The following amendments will be implemented by DIAC on 19 April 2010 and will apply to new applications lodged on or after 19 April 2010. Applications lodged with DIAC before this date will not be affected by the amendments.
The Amendments include an increase in the minimum net business and personal assets required for the 163 and 164 provisional Business Skills visas. The increase will be from A$250 000 to A$500 000 in addition to assets that the specific State/Territory government sponsor considers adequate to settle in Australia.
The ownership requirement of all business owner visas (including subclass 132 and 892) will be increased from 10% to:
· 51% where the business turnover is less than A$400 000;
· 30% where the business turnover is A$400 000 or more; or
· 10% where the business is a publicly listed company.
The senior manager provision will be removed from the Subclass 163 visa.
Please contact us to discuss how these changes may impact your application.
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