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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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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Federal Government’s Stealth ‘closure’ of Australian Business, Investor and Entrepreneur 188 Visas

Federal Government’s Stealth ‘closure’ of Australian Business, Investor and Entrepreneur 188 Visas

The Australian Government announced that it will close the Business Innovation and Investment Program (BIIP) from July 2024 and replace it with the new National Innovation Visa. Follow this link for more details about the National Innovation Visa.

In August 2022 the States and Territories were only given a total of 810 allocations for 188 visas.  All states and territories aside from Move to South Ausralia have now run out of business visa allocations.

On 8 December 2022, the Migration Program Planning Levels for 2022-2023 were released.

Unfortunately, the Federal Government did not allocate any more places to any of the states/territories for Business Investment Visa 188.

So with no state nominations available, the Federal Government has effectively closed the 188 visa for this migration year, up until the 30 June 2023.

This is a type of stealth closure, without an announcement by the Federal Government, but with the same effect.

The 188 visa is called the Business Innovation and Investment Program (BIIP).

There are four streams of the 188 visa:

Each stream requires that the applicant to obtain state nomination before lodging a visa.

With no further allocations available to the states from the Federal Government, the 188 has been effectivly closed up until 1 July 2023.

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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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