The Australian government has announced it is reforming the country’s business and investor visas in order to maximise economic benefits from business migration to Australia.
In the Migration Program for 2020-21, the number of business migration places available under the BIIP has been almost doubled from last year, with 13,500 places up for grabs in 2020-21 compared to 6,862 allocations in 2019-20.
Moreover, the Business Innovation and Investment Program (BIIP) will be simplified to having four streams instead of nine under the reform.
Provisional visa holders under all four streams will be able to apply for permanent residency in Australia, provided they meet the application requirements.
The Morrison Government will also revamp eligibility requirements for investors and entrepreneurs applying for Australian immigration under the BIIP.
Speaking on the reform, acting Minister for Immigration, Citizenship, Migrant Services and Multicultural Affairs Alan Tudge said the changes are designed to boost investment and create new jobs in Australia’s key sectors.
He also said almost $1.3 billion was invested through the BIIP last year, which is a critical investment for the country’s economic recovery after the outbreak of COVID-19.
Mr Tudge also said that the Migration Program for 2020-21 is strongly focussed on job creators and migrants with the necessary skillset required to sustain Australia’s development in the future.