The BIIP or Business Innovation and Investment Program currently has nine streams and three visas for applicants who carry a record of talent or success in the area of business, modification, and finance. These streams will become four from nine, which includes the Significant Investor, Entrepreneur, Business Innovation, and Investor. They are a part of the most advanced visa reforms of Morrison’s Government.
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These visa reforms will help in sustaining foreign financing, which is critical towards the nation’s budgetary improvement. It’s because Australia is currently on the path to shake off the influence of the COVID-19 pandemic.
The visa changes also included that the ephemeral visas will be valid for 5-years. It will give all the temporary visa holders the time to meet all the residency specifications.
The BIIP is still on the move in allotting the places for the migration programs. In 2014, the places were set to 7,260, but in 2019-2020, it has seen a decline to 6,862. In early October, the numbers were doubled to a whopping 13,500. Its’ because of the increasing demand for the visas and the current program year. Mark Glazbrook, an Adelaide-based migrant agent claimed that the demand for visas has increased. Along with the accumulation that was 23,000 applications as of June 30th, 2019. For such reasons, the Australian government had to reconstruct the entire policy. There are several ways through which an accumulation can be cleared. Look below!
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Mr Mark Glazbrook also added that the overhaul will be high-beneficial for the government as they can reboot their business programs. But it will not reflect the requirements of regional Australia. He also said that business migrants are only approaching the big cities with the biggest economy. But the low or regional populated areas where there are plenty of business possibilities to purchase and start a brand-new business.
Mr Glazbrook believes that it’s a shame that the government and immigration department has neglected the benefits of regional Australia, even when they are reconstructing the entire program. For more news and updates on this particular topic, Migration Expert at ISA Migrations will be there to help.