Australia still open for business

Despite the current financial troubles plaguing the world, the Australian Government continues 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.

At the same time the Australian Government has been at pains to stress the importance it places on small business in Australia and has rewarded the sector with significant tax relief. On March 28, 2009, the Australian Government announced more than AUD720 million (LSR 23 billion) of cash-flow relief and further initiatives to support small businesses are expected in the May budget.

Although the business world has been pessimistic about the impact of the global financial crisis, Australia has been better positioned than most countries to weather the storm. A survey was conducted by the Small Business Development Corporation of small business sentiment in Western Australia. "There is more optimism within the small business sector than media reports would have us believe", SBDC Managing Director Stephen Moir said when the results of the survey were released.

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 program. A total of 6565 business visas were granted in 2008, a 12.5 percent 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. It is not clear what effect the global downturn will have on demand for these visas and whether the caps for the 2009 year will have an effect on processing times in the future. There would appear to be little reason for the Australian Government to place significant limits on the number of business visas in the future - business migrants create job opportunities in Australia rather than reduce them.

Historically, the Australian business visa program has attracted mostly small to medium business people who are seeking better opportunities for themselves and their families in Australia. In recent years the program 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 program 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 27,000,000) in at least two of the past four fiscal years or that they were in senior managerial positions in a significant business, and that they have at least AUD$250,000 (LSR 22,000,000) 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, the business visa holder can apply for Australian Citizenship should they want Australian nationality.

If you are thinking about migrating to Australia, the time might be now!