DIAC says short-term business visas on the rise

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Created on Wednesday, 15 February 2012 18:05

Written by Editorial staff

The short-term business visa  - subclass 456 - has become something of a hit with international investors and entrepreneurs, with an 11.4 per cent increase in applications during the September quarter in 2011.

This means that of the 881,688 visitor visa applications received by the Department of Immigration and Citizenship (DIAC) during the three-month period, approximately 14 per cent were related to business trips.

Migration visas in the 456 subclass allow international visitors to reside in Australia for a period of three months to perform a range of tasks.

While these include attending seminars, delivering corporate presentations and investigate commercial prospects, they do not cover employment options that could be filled by either Australian citizens or permanent residents.

This exclusion means that it is not just skilled workers who are starting to show an increased interest in commercial opportunities presented by the country's current economic good fortunes.

The combination of a stable financial environment, solid resource projects and non-volatile interest rate make business ventures in Australia an interesting option for those individuals and firms with the capital to investigate their options.

However, these opportunities are not available to all - the comparatively high exchange rate for the Australian dollar means that tourism and hospitality ventures are facing tough times - with demand for holiday visas from Japan, United Kingdom, United States of America, Malaysia and South Korea falling by a combined 4.3 per cent.

This is in contrast with the amount of applications received for the short-term business visas, with the DIAC noting a substantial increase in Chinese applicants - with 20,625 lodged in the three months recorded.

As the immigration department put it, this growing figure is "reflecting [the] strong business ties between China and Australia".

These figures helped to put the total number of lodgements received by the DIAC in the September quarter of 2011 to 62,968 - making it the highest volume of 456 subclass visas issued over the last five years.

In turn, an increase in foreign investment could lead to more immigration visas being issued across the board - as new businesses require additional staff members, who in turn apply to bring over their spouses and family members and - eventually - consider filing for residency.

With grant rates remaining stable at 97.3 per cent over the three-month period, this could be an encouraging sign for both business prospectors and skilled migrants alike.