Business Talent (subclass 132) Visa Update: Victoria Will Close New Applications by 1 April 2021
Business Talent (Subclass 132) Visa Update: Victoria Will Close New Applications by 1 April 2021
On 11 March 2021, The Victorian Government announced the Business Talent (subclass 132) Visa applications will close by 1 April 2021. It is following the announcement by The Commonwealth Department of Home Affairs that it will close the Business Talent (Permanent) (subclass 132) visa new applications from 1 July 2021.
How will the announcement affect the visa applicants?
What is Business Talent (subclass 132) Visa?
Business Talent (Permanent) (subclass 132) Visa allows you to establish a new or develop an existing business in Australia. It has two streams, namely the Significant Business History stream and Venture Capital Entrepreneur stream.
By holding this visa, you can stay permanently in Australia while developing your business in Australia. Firstly, to apply for this visa, you need to apply for an Expression of Interest (EOI). Then, you will be able to submit an application for the visa once you have been nominated and invited by an Australian State.
Victoria Business Innovation and Investment Program
Business Talent (Permanent) (subclass 132) Visa is included in the Victoria Business Innovation and Investment Program. The program has been open since 4 January 2021 with 1,350 new spots. The Victorian Government also added some changes to the requirements for visa nominations under this program. The new requirements for businessman/woman and investors are:
- Must create new job opportunities for people in Victoria;
- Must encourage innovation in strategic sectors;
- Must generate forward-looking enterprises using their qualifications in the fields of STEMM (science, technology, engineering, mathematics and medicine).
To get the greatest chance of success, as the visa applicant, you must show how your business can support Victoria’s economic recovery or the Pandemic’s health response.
Read more about COVID-19 Update: Two Visa Program to Reopen in Victoria here.
Update for Victoria Business Talent (subclass 132) Visa Nomination
The Victorian Government announced they are closing the nomination for Business Talent (subclass 132) Visa from 1 April 2021. Following the announcement that all subclasses of Business Talent (subclass 132) Visa will be closed from 1 July 2021.
It is aimed to ensure that all visa applications will be finalised before the visa program is repealed. Please note that the Victorian Government takes three months to process the Business Talent (subclass 132) Visa application. Therefore, if you are seeking a Business Talent (subclass 132) nomination, it is best for you to submit your application as soon as possible, at least by Wednesday, 31 March 2021, at 5 PM AEDT. You can submit your application through the Live in Melbourne Portal.
Find more about Australia’s Business and Investment Visa Changes here.
How will the Update Affect the Visa Applicants?
With the update, you still have one week only to submit your nomination for Victoria visa 132. So, it is best to submit your nomination as soon as possible because visa 132 will be omitted on 1 July 2021. It means submitting the nomination now is the only chance for you to reside in Victoria through the visa 132 program.
However, if you have received a Victorian Government nomination, it is best to continue to process your visa 132 application, as there will be a determined time for you to complete your visa 132 application, the determined time might be up to 60 days.
Still not sure how it will affect you? Speak to us!
We understand tha