Important Changes to Business Innovation and Investment Program
The Home Affairs Legislation Amendment (2021 Measures No.1) Regulations 2021 was enacted on 24 June 2021. It is expected that these amendments will apply to Business Innovation and Investment visa applications made on or after 1 July 2021.
The first thing worth noticing is that the Premium Investor Subclass 188 stream will be closed on 1 July 2021. However, applications by members of the family units of the holder of a Subclass 188 visa in the Premium Investor stream that was granted on the basis of an application made before 1 July 2021 may still be made.
The Business Talent subclass 132 stream is repealed, which means that no further applications can be made after 1 July 2021.
Key points:
Closing the Premium Investor Subclass 188 stream
Repealing the Business Talent Subclass 132 stream
Increasing the assets, turnover and investment requirement for the Business Innovation and Investment (Provisional) (BIIP) Subclass 188 visa stream
These amendments apply to applications made on or after 1 July 2021.
Changes to the Subclass 188 Business Innovation and Investment (Provisional)
Subclass 188 Business Innovation Stream
Amendments to ownership interest / annual turnover value (Reg 188.225 (1)).
The effect of this amendment for the subclass 188 Business Innovation Stream is that for applicants who were invited to apply for the visa before 1 July 2021 the value remains at AUD500,000. For applicants invited to apply for the visa on or after 1 July 2021, the value is raised to AUD750,000.
Amendments to business and personal assets (Reg 188.226)
The effect of this amendment is that for applicants who were invited to apply for the visa before 1 July 2021 the net value remains at AUD800,000. For applicants who are invited to apply for the visa on or after 1 July 2021, the net value is raised to AUD1,250,000.
Subclass 188 Business Investor Stream
Amendment to managed eligible investment (Reg 188.244 (2)(b))
An applicant must have maintained direct involvement in managing eligible investments of the applicant, the applicant’s spouse or de facto partner, or the applicant and the applicant’s spouse or de facto partner together. The new additional requirements for the total net value of the eligible investments are as follows:
if the time of invitation to apply for the visa was before 1 July 2021, the eligible investments must be of at least the previous net value of AUD1,500,000.
If the time of invitation to apply for the visa was on or after 1 July 2021, the net value of the eligible investments must be at least AUD2,500,000.
Amendment to business and personal assets (Reg 188.245)
The effect of this amendment is that for applicants who were invited to apply for the visa before 1 July 2021 the minimum net value remains at AUD2,250,000. For applicants who are invited to apply for the visa on or after 1 July 2021, the value is raised to AUD2,500,000.
State or Territory investment (Reg 188.246(1)) inserted
The effect of this amendment requires the applicant to have made a complying significant investment of at least AUD 2,500,000, and to have a genuine intention to hold the complying significant investment for the period of the visa if invited on or after 1 July 2021.
Genuine intention to reside (Reg 188.248(2)
The effect of the amendment is to require that the applicant has a genuine intention to reside for at least two years in the State or Territory in which the nominating State or Territory government agency is located. This amendment ensures that the requirement applies to applicants required to make a complying significant investment as well as to applicants required to make a designated investment.
Subclass 188 Significant Investor Stream
Complying significant investment (Reg 188.252(2)
The effect of this amendment is that the applicant who was invited to apply for the visa before 1 July 2021 must have a genuine intention to hold the complying significant investment for at least 4 years. For the applicants who are invited to apply for the visa on or after 1 July 2021 are required to have the intention to hold the investment for the whole of the visa period.
Subclass 188 Significant Investor Stream Extension
Continues to hold the complying investment (Reg 188.261(1B)(b))
The requirement that an applicant must continue to hold a complying significant investment is still in force at the time the applicant applied for a Subclass 188 visa in the Significant Investor stream.
Subclass 188 Entrepreneur Stream
Complying Investment (Reg 188.282(2)(a), (b))
New paragraph 188.282(ab) requires that an applicant must have a genuine intention to undertake and continue to undertake, the complying entrepreneur activity in Australia.
Secondary Criteria
When the visa is in effect (Reg 188.511)
This amendment has the effect that if the applicant was invited to apply for the visa before 1 July 2021 the visa period is 4 years and 3 months, and if the time of invitation to apply for the visa is on or after 1 July 2021, the visa period is 5 years.
Period of stay (Reg 188.512(a))
if the last visa held was SC 188 Business Innovation Stream invited before 1 July 2021 - 6 years from the grant of visa
if the last visa held SC 188 Business Innovation Extension invited on or after 1 July 2021 - 7 years from the grant of visa.
Period of stay (Reg 188.512A(a) and (b))
if the last visa held was SC 188 Significant Investor Stream invited before 1 July 2021 - 6 years from the grant of visa
if the last visa held SC 188 Significant Investor Stream invited on or after 1 July 2021 - 7 years from the grant of visa
if the last visa held was SC 188 Stream Significant Investor Stream Extensioninvited before 1 July 2021 - 8 years from the grant of the original visa
if the last visa held SC 188 Significant Investor Stream Extension invited on or after 1 July 2021 - 9 years from the grant of the original visa.
Subclass 888 - Business Innovation and Investment (Permanent)
Subclass 888 Business Innovation stream
The period in Australia before applying (Reg 888.221(1)) for holders of SC 890, 891, 892, 893
if the previous visa held was covered by (1A) to (1F) - one year in 2 years immediately before applying
if the previous visa held was not covered by (1A) to (1F) - one year in 3 years immediately before applying
if the applicant held the relevant visa in (1A) - (1F) was invited before 1 July 2021.
Subclass 888 Investor Stream
Period in Australia before applying (Reg 888.231(1)) for holders of SC 188 Investor stream
This amendment provides that if an applicant was invited to apply for a relevant visa on or after 1 July 2021, or if the applicant holds a secondary Subclass 188 and the primary person was invited to apply for a Subclass 188 visa on or after 1 July 2021, the applicant must have been in Australia as the holder of the visa mentioned in the table in subitem 1104BA(5) for a total period of at least two years in the three years immediately before the application was made.
This requirement does not apply where the time of invitation to apply for the relevant visa was before 1 July 2021. The requirement for those applicants continues to be that the applicant must have been in Australia as the holder of the relevant visa for at least two years of the four years immediately before the application was made.
Subclass 888 Entrepreneur Stream
Period continuously held SC 188 in Entrepreneur stream before applying (Reg 888.261(1)(a))
if invited before 1 July 2021, an applicant for a Subclass 888 (Business Innovation and Investment (Permanent)) visa in the Entrepreneur stream is required to hold a Subclass 188 (Business Innovation and Investment (Provisional)) visa in the Entrepreneur stream and to have held that visa for a continuous period of at least four years.
otherwise 3 years.
Resided in Australia before applying V (Reg 888.261(1)(b)
if invited to apply for the visa before 1 July 2021 - at 2 years in 4 years immediately before applying
otherwise at least 2 years while the holder of the SC 188 Entrepreneur stream visa.
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