant.
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