Business Innovation and Investment program changes, as of July 1st, 2021
The new and streamlined business visa legislation has officially come into effect on 1st July. The changes were introduced to support Australia’s post-COVID-19 economic recovery by maximising its economic contribution.
Whilst there is no longer a direct permanent pathway, the temporary visas will now be granted for 5 years, and visa holders will be eligible for permanent residency after 3 years, assuming all business and/or investment criteria are met.
Key changes are listed in the table below, and they have also been reflected in the updated points test:
Turnover (Business Innovation)
Net Assets (Business innovation)
Net Assets (Investor)
Net value of Eligible investment managed (Investor)
Pre 1st July 2021
After 1st July
In addition, the complying investment framework for investor stream has been revised. Previously, investor stream visa applicants are only required to make $1.5 million AUD designated investment in a state or territory government bond. With the new requirements, they are now required to invest as below:
- 20% in Venture Capital ($500,000)
- 30% in Emerging Businesses ($750,000)
- Up to 50% balancing investment
These visas will still require nomination from the state/territory government agency. At this stage, Western Australia has not yet opened its nomination program. We will continue to monitor and update you with the latest information. However, given the limited quota, it is still very important for prospect applicants to start early to avoid any delays or last-minute worries. If you would like to find out more about the business visa program, get in touch with our team today.