Fact checking the ‘axing’ of the ‘Golden Visa’ - Business Innovation and Investment Program (BIIP) visa

On 22 January 2023, an Australian newspaper, The Australian, published an article entitled, Quiet chop for ‘golden visa’ scheme”.

The Australian article by Stephen Rice contains inaccuracies. This is article aims to set out the facts and correct the misinformation contained in The Australian article.

 

Has the Labor Government axed the Business Innovation and Investment Program (BIIP) visa?

 No, the Australian Government has not axed the BIIP visas.

 

Migration Review and Migration Strategy

A review of the Australian migration system was conducted in 2022-2023, and the Migration Report (the ‘Report’) was released on 21 March 2023.

One of the possible reform directions arrived at by the reviewers is “Better target permanent skilled visas to maximise economic outcomes and remain internationally competitive”.  One of the measures identified to support the possible reform directions is to:

Revisit the allocation of places across the permanent skilled program. In particular, reconsider the size and role of the Business Innovation and Investment Program (BIIP), noting more positive outcomes from the Significant Investor Visa. Consider how to manage the allocation of places to state and territory nominated and regional visas, including possible consolidation of these programs.  [1]

During her address to the National Press Club on 27 April 2023, the Minister for Home Affairs, The Hon Clare O’Neil MP, was asked whether the business investment visa subclass 188 A, B, C be removed in the future.  The Hon Minister replied that, “We haven’t said that we will abolish those programs. What we have said is that they need a radical restructure as part of the work that we’re doing and I think this needs to be folded into the broader conversation about highly skilled people who we see as creating the future jobs for Australians and now how we manage them in. It’s not just about what’s called BIV and SIV. This is just the world of acronyms that I live in! It is not just about BIV and SIV. It is about the whole question of that, really quite – drivers of economic growth and how we should think about bringing those people into our country.” [2]

Australia’s Migration Strategy was released to the public in December 2023. This Migration Strategy is based on the findings of the Migration Review. The Strategy notes that:

The Migration Review flagged the opportunity to draw on the relative strength of the Significant Investor stream to design a visa product more sharply targeted to select migrants who can drive innovative investments in sectors of national importance or play a valuable role in the venture capital industry.

The Migration Strategy further mentions as an area for future reform:

A new Talent and Innovation visa could create a single, streamlined pathway to attract relatively small numbers of highly talented migrants to Australia, such as high performing entrepreneurs, major investors and global researchers.

As a result of the review, or the current financial year (2023-2024), the Australian government has reduced the allocations for the BIIP program (see Figure 1) and has not allocated these places to any Australian state or territory in order to process the applications on hand.

There has been no ‘axing’ just a pause while the review of the program is being conducted. All indicators point to the fact that the Government will be continue offering visa to highly talented migrants to Australia, such as high performing entrepreneurs, major investors.

Business Innovation and Investmet 

Does the business visa program make up a quarter of Australia’s migration allocations?

The first sentence of the article states that “[a] business visa program which makes up a quarter of all the nation’s migration allocations has been quietly axed by Labor ….”   The truth is that in 2022-2023, the Business Innovation and Investment Program (BIIP) was allocated 5,000 places out of 195,000, or 2.56% and for this financial year, 1,900 places out of 190,000 places or 1%. Hardly “a quarter”. 

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Australian Business and Significant Investor Visas Subclass 188 Closed - New Visa Expected in 2024

The migration allocations for the year ending 30th of June 2024 have zero allocations for Business and Investor Visas. That signifies that there are no Business or Investor Visas available for this year, as illustrated in the chart below.

zero business

This means it will not be possible to get a state nomination for any of the four streams of the Business and Investor Visa Program. 

The four streams of the Business Innovation and Investor Programme (BIIP) are:

  • Business Innovation stream
  • Investor stream
  • Significant Investor stream
  • Entrepreneur stream

 Why did they close the Business 188 visa?

The Parkinsons’ Migration Review Final Report had several negative comments about the Business Innovation and Investor Programme. These negative comments included that the overall age of business Visa applicants is higher than other visas and that this could cause high medical expenses. Further, there were comments that 188 Visa holders had low incomes while in Australia.

In relation to the income point, we argue that this was based on accurate information that underestimated the range of income generated by Business Visa holders, including through their business and personal. 

The migration review also recommends revisiting the allocation of places across the permanent skilled program. In particular, it suggests reconsidering the size and role of the Business Innovation and Investment Program (BIIP), noting more positive outcomes from the Significant Investor Visa.

Other visa options

If you do not want to wait until new Business and Investor Visas are announced, you may consider the Global Talent Visa. 

To learn more about the Global Talent Visa and to explore your immigration options, please visit: https://www.workvisalawyers.com.au/services/global-talent-distinguished-talent-visas/global-talent-independent-visa.html

New Investor Visa opportunities coming from July 1, 2024

The Migration Review Final Report did mention some positive contributions by their Significant Investor Visa and suggests consideration be given to whether the BIIP is retained as a substantial program.

We expect a redeveloped version of the Significant Investor Visa to be introduced from 1 July 2024. 

Business Visa Australia

On page 66 of the report, there are suggestions that consideration should be given to whether the BIIP is retained as a substantial program: “We note that outcomes for the small Significant Investor stream have been stronger than for the remainder of the BIIP. If there is a desire to retain some element of the BIIP, consideration could be given to drawing on the relative strength of this stream in designing a niche investment visa product, much more sharply targeted to select migrants able to drive innovative investments or play a valuable role in the venture capital industry.”

It is expected that the new investor Visa will be similar to the current significant investor Visa and may require: 

  • $5000,000 investment into a complying investment
  • Complying investments are yet to be determined by the federal government and may include a stipulated percentage of investment into venture capital.

 

While the 188 Business Innovation and Investment visa is a temporary visa, visa 188 holders can apply for permanent residency through the subclass 888 Business Innovation and Investment visa. Click here to discover more about the 888 Visa.

If you intend to invest in Australia, we can help you find the best Australian business visa options. Our team of experienced Immigration Lawyers and Migration Agents looks forward to assisting you. If you are interested in a Significant Investor Visa for Australia, please contact us.

 

Sources:

https://immi.homeaffairs.gov.au/what-we-do/migration-program-planning-levels

https://www.homeaffairs.gov.au/reports-and-publications/reviews-and-inquiries/departmental-reviews/migration-system-for-australias-future

https://www.homeaffairs.gov.au/reports-and-pubs/files/review-migration-system-final-report.pdf

 How can Work Visa Lawyers help?

If you need help with this visa, Work Visa Lawyers can assist you.

Work Visa Lawyers is highly experienced in all parts of an employer-sponsored visa application process. We can assist with all aspects of the application and will provide an eligibility assessment before advising you to proceed with a visa application.

Based in Adelaide South Australia, we provide Australian Immigration advice to people and businesses from all over the world. You can book an appointment online or call us at (+61) 8 8351 9956.

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Australian Immigration News - September 2023

Greetings to all aspiring immigrants and those keen on keeping up with the latest developments in Australian immigration. Here's a roundup of the most recent updates you need to know:

 

VETASSESS Skills Assessment Changes

VETASSESS has stopped taking skills assessments for the trade occupations of Chef, Cook, Diesel Motor Mechanic, Motor Mechanic (General), Fitter (General), Electrician (General), and Metal Machinist (First Class). This change comes as a disappointment to many tradies.

For more information: https://www.youtube.com/shorts/f6rVvopc19o

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Seven Australian Visa options for people that are over the age of 45!

Are you over the age of 45 and considering migrating to Australia?

 

The Australian visa system offers several options specifically tailored for individuals in your age group. In this article, we will explore seven visa pathways that could open doors to work, live, or reunite with loved ones in Australia. From employer-sponsored visas with relaxed age restrictions to family-related pathways and investment opportunities, there are diverse options to suit your circumstances. Join us as we delve into the details of each visa, highlighting key requirements, concessions, and benefits. Please note that while this information provides a helpful overview, it is crucial to consult with an immigration lawyer or registered migration agent to obtain accurate and up-to-date advice based on your specific situation. Let's embark on this exploration of Australian visa options for individuals over the age of 45 and uncover the possibilities that await you.

 

Untitled Instagram Post Square Business card Landscape

Please check now the 7 Visa option below:

 

  1.  DAMA Visa.

The Designated Area Migration Agreement, or DAMA, is an employer-ponsored visa program that allows businesses in specific regional areas of Australia to sponsor skilled workers. Unlike other visa programs, the DAMA Visa has relaxed age restrictions, making it an attractive option for individuals over 45 but under 55. If you have can secure a relevant employer in designated regional area, this could be a viable pathway for you.

One of the notable concessions of the DAMA Visa is the relaxation of age restrictions. Unlike many other visa programs, the DAMA Visa can have an age concession for some occupations up until the age of 55.


In addition to age concessions, the DAMA Visa also offers salary concessions. The DAMA allows employers in designated areas to pay a salary that is below the Temporary Skilled Migration Income Threshold (TSMIT) which from 1 July 2023 will be $70,000. This means that employers can offer a slightly lower salary to sponsored individuals compared to other visa categories.

Another advantage of the DAMA Visa is the expanded list of skilled occupations available for sponsorship. The DAMA provides access to additional occupations that are not on the standard list of eligible skilled occupations for other visa programs.

These concessions and benefits make the DAMA Visa an attractive option for individuals over 45 who are looking to migrate to Australia and work in specific regional areas. If you have a job offer in a DAMA-designated area and meet the skill requirements, I highly recommend considering the DAMA Visa as a pathway for your migration.

This script provides an overview of the DAMA Visa and its concessions for individuals over 45. It is important to consult with an immigration lawyer or a registered migration agent to obtain accurate and up-to-date information based on your specific situation.

 

  1. Global Talent Visa.

The Global Talent Visa is designed for individuals who possess exceptional talent or have outstanding achievements in specific target sectors. The target sectors are mostly tech focussed and are listed on screen.

The standard requirements  for the GTV apply up until  the age of 55.

After the age of 55, you must be of exceptional benefit to the Australian community. If you have the skills and experience that Australia needs, the Global Talent Visa might be the right choice for you.

 

  1. 482 Visa.

The Temporary Skill Shortage Visa, commonly known as the 482 Visa, is an employer-sponsored visa that allows skilled workers to work in Australia for a temporary period. While there is no specific age restriction for this visa, it is important to note that sponsors need to demonstrate that they cannot find a suitable Australian worker for the position. If you have a sponsor and meet the skill requirements, the 482 Visa could be an option for you.

 But the 482 is only a temporary visa.  But in limited circumstances, it can lead to PR for those over 45.

 

  1. 186 Visa

The Employer Nomination Scheme or 186 visa can lead to PR for people over 45 in a limited number of circumstances.

There is an exemption for those earning a salary over the Fair Work High Income Threshold for three years straight.

There is an exemption for some occupations including Lecturers and scientists working for the government.

There is an exception for medical practitioners working in regional areas for at least two of the last three years.

 

  1.  Partner Visa.

The Partner Visa category allows individuals who are in a genuine and committed relationship with an Australian citizen or permanent resident to apply for a visa. Unlike other visa options, there is no age limit for the Partner Visa. If you are in a relationship with an Australian partner and can demonstrate the genuineness of your relationship, this pathway could be the right fit for you.

 

  1.  Parent Visa.

The Parent Visa category is available for individuals who have children who are Australian citizens or permanent residents. While there is no age limit for this visa, it is important to note that there can be significant processing times and financial requirements associated with this pathway. If you have children who are Australian citizens or permanent residents, the Parent Visa might be worth considering.

 

  1. Significant Investor Visa.

 

The Significant Investor Visa is a pathway for high-net-worth individuals who are willing to invest a substantial amount in Australia. To be eligible for this visa, you must have at least 5 million Australian dollars to invest in approved investments. Age is not a limiting factor for the Significant Investor Visa, making it an attractive option for individuals over 45 with significant financial resources.

 

Watch the video now:

 

Do you need help?

Our team of experienced Immigration Lawyers and Migration Agents look forward to assisting you with your Australian visa or appeal.

Based in Adelaide South Australia, we provide Australian Immigration advice to people and businesses from all over the world.

If you require further information regarding your Australia visa options you can contact us through:

(08) 8351 9956 or +61 8 8351 9956 or This email address is being protected from spambots. You need JavaScript enabled to view it.

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Positive updates on Global Talent visa 858 visa and the significant investor visa

In the last year there's been significant negative press and uncertainty about the Global Talent visa and the significant investor visa. The significant investor visa or SIV is a visa that requires a $5 million investment into a complying investment fund.

There was a statement from Minister of Home Affairs Claire O'Neill in 2020 to casting doubt into the future of the investment visa.

The Global Talent isa is a visa stream of the 858, which requires applicants to have expertise in a relevant sector and to have a salary above the Fair Work high income threshold.

There were articles criticizing the integrity of the global talent visa in 2022, so it's a little surprising that there are some positive comments about both in the review.

This is what the review says about the significant investor visa recommendation number eight.

Reconsider the size and role of the Business Innovation and Investment program, noting more positive outcomes from the significant investor visa. Based on this, I would expect a lower overall allocation for the 188. Perhaps even a closing of the 188A or business innovation stream.

But for the significant investor visa to survive and receive allocations.

Recommendation ten.

Consider changes to the existing global talent visa to improve the clarity in the selection criteria and remove the need for a nominator.

Based on this, there may be more specific criteria added to the Global Talent Visa.

The current nomination process is likely to be cut. Changing the nomination process is a good idea. Nomination often proved to be a barrier to applicants that did not personally know an Australian citizen or PR holder. The report makes 31 references to highly skilled migrants. While global talent is not the only way to secure highly skilled migrants. I feel stuck in the global talent visa has risen.

Another way to secure highly skilled migrants is through the points system.

The report looks to refine the points system to better target highly skilled migrants.

So where to from here?

A new migration program year begins very soon. From the 1st of July 2023. There is not enough time to make large legislative and regulatory changes before the 1st of July 2023. What's more likely is that the current visa categories will be managed with different allocation levels.

This will give more time for substantial changes in 2024

So that's the report on the future of the global talent visa and the significant investor visa.

 

Do you want to know more?

 

 

Do you need help?

Our team of experience Immigration Lawyers and Migration Agents look forward to assisting you with your Australian visa or appeal.

Based in Adelaide South Australia, we provide Australian Immigration advice to people and businesses from all over the world.

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Important information for 188A Business Innovation visa holders intending to change business plans

Today’s ever changing economic climate can result in necessary changes to business plans.

What happens if you were approved for state nomination based on a particular business plan, and then this plan changes after your 188A visa is granted?

Overview of 188a Business Innovation Visa Australia

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