- The program will consist of 4 streams: Business Innovation, Entrepreneur, Investor, and Significant Investor
- Premium Investor, Significant Business History and Venture Capital Entrepreneur streams will be closed
- Validity of provisional visas in all 4 streams will be increased from 51 months to 5 years
- Eligible provisional visa holders will be able to apply for permanent residence after 3 years
- Business assets and annual turnover requirements in Business Innovation stream will be increased to $1.25 million and to $750,000 respectively
- Third-party funding requirement of $200,000 for Entrepreneur stream will be removed
- Entrepreneur stream applicants will need to be endorsed by a State or Territory government
It is expected that there will be further changes to the Complying Investment Framework for the Significant Investor stream. These changes will be announced in the early half of 2021 and will affect investment composition.
Australia is getting significant benefits from business and investor migrants. Based on Significant Investor stream statistics alone, $11.69 billion were invested into the Australian economy since 2012. The top ten nationalities for BIIP visa grants were:
- Hong Kong
- South Africa
- United Kingdom
Since 2014-15 the number of annually allocated places for BIIP was set at 7,260, but in 2019-20 it was reduced to 6,862. However, for the 2020-2021 program year BIIP planning level has doubled to 13,500 places. This increase ensures that BIIP is well-placed to support Australia’s post-COVID-19 economic recovery.
To assess your eligibility for business migration complete Business visa assessment by clicking on the Yellow Pattern Road or using Visa Eligibility Assessment below.