Business Innovation and Investment Program changes announced
Updated: Dec 18, 2020
Information on changes to the Business innovation and Investment Program that will come into effect from 1 July 2021 was announced by Acting Minister Tudge
The new program will be reduced to four instead of nine streams:
Changes to these streams include:
The provisional visas will now be valid for five years with provisional visa holders in all four streams able to apply for permanent residence if they meet the requirements after three years.
There will be a clear path to permanent residency or each category.
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.
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.
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.
Streams closing 1 July 2021
The following BIIP streams will be closed for new applications from 1 July 2021 are:
Significant Business History
Venture Capital Entrepreneur
These changes may impact different groups of people in different ways
For those that currently hold 188 visas and are looking to apply for subclass 888 visas we are yet to learn of whether any grandfathering type arrangement will exist for you. Logic would indicated that this should be the case however once further news comes to hand we will update the MigrationBuro website.
For those who have lodged visas, the changes are unlikely to impact your pending 188 application. We do not know how these changes will impact the subclass 888 permanent stage and whether grandfathering will also apply.
For those who are in the early stages of getting yourself ready to lodge an EOI and visa, the higher hurdle amounts may unfortunately impact you negatively unless you are invited and applied for prior to 1 July 2021.
If you want to find out if you qualify for Business Skill visa please contact me for an assessment and get you one step closer to your Australian Business Skilled Visa.