Australia is one of the top destinations for business migration. Australia offers numerous benefits to investors and entrepreneurs who are interested in establishing their business operations in the country, and has a strong migration program to welcome business migration to Australia from around the world.
Australia has a stable and robust economy, which appeals strongly to potential business migrants. The consistently growing economy leads to a well-developed financial plan, which provides investors and entrepreneurs with a solid foundation in which their businesses can thrive. The Australian government also encourages innovation and entrepreneurship, and provides freedom for business migrants to establish their operations in Australia.
Australia also has a very capable workforce consisting of local talents as well as skilled migrants from all over the world. This makes it easier for business migrants to find employees to ensure a smooth running of their business. Moreover, establishing businesses in Australia means having access to the ever-growing markets in the Asia-Pacific region, thanks to Australia’s strategic location. Other benefits including strong government support, a high standard of life, globally renowned educational and medical facilities, and a strong infrastructure makes Australia a leading destination for business migration.
Different business visas to Australia have different financial requirements. If you are looking to apply for business migration to Australia from Bangladesh, here are the finances required for some of the most popular business visas to Australia:
Business Innovation and Investment (Provisional) visa (subclass 188)
The Business Innovation and Investment (Provisional) visa (subclass 188) allows business migrants to own and manage a business in Australia, conduct their business and investment activities in the country or take on an entrepreneurial activity in Australia. This is a temporary business visa that leads to permanent residency in Australia. There are several streams under this visa for applicants looking to apply for business migration to Australia from Bangladesh. Each stream has its own financial requirement.
1. Business Innovation stream
This stream of the subclass 188 visa (188A) is for business migrants who want to operate a new or existing business in Australia. Applying for business migration to Australia from Bangladesh with the subclass 188A visa will also let you bring eligible family members with you to the country.
You need to be invited by the Australian government to apply for this visa. The financial requirement of the subclass 188A visa require you, your partner, or you and your partner together to have total net business and personal assets of at least:
- AUD 1.25 million if you were invited to apply for this visa on or after 1 July 2021
- AUD 800,000 if you were invited to apply for this visa before 1 July 2021.
You must also meet some business ownership requirements for this visa.
For 2 out of the 4 fiscal years immediately before you are invited to apply, you must have had an ownership stake in a business that had at least:
- AUD 500,000 turnover in each of those 2 years if you were invited to apply before 1 July 2021
- AUD 750,000 turnover in each of those 2 years if you were invited to apply on or after 1 July 2021.
You also must own at least:
- 51% of the total value of the business if the turnover is less than AUD 400,000 per year; or
- 30% of the total value of the business if the turnover is AUD 400,000 or more per year; or
- 10% of the total value of the business if it is operated by a publicly listed company.
The application cost for this visa is AUD 6,270.
2. Investor stream
The Investor stream of the subclass 188 visa (188B) allows you to carry out business or investment activities in Australia. You can also bring eligible relatives with you when you apply for business migration to Australia from Bangladesh with the subclass 188B visa.
You need to be nominated by a State or Territory government agency to be able to apply for this visa. Financial requirements for this visa include investing at least AUD 2.5 million in Australian investments.
For at least 1 of the 5 fiscal years immediately before you are invited to apply, you must have directly managed eligible investments of at least:
- AUD 2.5 million owned by you, your partner, or you and your partner combined, if invited on or after 1 July 2021; or
- AUD 1.5 million owned by you, your partner, or you and your partner combined, if invited before 1 July 2021.
The application cost for this visa is AUD 6,270.
3. Significant Investor stream
The Significant Investor stream of the subclass 188 visa (188C) allows you to carry out investment activities in Australia. You need to be nominated by an Australian State or Territory government to be able to apply for this visa.
To be invited to apply for business migration to Australia from Bangladesh with the subclass 188C visa, you must be able to invest at least AUD 5 million.
The application cost for this visa is AUD 9,195.
Business Innovation and Investment (Permanent) visa (subclass 888)
This visa is for investors and entrepreneurs who already hold a subclass 188 visa and wish to continue their business operations in Australia permanently. This visa grants business migrants to Australia from Bangladesh and their family members Australian PR.
There are several streams under this visa, such as:
1. Business Innovation stream
This visa is for business migrants who already hold the subclass 188 visa in the Business Innovation stream (188A). Holders of this visa can live in Australia permanently with their eligible relatives.
Financial requirements of this visa include having an annual business turnover of AUD 300,000 in the 12 months immediately preceding the application date.
The application cost for this visa is AUD 3,025.
2. Investor stream
This visa allows subclass 188 visa holders under the Investor stream (188B) to continue their investment activities in Australia permanently. Holders of this visa and their family members are granted Australian PR.
Financial requirements for this visa include holding a designated investment of AUD 1.5 million for:
- 4 years if the provisional visa (subclass 188B) was granted on or after 1 July 2015; or
- 3 years and 11 months if the provisional visa (subclass 188B) was granted before 1 July 2015.
The application cost for this visa is AUD 3,025.
3. Significant Investor stream
This visa also lets holders of the Significant Investor stream of the subclass 188 visa (188C) continue their investment activities in Australia permanently.
To qualify for this visa, business migrants must have held the complying significant investment of AUD 5 million for the provisional subclass 188 visa (188C).
Conclusion
The application cost for this visa is AUD 3,025.In conclusion, business migration to Australia is an exciting opportunity for ambitious entrepreneurs and investors. With thorough financial planning, understanding of legal requirements, and careful business selection, you can make your dreams a reality Down Under.
