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20 April 2010
"Business owners and senior executives are now required to own a greater amount of net assets in order to qualify for business migration to Australia."
The Australian Department of Immigration and Citizenship hopes that the changes from 19 April 2010 will increase the contribution that business migrants make to the Australian economy by creating more jobs for Australians.
Australian immigration says that the changes are necessary as there has been an increase in the cost of living in Australia and an increase in the costs of setting up business in Australia. The Australian immigration changes cover Australian offshore provisional visa subclasses 160, 161, 163 and 164. Business owners will need to invest more in their new Australian business and will also need to show that they own a substantial or controlling interest in a business. These changes will not affect you if you applied for a permanent onshore business visa and purchased an Australian business before 19 April.
Senior managers of overseas businesses can no longer apply for a state/territory sponsored business owner (subclass 163) visa. In any event, there have only been a relatively small number of people interested in this visa category. Highly skilled senior managers in overseas businesses can still apply for provisional senior executive visas subclasses 161 and 164 or come under an employer sponsored visa.