Victoria has introduced a set of new criteria for the Business Talent (Permanent) visa (subclass 132) visa - Significant Business History stream. These apply to all proposed business activities that relate to property development.
- The applicant must have relevant qualifications and experience (for example, architecture, engineering or construction management). Extensive relevant experience may substitute a qualification - this will be considered on a case by case basis;
- The property development activity must align with one of Victoria’s priority sector strategies;
- The minimum A$2 million capital investment must not include land purchase costs;
- The business activity must not be small-scale, project-based property development.
The criteria will help ensure that applications for nomination are of economic benefit to Victoria and will give migrants and agents more clarity around our expectations regarding applications involving property development. This will also hopefully reduce processing times.
The changes do not apply to the Business Innovation and Investment (Provisional) visa (subclass 188).