Australia – Still a destination of choice for successful business migrants

Australia remains a highly-desirable location for business migrants, according to a new study conducted by the Boston Consulting Group.

The Decoding Global Talent report, which involved a survey of 366,139 people across 197 countries, showed that Australia consistently ranks in the top 10 choices for workers looking to migrate overseas.

This is consistent with the most recent data from the Department of Home Affairs confirming that demand for places in Australia’s Business Innovation and Investment Programme (Programme) increased by 74.4% in 2016-17, with 15,781 applications made compared to 9,051 applications made in 2015-16.

The Programme welcomes successful business people to settle in Australia and contribute to the growth of its economy. The structure of the Programme requires prospective migrants to demonstrate that they have a history of success in innovation, investment and business. It also requires them to obtain nomination from an Australian State or Territory Government Agency, and is made up of three visa subclasses:

  • Business Talent (Permanent) Visa (Subclass 132);
  • Business Innovation and Investment (Provisional) Visa (Subclass 188); and
  • Business Innovation and Investment (Permanent) Visa (Subclass 888).

Once the business migrant has entered Australia, they are generally required to hold a provisional visa for a minimum of four years and demonstrate a specified level of business or investment activity before they can apply for permanent residence.

Alternatively, a successful business person may apply directly for permanent residency status if they have a high level of business skills or have obtained funding from an Australian venture capital firm.

By increasing the entrepreneurial talent and diversity in business expertise in Australia, the Programme aims to contribute to the growth of the Australian economy by generating employment for local Australian workers, increasing the export of Australian goods and services, introducing new or improved technology, developing links with international markets, and increasing production of goods and services in Australia which in turn increases competition and commercial activity.

If you are a successful business person or otherwise interested in exploring the opportunities for you to migrate to Australia, then please contact us today to discuss your options.

“The content of this publication is for reference purposes only. It is current at the date of publication. This content does not constitute legal advice and should not be relied upon as such. Legal advice about your specific circumstances should always be obtained before taking any action based on this publication.”
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