Covid-19 Concession For Business Visa - Get Information From Immigration Agent In Sydney

The new amendments provide concessions for Subclass 188 (Business Innovation and Investment Provisional visa and Subclass 888 (Business Innovation and Investment Permanent  visa applicant and holders from a provisional visa to a permanent visa to assist those who are on a pathway, who have since been adversely affected by the restrictions imposed and who have demonstrated a commitment to the Australian economy as a response to the COVID-19 pandemic.The amendments provide concessions in relation to visa criteria requiring specified periods of residence,  in relation to application requirements, and specified levels of business and investment activity.if they need more time to establish a qualifying business in Australia, The amendments also permit Subclass 188 visa holders to obtain another Subclass 188 visa. 

This Includes measures as follow:

• ensure that holders and former holders of a Subclass 188 visa as a result of COVID-19 travel restrictions who are not able to meet the Australian residency requirements for a Subclass 888 visa, or who are not able to meet the requirements to hold a visa are still able to apply for and be granted the visa if certain requirements are met;
• as a consequential amendment, in the Significant Investor Extension stream so that applicants who first held a Subclass 188 visa amend the primary criteria for the Subclass 188 visa if they have withdrawn or cancelled investments in accordance with the concession above granted before 1 July 2019 are not prevented from accessing the visa ;
• allow applications when travel was restricted due to the COVID-19 pandemic; for a Subclass 888 visa to be made by a former Subclass 188 visa holder whose visa ceased during a concession period.
• ensure that visa holders under the new arrangements whose visa is subject to a condition requiring them to comply with the condition after withdrawing or cancelling investments to hold an investment throughout the visa period.
• Who held the visa during a concession period, to apply for a Subclass 188 visa in the Business Innovation Extension stream, who held the visa during a concession period, to apply for a Subclass 188 visa in the Business Innovation Extension stream and allow former holders and Subclass 188 visa holders affected by COVID-19 travel restrictions (previously only one visa extension in that stream is available); to apply for up to two Subclass 188 visas in the Business Innovation Extension stream 
• Modify the investment requirements for applicants so that they are able to withdraw or cancel their balancing investment component during a concession period, for applicants for a Subclass 888 visa in the Significant Investor stream who hold or held a Subclass 188 visa granted before 1 July 2019, while maintaining their investment component in emerging and venture capital companies.
• Modify the investment requirements for applicants granted before 1 July 2019 for a Subclass 888 visa in the Investor stream who hold or held a Subclass 188 visa, so that investments can be withdrawn or cancelled where the holder of a Subclass 188 visa in the Investor stream has met the requirement during a concession period to live in Australia for two years.       

These amendments reduce disadvantages faced by who are negatively impacted by the COVID-19 pandemic, Subclass188 visa holders and former visa holders, and Subclass 888 visa applicants, helping to ensure when attracting business and migrants of high economic value that Australia remains competitive in the international market . 

These amendments positively engage the right to work to the extent that they provide access to an additional visa extension for business owners whose business has been negatively affected by the COVID-19 pandemic for business owners whose business has been negatively affected by the COVID-19 pandemicenabling those business owners to continue working and its economic impact. For more information contact IME Advisor - Migration Agent in Sydney

• The amendments made on or after 19 September 2020 for SC 888 apply in relation to a valid visa application made on or after 19 September 2020.
• Changes ensure that a holder who withdraws or cancels part of an investment in accordance with the amendments to regulation 5.19C of a Subclass 188 visa in the Significant Investor stream or the Significant Investor Extension stream, that was granted before 1 July 2019, is not thereby in breach of visa condition 8557 if they withdraw or cancel investments as permitted, which requires the visa holder to continue to hold a significant complying investment for the full visa period