32 UGLOBAL IMMIGRATION MAGAZINE
benefits of the program to Australia . These changes took effect on July 1 , 2021 .
The temporary visa ( subclass 188 ) now has an increased duration from 4 years 3 months to 5 years , with a minimum period of 3 years required before the application for the permanent residence visa ( subclass 888 ) can be made .
The Business Innovation stream is for applicants who wants to operate a new or existing business in Australia and can demonstrate experience owning and managing a business . The Business Innovation pathway requires a history of owning and managing a business with an annual turnover equivalent of at least AUD 750,000 for any two of the last five fiscal years .
Investor , for applicants who intend to invest AUD 2.5 million in a funds for at least 3 years . The Investor pathway increased from AUD 1.5 million to 2.5 million in July . The previous investment was in a government bond which yielded very low interest , 0 % last year and currently less than 1 %. The new investment must be in a structured fund framework which requires an investment of 20 % in a venture capital and private growth equity fund , 30 % in an emerging company share fund , and the remaining 50 % in a balancing fund .
“ The Investor pathway increased from AUD 1.5 million to 2.5 million in July .
”
Significant Investor , for applicants who intend to invest AUD 5 million in a specific fund framework for a minimum of 3 years .
Entrepreneur , for applicants who intend to carry out an entrepreneurial activity of an innovative nature in Australia . The Entrepreneur pathway will no longer require a AUD 200,000 funding agreement and instead require applicants to receive an endorsement for the planned entrepreneurial activity .
Applicants must be nominated by a state or territory government in Australia and will be required to meet any additional obligations imposed by that state or territory . For the Significant Investor stream , it is also possible to be nominated by a national government agency , Austrade , which is responsible for international trade promotion and investment attraction .
The Premium Investor visa , where investors were required to invest AUD $ 15 million and another business visa scheme under subclass 132 , which previously allowed direct permanent residence applications , have ceased and are no longer available .
KEY REQUIREMENTS OF THE UPDATED PROGRAM IN AUSTRALIA
Business Innovation , for ease of reference this is unofficially referred to as 188A , requires the applicant to own at least one and up to two main businesses with ownership interest of at least 30 % for a private company , or at least 10 % for a public company . The turnover requirement is at least AUD 750,000 for any two of the last four fiscal years . A net asset position including personal and business assets of at least AUD