In the wake of the controversy surrounding the 457 migrant visa, the Australian government has been looking at new visa types to encourage business from overseas.
One possible solution that was suggested as a solution was the significant investor visa which was launched back in November to help foreign backers put money back into the Australian economy.
After 200 initial applications for the new Business 188 visa, the first application was officially granted to a Chinese toy maker earlier this week.
The Chinese investor is expected to base themselves in Victoria for at least the next 4 years and pump a minimum of $5 million back into the economy following their nomination from the state government.
To even be considered for the investor visa, backers will need to prove that they are able to invest $5m for a sustained period of four years. Not only that, but the applicants need to show a successful track record in their business habits in their home countries.
With the first visa being granted, it has been hailed as a major step forward for investing into the Australian market. This was emphasised by the Minister for Immigration and Migration Brendan O’Connor who stated that “significant investors bring with them their skills in business, their links to international markets and additional capital for investment in other projects in Australia that interest them.”
Investors will have a wide range of options to have a say where they invest their money in with there being added flexibility as to whether someone invest at a local, state or national level into both public and private companies.
As part of the requirements for the visa, it means that the investor does have to spend some time residing in Australia as they would be required to spend at least 160 days living in Australia over the 4 year term.
If need be, investors will be given an option to extend their visa by two years should they feel that they need more time to help see through a project or deadline.
With the first investor visa now being granted, it means that wealthy foreign backers will now be given the chance to help Australian grow even further and help take the economy up to the next level.
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