Proposed Changes to take effect from 1 July 2021
Certain streams to be abolished from 1 July 2021
The following BIIP streams will be closed to new applications from 1 July 2021 are (pending applications and those lodged before the cut-off date will still be processed):
• Premium Investor
• Significant Business History
• Venture Capital Entrepreneur
This means that effectively, there will no longer be a one-step to PR process under the BIIP.
However, the cap on overall numbers under the BIIP will more than double from 6862 places in 2019-20 to 13,500 places for 2020-2021.
Changes to the remaining 4 substantive streams
• Business Innovation visa holders will be required to hold 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.
• Provisional visa holders in all four streams will be able to apply for permanent residence if they meet the requirements after three years, but the provisional visa will now be valid for five years, meaning they have additional time to meet the requirements
• The $200,000 funding threshold required for Entrepreneur visa applicants will be scrapped. Applicants will need to be endorsed by a State or Territory government. This follows the successful Supporting Innovation in South Australia pilot program and will give states and territories an additional way to attract international entrepreneurs.
• The investment amount for the Investor stream will increase from $1.5 million to $2.5 million
• The investment amount for the Significant Investor stream will remain at $5 million however, the investment mix (aka Complying Investment Framework) will change and include the following tweaks:
– The venture capital and private equity component of the CIF will be increased from 10 to 20 per cent, with a further 30 per cent dedicated to emerging companies.
– The balancing investment component will be reduced from 60 to 50 per cent.
– Funds will be required to provide annual independent audit reports showing their compliance with the CIF.
– The use of Fund of Funds, debentures and derivatives will be clarified in the CIF.
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For more information on this or on any relating issues, contact the migration experts at Sellanes Clark – Lawyers & Immigration Specialists, for all immigration matters.