Australia's Changing Immigration Landscape in 2024
July 2024 Edition

What Business Owners Need to Know

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Australia is not only attractive for its relaxed lifestyle, stunning natural beauty, and proximity to exotic destinations, but it also provides a wealth of opportunities for entrepreneurial minds. However, 2024 has been a year of significant change for the Australian government, particularly within the immigration   department. Affected by rising prices, property scarcity, and a general increase in the cost of living, the Australian government has implemented several changes aimed at ensuring the wellbeing of its people while fostering national progress. In this article, we will explore these changes and their impact on business owners looking to settle in Australia.


The End of Business and Investor Visas

For many years, wealthy investors and experienced business owners have utilised the Business Innovation and Investment (BIIP) 188 visa to immigrate to Australia. The BIIP 188 visa included various streams, such as the business innovation stream with investment to operate a new or existing business, often requiring points testing and business experience. In contrast, the investor and significant investor streams required a minimum investment of A$2.5 million and $5 million respectively, but did not mandate points testing or business management experience. The business innovation stream targeted a broader range of business activities and smaller-scale investments, while the investor streams were aimed at high-net-worth individuals making significant financial contributions.


As of early 2024, the Australian government decided to discontinue this visa, citing long-standing concerns about their misuse. Investigations revealed that these schemes were yielding poor economic benefits and were being exploited by corrupt officials to launder money.


Australia’s Strategy: Skilled Visas

To mitigate the impact of discontinuing the BIIP 188 visa, the Australian government is increasing the issuance of Temporary Skill Shortage Visas (subclass 482), commonly known as TSS visas. According to the government, these visas are aimed at individuals capable of making outsized contributions to Australia.


Starting from 23 November 2024, the work experience requirement for the TSS visa will be reduced from two years to one year for all applicants. This strategic shift is intended to attract more skilled workers who are more likely to work their way up from entry-level positions to permanent residency, rather than allowing wealthy individuals to remain in the country for questionable purposes.


TSS visas are more challenging to obtain than the popular work and holiday visas (subclass 417 and 462), as they require applicants to be employed in a profession listed on the government’s annually reviewed skilled occupation list. While the status of work and holiday visas remains unchanged, further updates from the government are anticipated soon.


National Innovation Visa

In the recent federal budget announcement, a new National Innovation visa was introduced to replace the BIIP visa and the Global Talent (subclass 858) visa by late 2024. This visa is tailored for exceptionally skilled migrants who are expected to drive growth in critical sectors of national importance.


The National Innovation visa is anticipated to offer a pathway to permanent residency for high-performing entrepreneurs, global researchers, and significant investors. Although specific requirements have not been finalised, the application process is likely to be rigorous. Potential aspects may include thorough evaluations of applicants' potential contributions to Australia, provisions for monitoring and possible visa cancellation if conditions are not met, and an emphasis on non-financial criteria such as business acumen, connections to Australia, and a track record of innovation.


While details such as eligibility criteria and the exact application process remain undisclosed, there is speculation that the National Innovation visa could incorporate elements similar to those found in the current BIIP and Global Talent visas.


Conclusion

The changes in Australia’s immigration policies reflect the government’s efforts to address economic and social challenges while fostering a more inclusive and sustainable future. Business owners and investors looking to make Australia their new home will need to navigate these new regulations and explore alternative pathways to residency.


At CJM Lawyers, we understand the complexities of Australia's evolving immigration landscape and are here to provide expert guidance tailored to your business needs. Led by Jake Jeong, our seasoned immigration lawyer fluent in three languages, we specialise in assisting business owners looking to relocate and thrive in Australia. Whether you are navigating skilled visa applications, exploring investment opportunities, or seeking clarity on recent policy changes, our team is dedicated to ensuring a smooth and successful transition for you and your business.


To discover more about immigrating to Australia, get in touch with the skilled registered migration lawyers at CJM Lawyers. Schedule a consultation today.


Disclaimer: This article is for general understanding and should not be used as a substitute for professional legal advice. Any reliance on the information is strictly at the user's risk, and there is no intention to create a lawyer-client relationship from this general communication.

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