Business Migration Process

Business Visas Changes

Business Visas Changes

The Business Innovation and Investment Program (BIIP) has been running in its current form since 2012. It is designed to attract migrants who have a proven record of success or talent in innovation, investment or business and are able to engage in business or investment activities in Australia for the benefit of the national economy and workforce. In 2019 the Department of Home Affairs has conducted a review of BIIP with a view to maximise the economic benefits for Australia. Based on the findings of the review and on the feedback received from stakeholders the federal government will be making changes to BIIP that will take effect from 1 July 2021. The number of streams in the program will be reduced from 9 to 4 and there will be changes to the eligibility requirements for Business Innovation and Entrepreneur streams.
Australia Business Visas Changes

Major Changes

  • 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
The proposed changes will come into effect from 1 July 2021. Any business visa applications lodged before that date will not be affected and will still be processed according to current BIIP requirements.

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.

BIIP statistics

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:

  • China
  • Vietnam
  • Malaysia
  • Iran
  • Hong Kong
  • South Africa
  • India
  • Bangladesh
  • United Kingdom
  • Taiwan

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.

Follow the Yellow Pattern Road for a free visa assessment

Follow the Yellow Pattern Road for a free visa assessment