Business Visa update (New South Wales) - subclass 132 & subclass 405 visas

NSW Trade and Investment has updated the NSW guidelines for the State nominated Business Talent (Significant Business History) Subclass 132 and the Investor Retirement (Temporary) Subclass 405 to try and provide more streamlined processing, remove unnecessary restrictions and encourage investment in NSW. The application process will be going online from 1 July 2014.

Changes to the Subclass 132 include:

• Removing the requirement to visit NSW and be interviewed before applying;


• Reducing the four million dollar annual business turnover to three million; 


• Reducing the three million business investment to 1.5 million for Sydney and one million for regional areas;


• Lowering the transfer of funds requirement to three million for Sydney and two million for regional NSW areas.

Changes to the Subclass 405 include:

• Removal of requirement to provide evidence of successful business or investment career;


• Removal of commitment to invest in a NSW business;


• Removal of visit to NSW;


• Changes to working conditions to 40 hours per week;


• If applying for a further Investor retirement visa, evidence of investment activity in NSW during previous four years is required, but is no longer tied to the investment from the previous 405.

This visa can be used as an alternative to a Parent Visa where the balance of family test cannot be met.

Please contact Nevett Ford Lawyers (Melbourne) to speak to one of our 5 dedicated and experienced immigration lawyers if you require advice and assistance by telephone: 03 9614 7111 or by email at: rcurtisgriffiths@nevettford.com.au.

Legal advice and assistance is highly recommended.