|
The Australian economic scenario has made profits over the years by providing employment for the immigrants. The nation, to heighten the economic prospects even more has encouraged the refinement of the visa system for immigrants. The changes in the employment and business category started from 1 July 2012. This led to the introduction of the Skillselect program for the betterment in selection procedures. The changes and refinement in visa is usually carried on the Department of Immigration and Citizenship of Australia (DIAC). With successful results in the employment section the Department has now announced a new visa, the Australian Immigration Business Investor Stream Visa. This visa comes under the business innovation and investment subclass 188 and 888 respectively. This visa announced its commencement on November 24th 2012. The visa enables the investor to invest a sum of AUD$ 5 million in any Australian business activity which is expanding or invest to start a new business or invest upon nomination from the state or territory Government. This business investor Stream visa is mainly to attract the well established business immigrants. This visa comes under the business and innovation and investment (provisional) subclass 188, which in turn has two streams. First is the business innovation stream and the second is the investor stream visa. This provisional investor stream visa can be made permanent under the business innovation and investment permanent subclass 888 visa. The permanent residency can be obtained for those who wish to continue investment or business that has been established in the specified nominated state or territory. The business stream visa applicants must submit an Expression of Interest under the Skillselect program. They can further apply only if nominated by state or territory Government of Australia. Not the least, make an investment of 5 million in Australia. The visa so acquired under the provisional category can hold it for a duration of 4 years and apply for permanent business investor visa. On completion of 4 years an extended period of 160 days is allocated for permanent residency. There is a slight change in the rules and procedures of the different states in Australia. But all the applications have to go through the Department of Immigration and Citizenship. After entering Australia under the Australian Immigration Business Investor Stream Visa on provisional basis the immigrant has to set up or run an Australian business successfully within a period of 36 months for nomination. The immigrant is eligible to extend the provisional business stream visa for a period of two years and allowed to do so twice with permission. Under this visa, the money can be invested in state or territory bonds, in funds maintained by the Australian Securities and Investment Commission (ASIC) and can invest directly into any Australian company. The money can be invested alone or with a spouse or partner, or through company having self owned shares, or through an established trust to which the applicant is a member. Certain mandatory rules are to be fulfilled in order to invest in ASIC which is applied through the Investor Directed Portfolio Service. Documents should be legalised in writing by the Minister in a legislative body. Similarly, other limitations are also imposed on the investment made in Australian companies. The applicant willing to travel under the Australian Immigration Business Investor Stream Visa can only apply upon nomination for state or territory Government. Once nominated the applicant has to wait for invitation letter, where upon authorized to apply for the visa. In case the visa is rejected the applicant must wait for a period of 6 months for applying again.
Related Articles -
immigration services, visa consultancy, uk immigration, immigrate to uk, business visa,
| 
