Migration and Business Expansion Option for Indian Entrepreneurs
The
new Coalition government in Australia feels strongly that the Significant Investment
Visa program rules are poorly targeted and application processing is slow and
arduous.
Based
on the these complaints, Australia’s Immigration Minister Scott
Morrison on Oct 21st said the Significant Investor Visa program will
be considerably modified, to attract capital investments for small and medium
businesses and entrepreneurial start-ups in the country.
Australia
is all set to revamp its Significant Investor Visa program in an effort to
boost capital investments into the country. With the program,
aimed to bring in substantial new investments into innovation sector, it could
be an ideal option for Indian entrepreneurial and small businessmen seeking to expand
business and migrate.
The
Significant Investor Visa program was introduced last November as a new stream under
the Business Innovation and Investment (Provisional) (Subclass 188) visa and
the Business Innovation and Investment (Permanent) (Subclass 888) visa. Its
purpose is to boost investments into the Australian economy and to effectively
attract high net worth individuals seeking investment related migration.
Under
its provisions, those seeking permanent migration to Australia are required to
make an investment of AUD 5 million for a minimum of four years before being
eligible to apply for a permanent visa.
The Significant
Investor Visa program has already attracted a potential pipeline of more than
$2 billion investors into Australia.
Experts
feel that the investment provisions under the present program are confusing and
are open to exploitation. Often investors park their money in managed fund with
no direct benefit for the community. Fears have also been expressed that
investments under the present scheme lead to distortion in the real estate
market.
The government is looking to modify the investment criteria
under the program to make it more flexible and ensure that capital is attracted
for innovation-driven start-ups and the small and medium business sector.
Suitable for
Indian entrepreneurs seeking to expand and migrate
Since its implementation, the Significant Investor Visa program has
received an overwhelming interest among Asian applicants particularly Chinese.
However, with the modifications, the Australian government is seeking to
further expand its footprints in other large Asian economies like India,
Indonesia and Malaysia. The target will be to attract investors who would
otherwise pick western cities particularly in UK or North America for
migration.
Importantly for potential Indian migrants, Australia’s attempt
with the program is to attract investors with a keen interest in innovation in
the small and medium businesses and entrepreneurial start-ups.
In India, economic reforms over the past two decades, has
created new wealth opportunities for entrepreneurs in high innovation and
growth sectors such as IT, bio-technology and research-intensive businesses.
Having achieved the thrust, these businesses, are now seeking to expand
operations into new markets and countries and Australia’s Significant Investor Visa provides an ideal opportunity for Indian entrepreneurs to look at
investment opportunities Down Under.
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