Australian government has announced changes of Business Innovation and Investment Program (BIIP) and this visa will be simplified from nine to four streams and there will be changes to eligibility requirements.
The changes would drive investment in key sectors and create Australian jobs.
Almost $1.3 billion dollars was invested through the Business Innovation and Investment Program last year.
Australia Migration Program for 2020-21 is clearly focussed on job creators, those with key skills and migrants who are going to invest in Australia’s future.
The number of places available in the BIIP has almost doubled from 6862 in 2019-20 to 13,500 places for 2020-2021.
Key changes: (in effect from 1 July 2021)
The program will be simplified from nine to four visa streams:
There will be a clear pathway to permanent residency for each category.
The Premium Investor, Significant Business History and Venture Capital Entrepreneur visas will be closed to new applications from 1 July 2021. Applications already lodged for these visas will still be processed.
Changes to apply for permanent residence
Provisional visa holders in all four streams will be able to apply for permanent residence if they meet the requirements after three years, but the provisional visa will now be valid for five years, meaning they have additional time to meet the requirements.
Changes to Business Innovation and Significant Investor visa
Changes to Business Innovation visa:
The requirements for Business Innovation visa holders will be increased to ensure the program is attracting migrants with proven business skills.
Business Innovation visa holders will be required to hold business assets of $1.25 million (up from $800,000) and have an annual turnover of $750,000 (up from $500,000) to prove their business acumen. These settings have not changed since 2012 when the program was first introduced.
Changes to Entrepreneur visa:
The $200,000 funding threshold required for Entrepreneur visa applicants will be scrapped. Applicants will need to be endorsed by a State or Territory government.
This follows the successful Supporting Innovation in South Australia pilot program and will give states and territories an additional way to attract international entrepreneurs.
The Government will also be consulting widely with industry to inform any further changes to the Complying Investment Framework.
Any changes to the framework will be announced in the early half of next year, with sufficient time for businesses and investors to adjust.
The full media release is available here
For more information regarding changes of Business Innovation and Investment Program (BIIP) and changes to eligibility requirements, please get in touch with our consultant at firstname.lastname@example.org or directly call us at +61 407 048 955.