Australian governments, including the various states and territories, continue to welcome business migrants who want to move to Australia to establish and operate a new business or to purchase and operate an existing business. Migration opportunities also exist for people who wish to invest in Government bonds.
Australia's states and territories are competing in a bid to sponsor business people from around the world in an effort to attract investment and suitable migrants to their cities and towns.
Expectations that the global financial crisis would eventually impact severely on Australia have not materialised. Whilst the past year has certainly been slower than normal, all discussion is now on the recovery and growth. With unemployment likely to reach no more than 7%, the Reserve Bank of Australia has started to raise interest rates in the expectation that inflationary pressures will result from the strong growth predicted for 2010.
China and India appear to have escaped the worst of the crisis and this is likely to result in high commodity process again in the near future. This together with the recent significant investment in major resources projects in Western Australia mark renewed confidence in that sector and it appears that this state is once again headed for rapid and strong growth. With mining and construction comes housing and retail expenditure and real opportunities may exist for those wanting to start a small business in WA.
This may make it a good time for potential business migrants to consider a move to Australia.
Many business people from around the world have already taken advantage of the opportunities offered under Australia's business migration programme. A total of 6565 business visas were granted in 2008, a 12.5% increase on the 2007 figure. This is about equal to the number of business visas that can be granted before July 2009 under the recently announced cap. New business visa applications are still being accepted and processed as normal and no limits have been announced for 2010.
Historically the Australian business visa programme has attracted mostly small to medium business people who are seeking better opportunities for themselves and their families in Australia. In recent years the programme has attracted many applicants from countries such as the PRC, Indonesia and South Africa where there has been some political or economic instability and concern for the future.
Australia's business visa programme is targeted at small business owners and senior managers who have a proven track-record of successful business in their country and who have accumulated wealth through their entrepreneurship, which can be invested in Australia.
Successful business applicants need to show that their business has recorded sales of more than AUD$300,000 (LSR 32,000,000) in at least two of the past four fiscal years or that they are a senior manager in a significant business, and that they have at least AUD$250,000 (LSR 26,000,000) in personal and business assets which they are willing and able to transfer to Australia. Business migrants who are over 45 or who do not have a good command of English must be sponsored by a state or territory of Australia.
Despite the global downturn, there are good business opportunities in Australia in many sectors and Australia remains very much open for business. In order to encourage business migrants to establish themselves in their area, some Australian states and territories, including Western Australia, offer incentives and assistance packages to qualifying new migrants and small business owners. Many states and territories offer discounted education for children of business migrants.
A successful business visa applicant will first be granted a temporary visa for four years within which time they must relocate themselves and their families to Australia and establish their business in the sponsoring state. Provided the relevant requirements are satisfied during this time, the person can apply for a permanent visa allowing them and their family to remain in Australia indefinitely. After a time, business visa holder can apply for Australian Citizenship should they want Australian nationality.
The year has also shown increased interest from Sri Lankans wanting to travel to Australia to work. Australian businesses wanting to sponsor skilled workers are able to do so under the 457 visa programme. This programme is widely used with more than 50,000 visas being granted in the past year despite the global financial downturn. With growth on the horizon there have been predictions of severe skills shortages in Australia in the coming years and it is expected that the demand for skilled labour will only increase.
Many Australian employers use the 457 visa system in order to fill labour shortages.
Provided that the Australian business is registered as a sponsor and is willing to pay a market salary, then a skilled worker may be able to obtain a visa for up to four years (renewable) for themselves and their family. Australian businesses can also sponsor people for permanent residence.
With trade links continuing to grow between Sri Lanka and Australia and given the large numbers of Sri Lankans already living in Australia one can only see demand for migration growing in all areas.
Ron Kessels is an Australian lawyer with Fragomen - the world's largest migration law firm. |
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