Visa changes and stringent rules for business migrants to Australia announced

The Australian government recently declared that it is planning to reduce business and visa categories from nine to four, in a bid to aid Australia’s post- COVID-19 economic recovery. The changes will be effectively implemented from July 1, 2021.

Currently, the Business Innovation and Investment Programme (BIIP), consists of three visas and nine streams for applicants who have exhibited a track record of success or acumen in business, investment and innovation. However, these streams will now be scaled down to merely four, namely, Business Innovation, Entrepreneur, Investor, and Significant Investor. This is in tandem with Prime Minister Morrison’s latest visa changes that are desirous of boosting foreign investment, which is imperative to the country’s economic recovery in the aftermath of the pandemic.

Expressing his optimism regarding the changes, Acting Immigration Minister Alan Tudge on December 17 commented that with the reformations in the BIIP, optimization of the economic contribution of crucial investors would be imminent. He further said that the migration programme for the upcoming year is evidently laying emphasis on job creators, those in possession of vital skills and migrants who intend to invest in Australia’s future.

Transformations in visa eligibility criteria

One of the most noteworthy changes has been made to the eligibility requirements for procuring a Business Innovation visa. This visa permits successful applicants to set up a new business venture or run an already existing one in Australia. However, new applicants will find it much more difficult to

prove their business expertise as the eligibility conditions have been made much more stringent. Moreover, following the changes coming into effect, Business Innovation visa holders will have to possess business assets worth $ 1.25 million instead of the hitherto $800,000 and must record a yearly turnover of $750,000 as compared to $500,000 previously.

On the other hand, the minimum $200,000 funding limit which is requisite for Entrepreneur visa applicants will be discontinued from July 2021. Furthermore, new applicants will not be allowed to apply for the Premium Investor, Significant Business History and Venture Capital Entrepreneur visas from the same date. Provisional visas for BIIP migrants who come to Australia will now be valid for five years instead of four thus, giving additional time to fulfill permanent visa requirements.