Australia has long been one of the most sought-after countries for migration, with Victoria being one of its top three most popular states. Nevertheless, significant and imminent changes has been made recently to the minimum eligibility criteria of its Business Innovation and Investment Program.
Starting from 22 July 2019, the on-going invitation process in Victoria for the current Business Innovation and Investment Program streams will come to an end. The existing minimum eligibility criteria for all 188 visa streams applicants will then be replaced by a set of new one as substantial changes are made.
Changes to Minimum SkillSelect Points
First of all, the Department of Home Affairs' minimum SkillSelect points for all 188 Innovation stream applicants will be raised from 65 to 80.
Changes to Basic Requirements
Secondly, it will become mandatory for Innovation nomination applicants to hire at least one employee working full-time in their core business. It is a huge difference from it being only one of the three requirements for the applicants to choose two from.
Moreover, it is required that for those who wish for export activity to play a part in their businesses, their products will have to be 100% locally manufactured in the future. It seems to be a hard rule compared with bringing direct economic benefits by ways such as exporting local goods and services and creating job vacancies as required before.
Furthermore, for 188 Investment applicants, an additional investment worth at least AUD 500,000 is required during their provisional visa period in Victoria, which is a lot higher than the existing requirement of AUD 300,000. It will also become mandatory for 188 Investor and Significant Investor applicants to possess AUD 200,000 ready for use, the same as that for 188 Innovation stream applicants.
With the never-ending tightening of policy ever since 2017, these spates of changes urge interested parties to not miss out on the opportunity of filing an application for Australia 188 Business Innovation and Investment visa as soon as possible. Chances of getting an invitation will only be getting slimmer.
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