A recent announcement published on the Australian Government website advised of the recent amendments to the Business Innovation and Investment visa – both provisional and permanent classes.
The reason for these changes / improvements to the visa classes has been outlined in the Explanatory Statement issued by the Assistant Minister for Immigration and Border Protection and reads as follows:
The purpose of the Regulation is to amend the Business Innovation and Investment provisional and permanent visa classes to attract more investment into Australia that makes a material difference (SIV) and to attract entrepreneurial skill and talent (PIV). The changes to the SIV are designed to encourage investment into innovative Australian ideas and emerging companies, thereby supporting sustainable growth, productivity and job creation as part of a broader competitiveness agenda.
There are several advantages for both the Department and foreign Investors/Entrepreneurs across a number of streams. Austrade in addition to the Minister of Trade was heavily involved in the process of submitting and reviewing the changes. The amendments are ultimately making the process more streamlined for those who are wanting to apply for permanent residency and the businesses/governments who are sponsoring their application.