Migration Amendment Regulations 2010 (No. 3)

Link to law: https://www.comlaw.gov.au/Details/F2010L00929

Migration Amendment Regulations 2010 (No. 3)1
Select Legislative Instrument 2010 No. 70
I, QUENTIN BRYCE, Governor-General of the Commonwealth of Australia, acting with the advice of the Federal Executive Council, make the following Regulations under the Migration Act 1958.
Dated 14 April 2010
QUENTIN BRYCE
Governor-General
By Her Excellency’s Command
CHRIS EVANS
Minister for Immigration and Citizenship
1              Name of Regulations
                These Regulations are the Migration Amendment Regulations 2010 (No. 3).
2              Commencement
                These Regulations commence on 19 April 2010.
3              Amendment of Migration Regulations 1994
         (1)   Schedule 1 amends the Migration Regulations 1994.
         (2)   Subject to subregulation (3), the amendments made by Schedule 1 apply in relation to an application for a visa made on or after the day on which these Regulations commence.
         (3)   The amendment made by item [1] of Schedule 1 does not apply in relation to an application for a visa if:
                 (a)     the applicant applies for:
                          (i)     a Business Skills — Established Business (Residence) (Class BH) visa; or
                         (ii)     a Business Skills (Residence) (Class DF) visa, on the basis of seeking to satisfy the primary criteria for the grant of a Subclass 890 (Business Owner) visa or a Subclass 892 (State/Territory Sponsored Business Owner) visa; and
                (b)     the applicant held a temporary visa immediately before the commencement of these Regulations; and
                 (c)     the applicant purchased an ownership interest (within the meaning of the Migration Regulations 1994) in a business in Australia:
                          (i)     before the commencement of these Regulations; and
                         (ii)     while the applicant held the temporary visa.
 
Schedule 1        Amendments
(regulation 3)
 
[1]           Paragraph 1.11 (1) (c)
substitute
                   (c)     the value of the applicant’s ownership interest, or the total value of the ownership interests of the applicant and the applicant’s spouse or de facto partner, in the business is or was:
                              (i)   if the business is operated by a publicly listed company — at least 10% of the total value of the business; or
                             (ii)   if:
                                    (A)   the business is not operated by a publicly listed company; and
                                    (B)   the annual turnover of the business is at least AUD400 000;
                    at least 30% of the total value of the business; or
                            (iii)   if:
                                    (A)   the business is not operated by a publicly listed company; and
                                    (B)   the annual turnover of the business is less than AUD400 000;
                                 at least 51% of the total value of the business; and
[2]           Schedule 2, paragraph 160.214 (1) (a)
omit
AUD500 000; and
insert
AUD800 000; and
[3]           Schedule 2, paragraph 161.213 (1) (a)
omit
AUD500 000; and
insert
AUD800 000; and
[4]           Schedule 2, clause 163.111, except the notes
omit
[5]           Schedule 2, clause 163.212
substitute
163.212      The applicant has, for at least 2 of the 4 fiscal years immediately before the application is made, had an ownership interest in a main business or businesses that had an annual turnover of at least AUD300 000.
[6]           Schedule 2, paragraph 163.213 (1) (a)
omit
AUD250 000
insert
AUD500 000
[7]           Schedule 2, paragraph 164.213 (1) (a)
omit
AUD250 000
insert
AUD500 000
Note
1.       All legislative instruments and compilations are registered on the Federal Register of Legislative Instruments kept under the Legislative Instruments Act 2003. See http://www.frli.gov.au.
 
Read Entire Law on www.comlaw.gov.au