Policy changes on Business migration – 19 April 2010

On 19 April 2010, the Minister for Immigration and Citizenship, Senator Chris Evans, announced changes to minimum eligibility requirements for the Business Skills Migration Program, including:
 
INCREASED NET ASSETS
 
The minimum net business and personal assets required for the following sponsored provisional Business Skills visas have been increased from AUD250,000 to AUD500,000 in response to increases in the cost of living and business establishment costs:
• State/Territory Sponsored Business Owner (Provisional) (Subclass 163) visa
• State/Territory Sponsored Senior Executive (Provisional) (Subclass 164) visa
 
The minimum net business and personal assets required for the following provisional Business Skills visas have been increased from AUD500,000 to AUD800,000 in response to increases in the cost of living and business establishment costs:
• Business Owner (Provisional) (Subclass 160) visa
• Senior Executive (Provisional) (Subclass 161) visa
 
INCREASED BUSINESS OWNERSHIP
 
Business migrants will now be required to own a substantial or controlling interest in a business to meet visa requirements. The minimum business ownership percentage required has been increased from 10 per cent to:
• 51 per cent where the business turnover is less than AUD400,000
• 30 per cent where the business turnover is AUD400,000 or more; or
• 10 per cent where the business is a publicly listed company.
 
This amendment applies to all business owner visas (subclasses 132, 160, 163, 890, 892, 845, 846).