The Australian Government have reformed the Business Innovation and Investment Program (BIIP) to produce more job opportunities and enhance the key sectors. It is done to improve the economic condition of the country and recover from the present situation that has happened due to the pandemic.
The New Change
Alex Hawke, the minister for Immigration, Migrant Services, Citizenship, and Multicultural Affairs, stated the changes would enhance the investment quality. It will maximize the economic benefits for the entire nation. Since 2012, more than $15.9 billion was invested in the country’s economy, and the new changes are taking effect from the 1st of July. With that, Minister Hawke said, you can see the change in the economy sooner.
Impact of The Deal
Australia has always been a place for investors, and the changes will impact the commercialization of ideas of Australia, emerging enterprises in research and development. Minister Hawke also revealed that the adjustment of investment ratio and increase in the investment thresholds would concentrate more on private growth equity and venture capital. It will support emerging enterprises and innovations in the nation.
Here are a few key changes that will be in effect from the 1st of July this year.
From the 1st of July 2021, the list of CIF ratios will apply to the Significant Investor and Investor streams. They are:
The changes are in accordance with the CIF review and reforms to the BIIP, which the Australian Government started on the 17th of December 2020.
After reviewing the BIIP tool place in 2020, a second-round consultation tool is a place to discuss in order to invest the funds brought by BIIP in the best possible way. Key stakeholders, like the territory and state governments, migration agents, fund managers, commonwealth agencies, gave submissions and attended the roundtable discussions. The feedbacks will be revealed from the 1st of July 2020, and the changes will be introduced besides the BIIP reforms.
Attaining The Requirements
The strong compliance measures will help maintain the integrity of the economic migration program and Australia’s borders. Every visa applicant must meet the character and identity requirements, Australia’s security, and visa stream-specific requirements. If you wish to acquire more information in these matters, contact Registered Migration Agent at ISA Migrations.