The DIAC has recently announced a new business innovation and investment program – you can view our previous FAQ post here.

The key reforms are:

  • Renaming the Business Skills program to the Business Innovation and Investment program.
  • Reducing the number of visa subclasses from 13 to three by:
    • removing the independent visa categories and other underutilised visa subclasses; and
    • absorbing the separate business owner and investor subclasses as streams of a single visa subclass.
  • Integrating the new Business Innovation and Investment visas with the skilled migrant selection model, SkillSelect, which will be launched on 1 July 2012. (For more information on SkillSelect, please view our previous FAQs here: http://www.themigrationplace.com/2012/04/16/new-skillselect-model-to-come-into-effect-on-1-july-2012/.)
  • Facilitating entry of entrepreneurs that have sourced venture capital funding in Australia.
  • Introducing an innovation points test for provisional visa applicants.
  • Granting access to flexibility provisions to achieve permanent residence and encourage innovative business.
  • Increasing asset thresholds to better align with the Australian business community.
  • Introducing visa criteria to improve the integrity of the program.
  • Introducing a new Significant Investor visa.

The Migration Place is one of only a few migration agencies that have experience in business and investor visas, and our website has some useful general advice: http://www.themigrationplace.com/investor-and-business-visa/

Indeed The Migration Place is a division of Irish Bentley Lawyers (www.irishbentley.com.au) which is a boutique commercial law Firm in Brisbane.

Our Principal Migration Lawyer, Zeke Bentley, has over 15 years of experience in setting up company structures and drafting/negotiating commercial agreements.

We can provide a holistic solution to help walk you through the entire process – from visa application from effective tax structures through to leasing agreements and applying for government grants.