Australia Department of Home Affairs has announced that they are undertaking a consultation process to seek views on whether:
- The program should be streamlined to maximise the value
- Increased investment thresholds and different investment types has brought better economic benefits to Australia
The consultation will be closed by 14 Feb, 2020. Implying there might be possibility that entry barriers of the BIIP might set higher to suit the country’s future development. For further information, please click here.
Moreover, some states of Australia have adjusted their BIIP program policies. Victoria has taken the lead in adjusting the Business Innovation and Investment Program (subclass 188) and implemented on July 22, 2019. It required additional investment of at least AUD500,000 in Victoria and the investment must be held for no less than 12 consecutive months before applying Business Innovation and Investment (Permanent) visa (subclass 888). Please click here for more information.
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