INVESTMENTS & MIGRATION IN AUSTRALIA - IMPORTANT CHANGES IN 2023

Investing in Australian business immigration (visa 188/888) is a fairly open path. For Vietnamese people, this is the type of investment that helps them realize the dream of settling down in one of the most developed countries in the world. Join SunValue to learn about Australian business immigration investment and changes in the fiscal year 2023.

The situation of investment in Australia for Vietnamese businessmen

The most explosive period of the Australian business immigration investment movement in Vietnam started in 2012 and continues to this day. According to statistics from the Australian Department of Immigration, in 2012 there were 61 applicants from Vietnam. This number increases every year and by 2015 there were 299 applicants. Especially in 2017, this number increased by a record 716 applicants. This shows that the attraction of the Australian business immigration program is growing.

However, a large number of applications does not mean more cases are received. Out of 61 cases in 2012, only 9 were successful. And this number in 2017 is also just under 50%.

Under Australian immigration law, applicants must meet a minimum of the following requirements to be considered successful:

• Score at least 65 points on the Australian Migration Scale.
• Proof of finances and net assets owned.
• Own a large asset to secure a business investment in Australia.

Changes when investing in Australia as an entrepreneur

Since the end of 2021, the Australian business immigration investment situation has changed a lot. Among them, most aim to tighten and improve the evaluation criteria.

• Closing Visa 188D, 132A, and 132B: The three types of visas 188D, 132A, and 132B will be closed from July 1, 2021. Among the business immigrant visa categories, 188A, 188B, 188C and 188E are still open.
• Changes of visa 188A: Increase investment capital from 800,000 AUD to 1.25 million AUD. The minimum annual turnover increased from 500,000AUD to 750,000AUD.
• Changes of 188B visa: Increase investment capital from AUD 1.5 million to AUD 2.5 million.
• Change in the allocation of investment categories 188B and 188C: 20% to investment fund + 30% to potential new development + 50% to balanced investment strategy.
• Reduced time to upgrade 888B and 888C: If you are eligible to upgrade 888B from 188B and 888C from 188C, entrepreneurs can do it right away in year 3. As before, you have to wait up to a minimum of 4 years.

Nearly 50% of Australias top CEOs come under immigration status

According to a survey report by Apollo Communications in 2019, 24 of the 50 most successful CEOs in Australia are immigrants. Among them, the majority of cases come to Australia under the immigration investment category. This shows the attractiveness of Australia as well as the development opportunities for foreigners who want to live and work here.

Compared to the US, out of the 100 most successful CEOs, there are only 15 immigration cases. This shows the success rate of immigrants in both countries. However, becoming a successful CEO in Australia is not an easy thing.

Investment visa quota in the fiscal year 2023

In the fiscal year 2023, the visa quota and the collection target for Australian immigration investment applications are both adjusted down. This is the second time Australia has cut its investment visa quota since 2021.

• 2021: Target 13,500 applications.
• In 2022: The target is only 9,500 applications.
• Q2 2022: The Australian government continues to cut the target to only 5,000 applications.

The Australian government explained that the reason for the reduction came from wanting to give priority to skilled visas. In the context of a shortage of skilled labor force, the recruitment of workers is more necessary than for entrepreneurs. Another factor mentioned is the focus on processing backlogs.

Good time for Vietnamese investors to come to Australia in 2023

According to statistics from the Australian immigration department, with 13,500 targets for 2021 but only 6,860 cases are approved. And with only 5,000 applications coming, the approval rate will be much lower. Therefore, if you are planning to immigrate to Australia, now is the time to do it. We cannot predict whether in the future, the Australian Government will have the next cut or not.

Investing in Australia as an entrepreneur is one of the best choices today. However, the road ahead is becoming much more arduous. Please contact SunValue for advice on financial services to settle in Australia right away!

PROFESSIONAL SERVICES OF FINANCE FOREIGN IMMIGRATION

Financial records will show monthly, quarterly, and annual income. It is also the source of accumulation to form finance when settling down, usually real estate, movables, savings books, payroll, shares, shares, business capital contributions... Prove to be the owner-owning businesses, private companies, and individual business households. In addition, you can prove finance from property rental activities, income from agriculture, forestry, fishery ...