The Business Innovation and Investment Program (BIIP) will be simplified from nine to four streams and there will be changes to eligibility requirements. The four streams would be:

• Business Innovation

• Entrepreneur

• Investor

• Significant Investor

There will be a clear pathway to permanent residency for each category.​

The number of places available in the BIIP (Business Innovation and Investment Program) has almost doubled from 6862 in 2019-20 to 13,500 places for 2020-2021. 

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Key changes: (in effect from 1 July 2021)​​

• The provisional visa will now be valid for 5 years, meaning they have additional time to meet the requirements.

• ​Business Innovation provisional visa holders can apply for a two-year extension provided they demonstrate a realistic commitment to continuing to manage a business that has been actively operating in Australia for the previous two years.

• Significant Investor provisional visa holders can apply for two, two-year extensions provided they continue to maintain their complying significant investment.

• The $200,000 funding threshold required for Entrepreneur visa applicants will be scrapped. Applicants will need to be endorsed by a State or Territory government. This follows the successful Supporting Innovation in South Australia pilot program and will give states and territories an additional way to attract international entrepreneurs. 

• The requirements for Business Innovation visa holders will be increased to ensure the program is attracting migrants with proven business skills. Business Innovation visa holders will be required to hold business assets of $1.25 million (up from $800,000) and have an annual turnover of $750,000 (up from $500,000) to prove their business acumen. These settings have not changed since 2012 when the program was first introduced.

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