The Australian Government has announced a significant increase in the number of visas available to business owners and investors who want to move to Australia.
Each year at the time of the Federal Budget the Australian Government announces details of the ceiling on the number of visas it will make available for the forthcoming year to 30th June.
Due to COVID-19 this year’s Federal Budget was delayed from May 2020 until this week.
While the ceiling on visa numbers remains at 160,000 the composition of the migration program between visa types for 2020/21 has changed quite markedly compared to the previous year.
In particular there is a significant increase in the number of visas available under Australia’s Business Innovation and Investment Program (BIIP), which includes visa subclass 188.
For the year to 30 June 2021 the total number of visas available under the BIIP will be 13,500.
This should be compared with the program year to 30 June 2020 where the total number of visas granted under the BIIP was 4,420 (the planning level for last year was 6,862; the number of visas granted was restricted due to COVID).
While there continues to be a backlog of applicants for business innovation and investment visas it is clear that the Australian Government sees this area as being key to a successful exit from COVID, including the rebuilding of employment opportunities and the nation’s finances.
If you are a business owner or investor, believe you can meet the threshold requirements for a subclass 188 visa, and want to move to Australia please feel able to complete the enquiry form on this web page.
We can then have a free no obligation chat with you to discuss your situation in more detail, and how we might help.
Our Managing Director is a registered migration agent, and is a qualified Chartered Accountant in the UK and in Australia, so is ideally placed to discuss your visa strategy and tax planning associated with a move to Australia.