In the wake of the recent Australia-India Economic Cooperation and Trade Agreement (AI ECTA), business migration has gained momentum in India, as the visa program enables Indian business owners to obtain Australia’s permanent residency.
Business visa specialist Gisella Ali from Melbourne-based ‘Visa 2 Land ‘says the program is “a full family migration, allowing family members to work, study or run a business in Australia”. Permanent residency is granted after 3 years, allowing family members to access FEE-HELP (loan scheme for university students) and enrolment in the Medicare program.
With no English language requirement and the age up to 55 years, Australian business visa 188-A is an excellent opportunity for Indian business owners who intend to expand their business in Australia or to establish a brand-new business in the Australian states.
It is nominated by the various Australian state governments with the state of Victoria is nominating overseas businesses that are involved in STEMM (Science, Technology, Engineering, Mathematics, and Medicine). Similarly, New South Wales is inviting business owners running a business in the fields of food manufacturing, technology, renewable energy or agriculture.
Other Australian states such as SA, TAS, ACT, QLD and WA invite business owners to show an annual turnover of AUD 750,000 (approximately INR 43,000,000) for at least 2 years in the last 4 years.
Australia also offers business visa for investors, the Significant Investor Visa (SIV), with no age limit, academic qualifications, or English requirements. Individuals willing to invest either $2.5 million or $5.0 million for a four-year term in ASIC regulated managed funds facilitate easier permanent residency. Semi-annual interest payments (dividends) are paid into the investor’s nominated bank account for the term period, and the fund’s performance does not affect the transition to permanent residency.
One of the best things about the Significant Investor Visa is that you need to reside in Australia only for 40 days each year (or your spouse lives in Australia 180 days each year) to become a permanent resident, says business visa expert Gisella Ali from Melbourne based Visa 2 Land.