Attracting More Business and Investor Migrants
In order to attract more business and investor migrants, the New South Wales and Queensland State governments have updated their business nomination requirements.
NEW SOUTH WALES (NSW, Capital City: Sydney)
- Removed “excluded industry sectors”
From 1st January 2016, the NSW state has removed the restrictions on the business types which business migrants can set up.
The previous “excluded industry sectors” are:
Cafes & Restaurants; Takeaway Food Services; Supermarket & Grocery Retail Stores; Fruit & Vegetable Retailing; Specialised Food Retailing; Newspaper & Book Retailing; Clothing Retailing; Footwear Retailing; Other Personal Accessory Retailing; Houseware Retailing; Manchester & Other Textile Goods Retailing; Other Electrical & Electronic Goods Retailing.
The above types of businesses were previously restricted in Sydney, but can now be set up by business migrants in all regions of NSW.
- Easy-to-Use Application Form
From 1st March 2016, applicants can apply with a new easy-to-use application form which replaced the previous “Business Commitment” document. The new form has straightforward questions. The applicants can provide an overview of their proposed business intentions in NSW.
- Shorten Processing Times
From 29th August 2016, the NSW state government has shortened the processing time for the case of the Business Talent (Permanent) Visas (Subclass 132). An officer will be allocated within 24 business hours after receiving application. The applicant will be advised of the results within 5 business days.
QUEENSLAND (QLD, Capital City: Brisbane)
From 25th July 2016, the QLD state reduced the threshold in the following visa categories:
1. Business Talent (Permanent) Visas (Subclass 132) (Significant Business History Stream):
| Old Criteria | New Criteria |
|---|---|
| Brisbane or Gold Coast: | For All Regions of QLD: |
| • Minimum AUD 2.5 million for investment into a business (for property development: minimum AUD 4 million); | • The applicants need to demonstrate that they have net business and personal assets of at least AUD 1.5 million to be transferred to QLD within 2 years after the visa is granted, including: |
| • The business must create at least 5 new employment positions. | • Minimum AUD 1 million for investment into a business ; and |
| Other Regions of QLD: | • Minimum AUD 500,000 for settlement costs; |
| • Minimum AUD 1.5 million for investment into a business (for property development: minimum AUD 2.5 million); | • Applicant must reside in Queensland. |
| • The business must create at least 3 new employment positions. | |
2. Business Innovation Stream (Provisional) Visas (Subclass 188A):
| Old Criteria | New Criteria |
|---|---|
| Brisbane or Gold Coast: | For All Regions of QLD: |
| • Minimum AUD 500,000 for investment into a business; | • The applicant needs to demonstrate that they have net business and personal assets of at least AUD 800,000 to be transferred to QLD within 2 years after visa granted, including: |
| • Applicant must reside in Queensland. | • Minimum AUD 200,000 for investment into a business; |
| Other Regions of QLD: | • Applicant must reside in Queensland. |
| • Minimum AUD 300,000 for investment into a business; | |
| • Applicant must reside in Queensland. | |
3. Significant Investor Stream (Provisional) (Subclass 188C):
| Old Criteria | New Criteria |
|---|---|
| • Meet the complying investment frameworks set by Austrade; | • Meet the complying investment frameworks set by Austrade and provide details of complying investment intentions to BSMQ; |
| • Must be able to demonstrate AUD 2.5 million of direct investment in QLD’s economy under the complying investment framework. | • An intention to reside in QLD and indicated additional investments. |
Resources from NSW and QLD State Governments