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Open for Business – NSW business and investor visas reopened ….

The NSW Government have announced that they have reopened applications for business & investor nomination.

And detailed in our BLOG in December  NSW had temporarily closed the program.

The full NSW announcement is below.

” Applications for NSW nomination for business and investor visas have reopened. 

NSW has reopened applications for nomination under the federal government’s Business Innovation and Investment Program. 

Applications for nominations for the following visas have been reopened:

  • Business Innovation and Investment (Provisional) visa (subclass 188) – Business Innovation stream
  • Business Innovation and Investment (Provisional) visa (subclass 188) – Investor stream
  • Business Innovation and Investment (Provisional) visa (subclass 188) – Significant Investor stream
  • Business Innovation and Investment (Provisional) visa (subclass 188) – Entrepreneur stream
  • Business Talent (Permanent) visa (subclass 132) – Significant Business History stream
  • Business Talent (Permanent) visa (subclass 132) – Venture Capital Entrepreneur stream

Entrepreneur applications for the following visas continue to be open and will be assessed:

  • Business Innovation and Investment (Provisional) visa (subclass 188) – Business Innovation Extension stream
  • Business Innovation and Investment (Provisional) visa (subclass 188) – Significant Investor Extension stream
  • Business Innovation and Investment (Permanent) visa (subclass 888) – Business Innovation stream
  • Business Innovation and Investment (Permanent) visa (subclass 888) – Investor stream
  • Business Innovation and Investment (Permanent) visa (subclass 888) – Significant Investor
  • State / Territory Sponsored Business Owner visa (subclass 892)
  • State / Territory Sponsored Investor visa (subclass 893) “

If you have any questions about the above please Contact Us.

Significant Investor Visa (SIV) statistics – an increase in interest

The Department of Immigration & Border Patrol (DIBP) have recently released some updated statistics about the Significant Investor visa (SIV) programme for the programme year 1 July, 2015 to January 31, 2016.

The SIV programme is a pathway to provide for significant migrant investment into Australia under the Business Innovation and Investment visa programme.

Business Innovation & Investment programme statistics

Business Innovation & Investment programme statistics

As of 31 January 2016:

· 1228 SIV visas have been granted from the commencement of the programme on 24 November 2012.

· AUD 6.140 billion has been invested in Complying Investments.

The statistics indicate there has been an increase in SIV applications lodged in recent months. Looking forward interest is expected to grow globally, including applicants from the UK and Europe.

If you would like some assistance, have a general query or would like an introduction to advisers that can assist with planning, preparing and lodging a SIV then please get in touch with us.

Part 1: Australian innovation and visas – a new visa pathway is needed for overseas start ups

Digital Disrupt(ion) and visas

An interesting story appeared today in the Australian press.

The details are in this press article, however the story focuses on Chris Bailey, who along with an Australian business partner set up a successful and fast growing start up buisness called Disrupt in Sydney. This was before he was deported from Australia for lying about completing his mandatory three month fruit picking stint in order to extend his working holiday visa.

It, again, reinforces the problem that Australia has with innovation and visas. In particular how does the Australian visa program support innovation and start ups. In an increasingly competitive international, innovative and digital world, it forces us to consider:

  • What can help Australia drive young entrepreneurial international talent to the country?
  • Why doesn’t the current visa system support the people we need to accomplish this – be it through skilled visas, employer sponsored visas or the business innovation and investment programs?
business innovation & investment

business innovation & investment

Compliance v vision

Whilst most people are of the view that visa compliance is important to the integrity of the visa system, there comes a time when common sense and vision must prevail. There needs to be a solution for someone willing to put their hand in their pocket – figuratively and/or literally – with what appears to be a track record of starting and managing small innovative businesses.

At present there is no such option available to individuals with this talent. They need to either meet relatively stringent criteria in the business innovation and investment program, usually beyond the means of innovative young business people, or they are lost to Australia before they get there. Alternately they need to be sponsored by a business and be paid a market rate salary for the position that is held. A not insignificant cost for any business, let alone one at the start of their journey.

A new visa pathway is needed

So what’s the solution? At this point in time it is difficult to outline a complete visa solution. However a temporary residency visa that encourages people with a combination of the below could be considered.

  • proven entrepreneurial skills or start up activity (as manager or director)
  • college or university training in a technology/digital/computer science/design/engineering course
  • proficient english language skills
  • evidence of sufficient assets or nomination by an Australian resident/citizen business owner/director or support from a federal or state/territory authority
  • adequate health cover

As a follow up to this visa there should be a clear pathway to permanent residency, or a visa extension if the start up is tracking well. This should not be done at the expense of those business people and investors who meet the current criteria, however it should be incorporated into the overall program.

Unfortunatley it would not help Chris, but it could provide a catalyst for the next Chris to find a way to get to Australia and either stay, or leave a legacy for locals to continue with.

Disrupt have also commented on it as well via Linkedin.