Commonwealth Budget
Post Covid, the Australian Federal Government's recent budget (25 October 2022) provides some clarity around the Government’s commitment to ensuring that Australia has the right skills set to support the economy, drive future growth and support investment. This includes using migration to ease current critical skill and labour shortages.
The Government has committed to attracting up to 195,000 permanent migrants in the current 12 month financial year period. Approximately 90% of the new places are targeted at skilled migrants.
Skilled Migration
The Government's current migration program includes a skilled stream aimed at attracting migrants who will have a positive impact on the Australian economy. In addition, the skilled stream assists in sourcing skills for regions, whilst also promoting regional investment. The various State Governments can also nominate skilled migrants to meet local skill needs.
The Federal Government lists the current skilled occupations under which relevant applicants can apply. The occupation list is broad and includes occupations in several industries. Examples include accountants, actuaries, auditors, various engineers, economists, ICT analysts, software programmers, pharmacists and teachers.
Invest in Australia / Manage a Business / Be an entrepreneur – visa options
There are several visa options for those looking to invest or manage a business in Australia. The Federal Government recently provided States with a total interim allocation of 810 places for the 'Business Innovation and Investment Program' (BIIP) Program.
The visa subclass 188 BIIP Program provides successful applicants with the ability to own and manage a business, conduct investment activity or undertake entrepreneurial activity.
The BIIP visa classes are Business Innovation Stream (188A), Investor Stream (188B), Significant Investor Stream (188C), and Entrepreneur Stream (188E).
BIIP visa applicants need to meet the Federal level requirements in order to achieve State nomination.
State Governments expect the demand for nomination places to be highly competitive. Accordingly, some States have introduced a merit-based application process that aims to deliver the best economic contribution to the relevant jurisdiction.
In brief, States have the discretion to set their eligibility criteria for State nomination within the BIIP program. In addition, each State provides a process for applications to achieve State nomination.
DMAW Lawyers would be pleased to provide further details and/or advice about current programs, including State nomination requirements. Please get in touch with Tom Dachs +61 8 8210 2234 tdachs@dmawlawyers.com.au.
This article provides general commentary only. It is not legal advice. Before acting on the basis of any material contained in this article, seek professional advice.
Tom Dachs would like to thank Mario Pegoli, (corporate adviser and associate in our corporate practice) for his assistance with this article.
https://dmawlawyers.com.au/insights/australia-re-opens-to-investors-and-skilled-migrants
