Upcoming Australia Immigration Changes 2021- Business And Investment Visa By Migration Agent In Sydney

Business Investment and Innovation program changes announced:

To maximize the economic benefits for Australia, The Morrison Government is reforming business and investor visas.

The Business Innovation and Investment Program (BIIP) will be changed to eligibility requirements and will be simplified from nine to four streams. The number of places available in the BIIP has almost doubled to 13,500 places for 2020-2021 from 6862 in 2019-20. Migration agency in Sydney will guide you for Upcoming Australia immigration changes 2021- Business and investment visa.

To the below four stream the new program will be reduced:

• Business Innovation 
• Investor
• Entrepreneur
• Significant Investor 

Changes to these streams are: 

• If the provisional visa holders meet the requirements after 3 years, but now the visa will be valid for 5 years, they will be able to apply for permanent residence in all four streams, meaning to meet the requirements they have additional time.
• To permanent residency or each category there will be a clear path.
• To inform any further changes to the complying Investment Framework the Government will also be consulting widely with industry. Any changes to the framework with sufficient time for businesses and investors to adjust will be announced in the early half of next year.

Business Innovation visas:

• If they do not meet the business and residence thresholds in the required timeframe, Business Innovation and Significant Investor visa holders will also continue to be able to extend their provisional visas.
• Provided Business Innovation provisional visa holders demonstrate a realistic commitment in Australia for the previous two years to manage a business that has been actively operating can apply for a two year extension.
• To ensure the program is attracting migrants with proven business skills, the requirements for Business Innovation visa holders will be increased. Business Innovation visa holders will be required to have an annual turnover of $ 750,000 ( up from $500,000) and hold Business and personal assets of $1.25 million (up from $ 800,000). Immigration agent in Sydney will guide you for Upcoming Australia immigration changes 2021- Business and investment visa.

Significant Investor visas:

• If they do not meet the business and residence thresholds in the required timeframe, Significant Investor visa holders will also continue to be able to extend their provisional visas.
• Provided they continue to maintain their complying significant investment, Significant Investor provisional visa holders can apply for two, two-year extensions (2×2).

Entrepreneur Visas:

• Entrepreneur visa applicants will be scrapped, The $200,000 funding threshold required.
• By a State or Territory government applicant will need to be endorsed. This follows will give states and territories an additional way to attract international entrepreneurs and the successful Supporting Innovation in South Australia pilot program. Migration agent in Sydney will guide you for Upcoming Australia immigration changes 2021- Business and investment visa.

Streams closing 1 July 2021:

The applications already lodged for these visas will still be processed and the following BIIP stream will be closed for new application from 1 July 2021 are 

• Significant Business History 
• Venture Capital Entrepreneur
• Premium Investor