Business Migration Stream – A looming federal election always seems to highlight where the current government and their initiatives are lacking.
The Labor government’s review into Australia’s Migration Program saw many recommendations made in relation to Australia’s migration system. Falling victim to the review was the Business Visa Program.
About the Business Visa Program
The Business Visa Program provided an opportunity for business owners to enter Australia. Generally business owners are not employees and as such usually don’t have the skills that would ordinarily make them eligible for a skilled visa. In addition, as most business owners spend a good deal of their life building their business, they are more likely to be older than the skilled migration program allows.
The Business Visa Program gave business owners with capital behind them the opportunity to apply for a visa. For those that didn’t have the funds, they could start a business utilising the visa streams that were part of the Business Visa Program.
The Business Innovation and Investment Visa (subclass 188) which made up the Business Visa Program included:
– Business Innovation Stream
– Investor Stream
– Significant Investor Stream
– Entrepreneur Stream
What Happened to the Business Visa Program?
The Business Visa Program was closed at the end of July 2024. The review into Australia’s migration program was announced at the end of 2022. There was a big and necessary focus on skilled migration and labour shortages. At the time, the Business Visa Program had little support from the government and there was a lot of negativity aimed at the program. Federal Home Affairs Minister at the time, Clare O’Neill felt that the Business Visa Program didn’t add value to Australia.
Many also believe that at the time, Ms O’Neill was influenced by the publication of the Grattan Institute’s paper which stated several points about the Business Visa Program, including:
– Business migrants pay less tax over their lifetime than skilled migrant workers
– The applicants of these visas generally tend to be older, earning lower incomes yet costing more in healthcare, aged care and pension benefits
– Granting more business visas takes places away from skilled migrants who are more likely to make a larger contribution to the Australian community over their lifetime
This visa was also considered one of the few visas in Australia whereby if applicants had enough money, they could buy their way into the country – a notion that gave this visa a bad rap.
What Are the Ramifications of Australia Not Having a Business Visa Program?
While the federal government may have felt justified in closing the Business Visa Program, it has left a gap in Australia’s Migration Program. Business owners who may not be eligible for the skilled migration program aren’t left with many options with migration agents having to bend over backwards to try to find a way to get them in Australia.
Could The Business Visa Program Make a Comeback?
Opposition leader, Peter Dutton made a comment at a recent Liberal Party fundraiser which suggested the program, in particular, the Significant Investor Stream could see a revival.
‘I think we’ll bring it back. Whether we do it before the election or look at a different design for it – we’ll have to consider all that.’ – [1] Liberal Opposition Leader, Peter Dutton.
Needless to say, this comment has sparked debate on both sides of the issue. We’re sure as campaigning for the next federal election ramps up, more details on the future of the Business Visa Program will be revealed.
If you would like to learn more about immigration, contact the experienced team of registered migration agents at Visa Solutions Australia. Book a consultation.
