Changes to the investment framework for Business Innovation and Investment programs
In an effort to protect Australia’s national interests during the COVID-19 pandemic the Australian Government (Treasury) has announced that the Foreign Investment Review Board (FIRB) can now review all foreign investments.
Previously, only investments upwards of $250 million were scrutinised by the FIRB, however this has been reduced to $0 on all foreign investments into Australia which will have an impact on Business Innovation & Investment (subclass 188) & Business Talent (subclass 132) prospective applicants and visa holders.
The treasury wants to reiterate that this is not an investment freeze and that Australia is in fact open for business, and that foreign investments are beneficial and in the national interest of Australia.
How do these changes effect holders and applicants of Business Innovation & Investment (subclass 188) holders and Business Talent (subclass 132) visas?
SC188B/C – Investors:
- Investor stream visa holders who are required to make an AUD $1.5 million investment into State or territory government bonds will now be subject to review and approval by the FIRB.
- Significant Investor visa holders who are required to make an AUD $5 million investment into managed funds will now be subject to review and approval by the FIRB.
SC188A & SC132A/B – Business Owners:
- All business purchases made by holders of a Business Innovation stream (SC188A) visa will be subject to review by the FIRB.
- Holders of a Significant Business History and Venture Capital Entrepreneur visa will not be affected by this change as they already hold permanent residency.
SC188E – Entrepreneurs:
- Entrepreneur visa stream holders of the SC188E visa should not be affected by these new changes as they are establishing a new business under the requirements stipulated by the requirements of that stream.
Our team of expert Immigration Lawyers & Registered Migration Agents have assisted many clients secure the Business Innovation and Investment (subclass 188) visa and Business Talent (subclass 132) visa from all over the world. Having vast experience on the complying investments, state or territory nomination and visa requirements is a vital key when making the decision to invest in Australia.
If you would like to discuss any matters relating to a Business Innovation and Investment (subclass 188) visa or Business Talent (subclass 132) visa please contact our office on 1300 083 843 or submit an online enquiry or email us at firstname.lastname@example.org