❓ Hon. Kate Doust questions the impact of the Small Business Development Corporation's business migration program on local investors and regional development. The Attorney General, representing the Minister for Small Business, responds by highlighting the program's economic benefits and lack of direct financial support.
AnsweredQoN 1439Legislative Council
QuestionView source ↗
SMALL BUSINESS
DEVELOPMENT CORPORATION — BUSINESS MIGRATION
1439. Hon KATE DOUST to the
Attorney General representing the Minister for Small Business:
I refer to small
business services on pages 10, 25, 26 and 98 of the Small Business Development
Corporation's ''Annual Report 2013–14'' where it
states that business migration is a desired outcome. It is clear throughout the
report that this refers to encouraging overseas investors to purchase small
businesses in Western Australia.
(1) Can the Minister for Small Business tell
us what effect this policy will have on the cost of purchasing an existing
small business or the cost of establishing a small business for local
investors?
(2) Are these investors being encouraged to
set up small businesses in remote and regional areas to provide better
services?
(3) Are these investors being permitted to
set up, with WA government support, in direct competition with local small
business owners?
DEVELOPMENT CORPORATION — BUSINESS MIGRATION
1439. Hon KATE DOUST to the
Attorney General representing the Minister for Small Business:
I refer to small
business services on pages 10, 25, 26 and 98 of the Small Business Development
Corporation's ''Annual Report 2013–14'' where it
states that business migration is a desired outcome. It is clear throughout the
report that this refers to encouraging overseas investors to purchase small
businesses in Western Australia.
(1) Can the Minister for Small Business tell
us what effect this policy will have on the cost of purchasing an existing
small business or the cost of establishing a small business for local
investors?
(2) Are these investors being encouraged to
set up small businesses in remote and regional areas to provide better
services?
(3) Are these investors being permitted to
set up, with WA government support, in direct competition with local small
business owners?
AnswerView source ↗
On behalf of the
Minister for Small Business, I thank the honourable member for some notice of
the question.
(1) The business migration program has been
in existence for at least 20 years and is a successful investment attraction
initiative for Western Australia. Business migrants make a significant
contribution to the state's economic prosperity by being a leading
source of new capital investment, business establishment, export income and
employment generation. It is anticipated that total capital inflow from the
business migration program in WA this past financial year will increase to
almost $260 million, with the creation of more than 250 jobs. There is no
evidence that the business migration program has any direct impact on the cost
of purchasing or establishing a small business. To the contrary, it is a source
of new investment capital and buyers for local business owners wishing to
expand or sell their businesses.
(2) The state's policy for the
subclass 132 business visa provides an incentive for migrants considering
regional locations by offering lower investment thresholds in order to qualify
for state government nomination.
(3) The state government does not provide any
financial support to business migrants at any time during their migration
process. All business migrants are expected to invest their own funds once they
qualify for a business visa.
Minister for Small Business, I thank the honourable member for some notice of
the question.
(1) The business migration program has been
in existence for at least 20 years and is a successful investment attraction
initiative for Western Australia. Business migrants make a significant
contribution to the state's economic prosperity by being a leading
source of new capital investment, business establishment, export income and
employment generation. It is anticipated that total capital inflow from the
business migration program in WA this past financial year will increase to
almost $260 million, with the creation of more than 250 jobs. There is no
evidence that the business migration program has any direct impact on the cost
of purchasing or establishing a small business. To the contrary, it is a source
of new investment capital and buyers for local business owners wishing to
expand or sell their businesses.
(2) The state's policy for the
subclass 132 business visa provides an incentive for migrants considering
regional locations by offering lower investment thresholds in order to qualify
for state government nomination.
(3) The state government does not provide any
financial support to business migrants at any time during their migration
process. All business migrants are expected to invest their own funds once they
qualify for a business visa.
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