The economy
of Australia has made profits from several years by the immigrants. To improve
the economic prospects, the nation is encouraging the visa refinement system
for immigrants. The changes in the business and employment category are started
from 1st July, 2012. This implied to the introduction of the skill select
program, to make the selection procedure much better.
The visa
refinement and changes are usually carried by the Immigration and citizenship
department of Australia. As there is a success in the employment section the
department has announced a visa, the Immigration Business Investor Stream Visa for Australia. This is under the business investment and innovation subclass
888 and 188 respectively.
This has been
announced on 24th November, 2012. This allows the investor to invest an amount
of AUD$ 5 million in any company activity in Australia, and is expending or
investing to start a new invest or industry upon nomination from the territory
or state Government. This investor business visa is to attract the candidates
who are well established trade immigrants.
This visa is
under the business and investment (provisional) and innovation subclass 188,
which has two streams. The two streams are innovation stream and investor
stream. The provisional investor under the business innovation and investment
permanent (subclass 888) visa can be made permanent. Under this, the permanent
residence is obtained for those businessmen who wish to continue business or
investment which had been established in the specified territory or state.
The visa
applicants of business stream should submit an EOI (Expression of Interest)
under the skillselect program. The can proceed with their application only when
the territory or state government of Australia is nominating the person. The
investment must not be below 5 million in Australia. The visa issued under such
provisional category has validity of 4 years and can apply for a permanent
investor visa. A choice of extending for 160 days is available in order to
apply for a permanent resident permit.
There is
change in rules from state to state in Australia. However, all applications
must be through the department of immigration and citizenship. After coming to
Australia under the Australian immigration business investor visa stream on the
basis of provisional, the immigrant has to run the company perfectly within a
period of 36 months to nominate.
The candidate
can extend the provisional business stream visa for a two year period and is
allowed to do the same twice along with permission.
The
investment can be along with a spouse or partner or alone or even through a
company which have self owned shares, or with an established trust where the
applicant is a member. Certain compulsory rules are to be filled to invest in
ASIC, applied through the Investor Directed Portfolio Service.
If the
candidate is willing to travel under the Australian immigration business
investor stream visa, he/she can only apply for the state or territory
government upon nomination. After getting nominated, the person should wait for
an invitation letter. If rejected, must wait another 6 months period to
re-apply.
Source:http://www.sooperarticles.com/law-articles/immigration-law-articles/introduction-established-entrepreneurs-businessmen-1201853.html
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