This visa allows you to live permanently in Australia. In the last twenty-five months, 90% of the applications in this category have completed processing. This visa is a boon for entrepreneurs, investors, and business owners who would like to continue their activity in Australia.
Recently, in July 2021, some changes were introduced to the norms of Australian Visa under Business Innovation and Investor streams. It is imperative for fresh applicants to know these changes in detail and apply accordingly. Starting this year, the BIIP will be simplified to contain only four streams instead of nine streams earlier. There are also some changes in the eligibility requirements. Here’s a look at the changes in four streams and the conditions in each stream –
|188 Visa Stream||Description||Requirements if invitation received before 1st July 2021||Requirements if invitation received after 1st July 2021|
|Business Innovation||The applicant proposes to operate a new or existing business in Australia||Total Net Value: $800K
Annual Business Turnover: $500K for 2 out of the first four fiscal years
|Total Net Value: $1.25 Million
Annual Business Turnover: $750K for 2 out of the first four fiscal years
|Investor||The applicant proposes to carry out business or investment activity in Australia||Total Net Value: $2.25 million
Total Net Value of Eligible Investments: $1.5 million
Investment Needed:$1.5 million
|Total Net Value: $2.5 million
Total Net Value of Eligible Investments: $2.5 million
Investment Needed: $2.5 million
|Significant Investor||Applicant wants to carry out investment activity in Australia||Significant investment of at least $5 million, which consists of:
||Significant investment of at least $5 million, which consists of:
|Entrepreneur||Applicants proposing to carry out entrepreneurial activities in Australia||
Have received funding of at least $200,000 from one of the following entities:
||Funding is no longer required. However, relevant states and territories may set additional criteria.|
|Premium Investor||For applicants proposing to carry out business or investment activity in Australia||Make a complying premium investment of at least AUD15 million||Closed|
The Australian government expects to attract bigger investors with these changes and seeks to find entrepreneurs and businessmen who can positively impact the Australian economy.
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