Is Australia Open for Business and Investment During COVID-19?
Many States and Territories closed their Business Migration Programs in light of the Global Pandemic due to COVID-19
In response to the global pandemic, Australia has closed off its borders and implemented travel ban/restrictions. Businesses across the country are adversely impacted, as well as investors and business migrants.
Furthermore, many States and Territories have also decided to close their Business Migration Program (as shown in the table below), and the Foreign Investment Review Board (FIRB) has announced that all foreign investment (regardless of the amount) will be first subject to screening and approval. Previously, only investment more than AUS$275 million is subject to this approval process.
These responses by FIRB and many States/Territories have consequently made business migrant (or prospective migrant who intends to invest in Australia) anxious and nervous. The big question lingers, would it still be possible for them to migrate to Australia.
In many occasions, the Government has said that Australia is open for business, and they encourage investments. We agree with this statement too, regardless of what FIRB and States/Territories Government did. Even when the pandemic curve flattens and when it ends, Australia will need investments to revive its economy.
| Subclass 188 | Subclass 132 | |
|---|---|---|
| Australian Capital Territory | Closed - until July 2020 | Closed - until July 2020 |
| New South Wales | Closed - until July 2020 | Closed - until July 2020 |
| Victoria | Closed - until July 2020 | Closed - until July 2020 |
| Queensland | Closed - until July 2020 | Closed - until July 2020 |
| Western Australia | Open | Open |
| South Australia | Closed - until July 2020 | Closed - until July 2020 |
| Tasmania | Open | Open |
| Northern Territory | Open | Open |
What Should You Do?
Don’t delay, as Warren Buffet once said: “Be fearful when others are greedy, and be greedy when others are fearful”. While many people and investors are fearful of this crisis, this is also your opportunity to be ahead in line and start preparing your case now.
If you intend to migrate to Australia via Business Migration Program, our advice is to TAKE ACTION NOW. When those doors are open again, you will then be the first in line. You will not have time if you are unprepared. Those quotas for business visas will go up so quickly and you will miss out. Only those who prepares from now will have the upper hand.
How Can Agape Henry Crux Help
Contact us to secure an appointment to discuss your circumstances. We have formed a Special COVID-19 Taskforce to help our clients battle through and find solutions during this Pandemic. Our team is equipped and trained to advise you on across a wide range of issues you may be encountering.
We speak fluent English, Korean, Burmese, Mandarin, Cantonese, Indonesian and Malay. If these aren’t your language, we can also help you arrange an interpreter.