Australian BIIP visa gets new changes for better investment

Australia changes BIIP visa

Australia’s BIIP visa is what allows an immigrant to own and run a business in Australia. It helps one to make an investment and do business in Australia or conduct an entrepreneurial activity in Australia. This investor visa Australia offers is a potential pathway for prospective businessmen to invest in the country.

The BIIP has 3 types of visas and 9 streams of immigration applicants with a demonstrated history of success or talent in innovation, business, and investment.

Now, in a major change, 9 streams have been reduced to 4 streams. This is done as part of the Australian government’s plan to improve foreign investments that are essential for the economic revival of the country. This becomes very necessary as it’s the way for the country to nullify the impact of the COVID-19 pandemic.

Under the new arrangement, there will be 4 streams of the entrepreneur visa Australia offers, namely:

  • Investor
  • Entrepreneur
  • Business Innovation
  • Significant Investor

The reduction of streams will take effect from July 1, 2021. The streamlining of the BIIP is expected to maximize the contribution foreign investors make economically. That will ensure that Australians will get the best out of the program.

Changes in BIIP requirements

  • BIIP visa holders will need to hold business assets worth $1.25 million. They will also need to have an annual turnover of $750,000.
  • The $200,000 threshold for funding Entrepreneur visa applicants’ needs will be scrapped from July 2021.
  • From July 1, 2021, new applications to Significant Business History, Premium Investor, and Venture Capital Entrepreneur visas will be closed.
  • Provisional visas will now be of 5-year validity. This will give applicants more time to meet the requirements of residency.

The limiting of new applications has also been done to clear backlogged visa applications.

If you are looking to Study, Work, Visit, Invest or Migrate to Australia, talk to Y-Axis, the World’s No.1 Immigration & Visa Company.

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Anshul Singhal

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