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Business Innovation and Investment Program (BIIP) updates

A new BIIP program will come into effect from 1 July 2021, which includes the interesting changes.

 

The new program will be reduced to four instead of nine streams:

  • Business Innovation
  • Entrepreneur
  • Investor
  • Significant Investor

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 visas

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 visas

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.

Entrepreneur Visas

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:

  • Premium Investor
  • Significant Business History
  • Venture Capital Entrepreneur

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:

  • The number of BIIP visas has almost doubled from 6,862 in 2019-2020 to 13,500 in 2020-2021.
  • For each category there will be a clear path to permanent residence.
  • Holders of temporary visas in all four directions will be able to apply for permanent residence a year earlier
  • All temporary visas will now be valid for five years, which means that applicants will have additional time to meet visa conditions and requirements to apply to permanent residence.
  • There will be further consultations on changes to the Complying Investment Framework in the first half of 2021, to give sufficient time for businesses and investors to adjust.

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