Business owners, entrepreneurs and investors will gain access to a longer visa period in Australia and a direct Permanent Residence (PR) pathway following changes to the Business Innovation and Investment Program (BIIP) from 1 July 2021.
The BIIP program targets migrants with a demonstrated history of success or talent in innovation, investment and business and who make a significant contribution to the Australian economy.
As announced in the October Federal Budget, placements for the BIIP almost doubled from 6862 places in 2019-20 to 13,500 places for 2020-21 to support Australia’s COVID-19 economic recovery.
Changes to the BIIP eligibility requirements align with recent stakeholder feedback to the Department of Home Affairs. Here’s what you need to know.
Changes to the Business Innovation and Investment Program (BIIP)
- The new program will be streamlined to four streams:
- Business Innovation
- Entrepreneur
- Investor
- Significant Investor (The Premium Investor, Significant Business History and Venture Capital Entrepreneur Visa streams will be closed to new applicants).
- Currently, most BIIP migrants enter Australia on a provisional visa for a minimum of four years and can then apply for PR if they meet certain requirements. From 1 July 2021, the provisional visas for the above streams will be valid for five years, providing additional time to meet the PR requirements.
- BIIP provisional visa holders will be able to apply for PR after three years if they meet the requirements.
- Further consultations to confirm changes to investor requirements, known as the ‘Complying Investment Framework’ are expected in the first half of 2021.
Changes to Business Innovation, Significant Investor and Entrepreneur Visa Streams
The Business Innovation, Significant Investor and Entrepreneur Visa streams will also undergo specific changes from 1 July 2021:
Business Innovation Visas
- Continued flexibility to extend provisional visas.
- The option to apply for a single two-year extension – conditions apply.
- An amended visa requirement 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).
Significant Investor Visas
- Continued flexibility to extend provisional visas.
- The option to apply for two lots of two-year extensions – conditions apply.
Entrepreneur Visas
- Removal of the $200,000 funding threshold.
- A visa requirement to be endorsed by a State or Territory Government.
Interstaff | Over 30 years of Business Visa Experience
We hope these updates are helpful. You may also be interested in our other Australian immigration articles:
Part 1: Federal Budget Insights: The Future of Australia’s Migration Program
Part 2: Critical Work and Compassionate Travel | Migration in the COVID-19 Era
Part 3: Sponsoring Highly Skilled Migrants | The Global Talent Program
Other Insights | COVID-19 Vaccination and International Travel
If you have any queries about your visa circumstances or options, we encourage you to get in touch with Interstaff’s Registered Migration Agents.
Simply contact visas@interstaff.com or +61 8 9221 3388 (or National Free Call 1800 449 858).
Source:
Migration Institute of Australia
