Introduction to Simplified Scheme of Australian Investment and Business Visa
To make Australia’s economic benefits as high as possible, the Morrison Government is making amendments in investor visas and business. The Business Innovation and Investment Program (BIIP) has been declared. In the BIIP, nine streams will be decreased to four streams now. Moreover, changes will be made to the eligibility requirements. In the year 2019-20, no. of places accessible in BIIP were 6862, 13500 in 2020-21. If you want to know further about the government’s Forthcoming changes in business and investor visas, keep on reading this article to know more about the forthcoming changes in Australia Immigration 2021.
The simplified four streams in the new program are –
- Business Innovation
- Significant investor
The above streams have the following changes WRT the changes in Australia Immigration 2021 –
- In each stream, the temporary visa holders will be apt for applying to permanent residence after satisfying certain needs and conditions after three years. The good thing now is that the temporary visa’s validity is for five years (presently four). So the visa holder some extra time to meet the requirements.
- There will be an understandable path to attain permanent residency.
- The Morrison government will discuss the industry to tell any additional changes to the Complying Investment Framework. The announcement of any changes will be made in the next year, giving the investors and businesses enough time to adapt and adjust.
Different requirements made for three types of visas are given below –
Significant Investors Visas
- The holders of this type of visa are allowed to continue their provisional/temporary visas even when they do not meet the residential and business threshold in the needed time period.
- The visa holders can sustain their complying significant investment by applying for two, two-year extensions (2×2), which are provided to them.
Business Innovation visas:
- The holders of this type of visa are also allowed to continue their provisional/temporary visas even when they do not meet the residential and business threshold in the needed time period.
- The holders can register for a two-year extension to continue to sustain a business in its operating action in Australia for the past two years.
- There will be a rise in the need for business innovation visa holders because it can assure that the program is fascinating and attracting skilled immigrants.
- The funding threshold of $200,000 needed for Entrepreneur visa applicants will be discarded.
- The visa applicants are required to be countersigned or endorsed by a territory or a state government. This comes after the supporting innovation organized in the south Australia pilot program, and territories and states are provided with an additional method to fascinate international entrepreneurs.
The streams of BIIP which are going to be closed for new applications on 1st of July, 2021 are –
- Venture Capital Entrepreneur
- Premium Investor
- Significant Business History
Summing up on Australian Business Visa
The government of Australia will make changes in businesses and investment visas to give maximum benefits to the country’s economy. The changes will make the system better in terms of immigration and finances. The Morrison government is looking forward to a stronger and more suitable Australian immigration system.