Acting Minister Tudge has released information on changes to the Business innovation and Investment Program (BIIP) which will come into effect from 1 July 2021.
The new program will be reduced to four instead of nine streams:
- Business Innovation
- Significant Investor
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 abolished.
- 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:
- Premium Investor
- Significant Business History
- Venture Capital Entrepreneur
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