Business Innovation and Investment Program (BIIP) updates
The new program will be reduced to four instead of nine streams:
The provisional visas will now be valid for five years (4 years currently) with provisional visa holders in all four streams able to apply for permanent residence if they meet the requirements after three years (4 years currently).
Business Innovation visa holders will continue to be able to extend their provisional visas if they do not meet the business and residence thresholds in the required timeframe.
Business Innovation provisional visa holders can apply for a single two-year extension provided they demonstrate a realistic commitment to continuing to manage a business that has been actively operating in Australia for the previous two years.
Business Innovation visa holders will be required to hold increased 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.
Significant Investor visa holders will continue to be able to extend their provisional visas if they do not meet the business and residence thresholds in the required timeframe.
Significant Investor provisional visa holders can apply for two x two- year extensions provided they continue to maintain their complying significant investment.
The $200,000 funding threshold required for Entrepreneur visa applicants will be scrapped.
Entrepreneur visa applicants will need to be endorsed by a State or Territory government.
These innovations follow the successful South Australian Innovation Support Pilot Program and will provide states and territories with an additional way to attract international entrepreneurs.
The following BIIP streams will be closed for new applications from July 1, 2021, however, applications received will be processed:
Obviously, all of the reformation of the Business stream Migration Program is aimed at increasing the economic benefits of Australia. With the new rules, the government plans to stimulate investment in target sectors and direct businesses to create new jobs in Australia.
At first glance, the conditions are complicated, but there are a number of undeniably positive changes that will make the selection more precise and high quality, and the Business Immigration program will be more successful:
Always for you: 15 mins consultations for an express assessment of your chances to migrate to Australia,
as well as individual 60 mins consultations, including possible migration pathways and a strategic roadmap for you and your family.