132 Visa – Discontinued

The Subclass 132 Business Talent Visa was part of Australia’s Business Innovation and Investment Program (BIIP), designed to attract talented business people and entrepreneurs to Australia. This visa granted permanent residency to those who could establish or invest in a business within the country. The 132 visa had two streams, each tailored to different types of business applicants.

Streams of the 132 Visa

  1. Significant Business History Stream
    This stream was for high-level business owners with a successful track record. Applicants needed to demonstrate:

    • A net business and personal asset value of at least AUD 1.5 million.
    • Ownership and operation of a significant business, with annual turnover exceeding AUD 3 million.
  2. Venture Capital Entrepreneur Stream
    This stream was designed for entrepreneurs who had secured at least AUD 1 million in venture capital funding from an Australian firm to develop high-value business ideas.

Both streams provided a pathway to permanent residency for business owners willing to contribute to the Australian economy through job creation and business innovation.

Visa Discontinuation

The 132 visa has been discontinued, and new applications under this visa subclass are no longer accepted. The discontinuation forms part of broader reforms to Australia’s Business Innovation and Investment Program (BIIP), aiming to streamline migration pathways and focus on higher-impact economic contributors.

What Should Existing 132 Visa Holders Do?

Although the visa is no longer available for new applicants, existing 132 visa holders retain their permanent residency status. Here’s what they should do:

  1. Maintain Business Commitments:
    If you were granted the 132 visa under the Significant Business History stream, you need to ensure that your Australian business remains compliant with the conditions specified when your visa was granted. For the Venture Capital Entrepreneur stream, you should continue to meet any funding or operational commitments.
  2. Monitor Any Policy Changes:
    Stay informed about immigration policies that could affect your status as a permanent resident, especially regarding business obligations.
  3. Pathway to Citizenship:
    Once you meet the residency requirements, you may be eligible to apply for Australian citizenship. Most permanent residents can apply for citizenship after four years of lawful residence in Australia, including at least 12 months as a permanent resident.
  4. Seek Professional Advice:
    If you are unsure about your obligations or need clarification on your next steps, consider consulting a registered migration agent or legal professional for tailored advice.

While the 132 visa may no longer be available for new applicants, existing visa holders can continue enjoying the benefits of permanent residency in Australia, provided they meet their business and investment commitments.