It is common for people to consider immigration for various reasons, such as for a better quality of life or for business or investment. In particular, Australia has been ranked as the number one country in the country that wants to immigrate for a long time because of its beautiful natural environment, affluent living, high educational standards, and safe security.
New Business and Investment Immigration Attraction Act from 2021… Pay close attention to legal requirements
As of January 19, 2021, as the high minimum hourly wage of $19.84 per hour, it is widely known as a country with high pay for work, and immigration based on skills for tribal occupations has garnered much attention. In addition, the fact that there is no inheritance tax and gift tax in Australia is another factor of popularity. The Australian government is also active in attracting immigrants. The Australian Government is running an investment and business immigration program to attract immigrants who can make a significant contribution to the Australian economy, with proven ability to run and invest in business. The top 10 countries for currently issued visas are China, Vietnam, Malaysia, Iran, Hong Kong, South Africa, India, Bangladesh, the UK, and Taiwan.
This year will be a great opportunity for those considering immigration to Australia. In 2021, out of a total of 165,000 permanent resident visas, the Australian government allocated 13,500 positions to immigration based on business and investment, which decreased from 7,260 in 2015 to 6,862 in 2020, a significant increase from the previous year. In addition, business and investment immigration programs have been streamlined from nine to four, increasing the likelihood.
Under the new legislation, temporary residency is issued for five years, of which three years of investment and business are given the opportunity to qualify. Business visas can be extended once for an additional two years if they do not meet the conditions for applying for permanent residence for a period of five years, and two years for high investment immigrants. In addition, different conditions are required for each type.
▲ High investment immigration
If you can afford to invest $5,000,000 (4.25 billion KRW), the general qualification requirements are met. Investments must be made in accordance with immigration law, and must be carried out at the rate specified in all three areas with an investor who meets the conditions.
△10%: Must be invested in a non-listed venture company with a market capitalization of $500,000 (KRW 425 million) and less than $250,000,000 (KRW 225 billion). △30%: The amount of $1,500,000 (1,275 million won) must be invested in companies with a market capitalization of $500,000,000 or less (425 billion won) regardless of whether it is listed or not. △60%: An amount of $3,000,000 (2.55 billion KRW) must be invested, and some of them are held in cash, or bonds and stocks of superior companies with more than $500,000,000 (425 billion KRW) are possible.
After the permanent residency is issued, both principal and profit for the investment can be recovered, and the investment will proceed based on the investment company’s advice, but it is necessary to be careful about excessively aggressive investments.
▲ Small investment immigration
You’ll need to purchase Australian state-issued bonds worth $1,500,000 (1,275 million won) and are scored based on age, English score, degree, business and investment experience, and asset size.
▲ Business immigration
Business visas must be approved by the competent state. In general, the age limit of 55 is also applied, and if you exceed the age of 55, you must prove that there will be a high level of economic contribution in a separate examination. In addition, proving that the assets that can be invested in Australia are more than $1,250,000 (KRW 1,06.2 billion), and proves the business and management capabilities of a business that owns and operates a business that has an annual sales of at least $750,000 (KRW 637.5 million). You also need to do it.
As such, immigration has to go through all legal requirements and procedures that differ from country to country, so the assistance of experts is essential. No matter how well you speak English, it is natural to face difficulties in the immigration process, which requires professional knowledge as well as legal and administrative terms. Visa Plan is an Australian immigration attorney’s office composed of lawyers, and is well known for providing meticulous support for Australian immigration from start to finish.
“Even if you decide to immigrate, there is a high risk of wasting time and money and consuming unnecessary energy if you do not carefully consider strict legal procedures or requirements,” said Hyuk-soo Bae, the representative lawyer of the visa plan. We have the expertise to smoothly solve difficult and complex legal problems.”
Online JoongAng Ilbo