It is said that on average, migrants contribute twice as much to Australian entrepreneurship as native-born citizens. But immigrants don’t just create more businesses, they’re creating more successful ones.
The economic impact of migration flows through into every aspect of the economy. It has a profound positive impact not just on population growth but also on labour participation and employment, on wages and incomes, on our national skills base and on net productivity. With migration, Australia’s population in 2050 is expected to be 38 million. This population increase adds economic gains in and of itself.
Business skills migration (BIIP: Business Innovation and Investment Program) encourages successful business people to settle in Australia and develop new business opportunities. State and territory governments sponsor migrants under the BIIP program with the intention to encourage skilled entrants to set up businesses in regional, rural or low growth areas of Australia.
Based on the federal budget announced on 6 October 2020, it is expected that the focus of the government’s strategy in business migration is to increase each state’s share of the skilled entrants to set up businesses that bring most economic benefits to the respective states. With migration targets to encourage funds transfer and investments, together with capital injection into sectors that most need it in the new landscape, local employment is expected to improve across all sectors, helping revive the post-COVID-19 economy.
Business skills migrants from emerging country markets are expected to be prioritised, as are investments into growth sectors including tech innovation, manufacturing, health and medical, transport and logistics and agriculture. Each state has its own priority growth areas and applicants would do well to align their business plans to highlight its commercial benefits to the current Australian economy.
Sellanes Clark & Associates specialise in business migration. To enquire about your BIIP eligibility, click here.