High-net-worth individuals can make substantial investments in Australia and apply for visas to live in the country under the Business Innovation and Investment visa Program (BIIP).
The planning level for the BIIP has been reduced from 5,000 visas in 2022-23 to 1,900 visas for the 2023-24 Migration Program. This is a reduction of 62 per cent. Source: SBS
1. Business Innovation stream: Applicants must operate a new or existing business in Australia and be nominated by an Australian state or territory government agency.
2. Investor stream: Applicants must invest at least $2.5 million in Australian investments that meet certain requirements.
3. Significant Investor stream also called 'Golden Ticket': Applicants must invest at least $5 million in complying significant investments in Australia and be nominated by an Australian state or territory government agency or Austrade.
4. Entrepreneur stream: Applicants must first be nominated by an Australian state or territory government agency and provide evidence of a funding agreement with a third party backing their start-up.
Eligible applicants are able to further extend their stays and can also apply for permanent residency.
For all the BIIP cohort, there are lower English-language requirements, higher upper age limits and they are allowed to bring their families.
Is the BIIP program popular among Indians?
Applicants from India for the BIIP program remain relatively low as compared to other visa streams such as student and skilled visas.
According to Credit Suisse's Global Wealth Report 2022, India has nearly 800,000 millionaires which is expected to grow by 105 per cent in 2026.
In the 2021 calendar year, there were a total of 787 Indian applicants (primary and secondary) for the BIIP visa whereas in the 2022 calendar year, there were 580 applicants.The Department of Home Affairs
According to Melbourne-based migration agent, Robin Chohan, the main reason for low business and investor applicants from India is the requirement for the submission of legitimate documentation including tax returns.
The 2023 Migration Review raised concerns about the BIIP on the basis that outcomes for migrants entering under the program were weaker than in other streams. Source: Getty / Getty Images
According to Department of Home Affairs figures, 2349 Significant Investor Visas (SIVs) were granted during 2012-2020, and over 84 per cent of these went to Chinese nationals.
What are the latest changes in the BIIP program?
The 2023 Migration Review found that outcomes for migrants entering under the BIIP were weaker than in other streams and raised concerns the program may not be attracting migrants who would engage in the types and level of economic activity that the visa was designed to achieve.
A Grattan Institute's report titled 'Rethinking permanent skilled migration after the pandemic' had initially sought abolition of the BIIP program on the basis that its visa-holders brought fewer benefits than skilled migrants in other streams, because they were older, spoke little English, and earned lower incomes.
In the 2023 federal budget, the government announced reducing the planning level for the BIIP to 1,900 visas in the 2023-24 migration program, from 5,000 visas in 2022-23.The Department of Home Affairs
In response to a query about the reduction in BIIP visa places, the Department of Home Affairs told SBS Hindi that, "it will continue to process all valid Business Innovation and Investment (subclass 188 and 888) visa applications, in line with annual allocations made under the Migration Program planning levels and in line with the new processing priorities."
According to KPMG's immigration leader, Mark Wright, the government review of the Migration Program is an important opportunity to simplify Australia’s attraction of high-calibre talent.
Mark Wright from KPMG
