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Updated Business and Skilled Migration Program in NSW for 2021-2022

Updated Business and Skilled Migration Program in NSW for 2021-2022

Recently, the Australian Government announced the newest updates for the Business and Skilled Migration Program. The Australian government made the changes for the business and skilled migration program in order to maximize the economic contribution to get the best possible outcome for Australia.

Changes on Business Innovation and Investment Program (BIIP)

On 1 July 2021, changes were announced for the Business Innovation and Investment Program (BIIP). As part of the changes for Business Innovation Visa, the requirements which allows successful applicants to run an existing or a new business in Australia, will be increased after the announcement. Business Innovation Visa holders will be required to hold business assets of $1.25 million, up from $800,000 and should have an annual turnover of $750,000 up from $500,000.

In addition to the changes, the Premium Investor, Significant History and Venture Capital Entrepreneur Visas will be closed to new applications from 1 July 2021. However, applications that have already been lodged for these visas will continue to be processed.

The changes to the Business Innovation and Investment Program also will allow provisional visas to be valid for 5 years which will give applicants extra time to meet the residency requirement which requires 3 years.

Below is the table of summary of changes on BIIP implemented on 1 July 2021.

Current BIIP Streamlined BIIP
Stream Key Requirement Stream Key Requirement
Investor (subclass 188)
  • Designated Investment of $1.5 million (for four years)
  • Invested in a state or territory government bond
  • 65 points on business innovation and investment points test
  • Nominated by a State or Territory government
Investor (subclass 188)
  • Complying Investment of $2.5 million (held for the duration of the provisional visa)
  • 65 points on business innovation and investment points test
  • Functional English (or pay 2nd VAC)
  • Under 55 (unless waived by nominator)
  • Reside in Australia for at least two years
  • Nominated by a State or Territory government
Significant Investor (subclass 188)
  • Significant Investment of $5 million (for four years)
  • 10% in Venture Capital
  • 30% in Emerging Businesses
  • 60% balancing investment
  • Nominated by a State or Territory government, or Austrade
Significant Investor (subclass 188)
  • Complying Investment of $5 million (held for the duration of the provisional visa)
  • Functional English (or pay 2nd VAC)
  • Reside in Australia for an average of 40 days/year for primary visa holders or 180 days per/year for secondary visa holders before applying for the permanent visa
  • Has access to an extension stream (for up to 4 years)
  • Nominated by a State or Territory government, or Austrade
Premium Investor (subclass 188)
  • Premium Investment of $15 million (for one year)
  • Nominated by Austrade
Business Innovation (subclass 188)
  • Minimum net assets of $800,000
  • Owned a business with $500,000 annual turnover
  • 65 points on business innovation and investment points test
  • Nominated by a State or Territory government
Business Innovation (subclass 188)
  • Minimum net assets of $1,250,000
  • Owned a business with $750,000 annual turnover
  • 65 points on business innovation and investment points test
  • Functional English (or pay 2nd VAC)
  • Under 55 (unless waived by nominator)
  • Reside in Australia for at least one year
  • Has access to an extension stream (for up to 2 years)
  • Nominated by a State or Territory government
Significant Business History* (subclass 132)
  • Have $1.5 million in net assets and owned a business with $3 million in annual turnover
  • Nominated by a State or Territory government
Entrepreneur (subclass 188)
  • Have an agreement in place with an approved third party funding body for at least $200,000
  • Nominated by a State or Territory government
Entrepreneur (subclass 188)
  • Endorsement by a state or territory government and service providers in state and territory innovation ecosystems
  • Competent English
  • Under 55 (unless waived by nominator)
  • Reside in Australia for at least two years
Venture Capital Entrepreneur* (subclass 132)
  • Have an agreement in place with an approved third party funding body for at least $1 million
  • Nominated by a State or Territory government
Current BIIP
Stream Key Requirement
Investor (subclass 188)
  • Designated Investment of $1.5 million (for four years)
  • Invested in a state or territory government bond
  • 65 points on business innovation and investment points test
  • Nominated by a State or Territory government
Significant Investor (subclass 188)
  • Significant Investment of $5 million (for four years)
  • 10% in Venture Capital
  • 30% in Emerging Businesses
  • 60% balancing investment
  • Nominated by a State or Territory government, or Austrade
Premium Investor (subclass 188)
  • Premium Investment of $15 million (for one year)
  • Nominated by Austrade
Business Innovation (subclass 188)
  • Minimum net assets of $800,000
  • Owned a business with $500,000 annual turnover
  • 65 points on business innovation and investment points test
  • Nominated by a State or Territory government
Significant Business History* (subclass 132)
  • Have $1.5 million in net assets and owned a business with $3 million in annual turnover
  • Nominated by a State or Territory government
Entrepreneur (subclass 188)
  • Have an agreement in place with an approved third party funding body for at least $200,000
  • Nominated by a State or Territory government
Venture Capital Entrepreneur* (subclass 132)
  • Have an agreement in place with an approved third party funding body for at least $1 million
  • Nominated by a State or Territory government
Streamlined BIIP
Stream Key Requirement
Investor (subclass 188)
  • Complying Investment of $2.5 million (held for the duration of the provisional visa)
  • 65 points on business innovation and investment points test
  • Functional English (or pay 2nd VAC)
  • Under 55 (unless waived by nominator)
  • Reside in Australia for at least two years
  • Nominated by a State or Territory government
Significant Investor (subclass 188)
  • Complying Investment of $5 million (held for the duration of the provisional visa)
  • Functional English (or pay 2nd VAC)
  • Reside in Australia for an average of 40 days/year for primary visa holders or 180 days per/year for secondary visa holders before applying for the permanent visa
  • Has access to an extension stream (for up to 4 years)
  • Nominated by a State or Territory government, or Austrade
Business Innovation (subclass 188)
  • Minimum net assets of $1,250,000
  • Owned a business with $750,000 annual turnover
  • 65 points on business innovation and investment points test
  • Functional English (or pay 2nd VAC)
  • Under 55 (unless waived by nominator)
  • Reside in Australia for at least one year
  • Has access to an extension stream (for up to 2 years)
  • Nominated by a State or Territory government
Entrepreneur (subclass 188)
  • Endorsement by a state or territory government and service providers in state and territory innovation ecosystems
  • Competent English
  • Under 55 (unless waived by nominator)
  • Reside in Australia for at least two years

Read more: Update: Australia’s Business and Investment Visa Changes

Skilled and Business Migration Program

Changes to Skilled Migration Program

In 2021-2022, the Skilled Migration Program stream will focus on visa categories that will help Australia’s economic recovery during the COVID-19 pandemic. The priority given to visa cohorts that drive economic growth, job creation and investment into Australia.

The three priority categories are:

  1. Business Innovation and Investment Program;
  2. Global Talent Visa Program;
  3. Employer Sponsored Program.

On 22 June 2021, the Minister of Immigration, Citizenship, Migrant services and Multicultural Affairs announced the inclusion of additional skilled occupation to be added to the Priority Migration Skilled Occupation List (PMSOL).

The addition of 22 occupations brings the PMSOL to 41 occupations in total. The 22 new occupations, including their ANZSCO codes, are:

  • Accountant (General) (221111)
  • Accountant (Taxation) (221113)
  • Accountant (Management) (221112)
  • External Auditor (221213)
  • Internal Auditor (221214)
  • Electrical Engineer (233311)
  • Civil Engineer (233211)
  • Structural Engineer (233214)
  • Geotechnical Engineer (233212)
  • Transport Engineer (233215)
  • Mining Engineer (233611)
  • Petroleum Engineer (233612)
  • Surveyor (232212)
  • Cartographer (232213)
  • Other Spatial Scientist (232214)
  • Medical Laboratory Scientist (234611)
  • Orthotist/Prosthetist (251912)
  • Multimedia Specialist (261211)
  • Analyst Programmer (261311)
  • Software and Applications Programmers (261399)
  • ICT Security Specialist (262112)
  • Chef (351311)

The priority will be given to employer sponsored visa application with an occupation on the PMSOL. This will apply to existing and future applications.

Other streamlined processes in terms of the applicants, the top priority will be given to those who are currently onshore as the borders are likely to remain closed until at least early 2022. The planning levels for the next financial year also take population planning objectives into consideration, including the government’s aim to reduce congestion in Australia’s major cities like Sydney and Melbourne. So it is anticipated that the government will issue more skilled visas to international students who currently live and work in regional and low-populated areas.

Read more: Update for PMSOL: New Occupations Added to the List

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Still not sure how this can affect you? Speak to us, we are ready to help you.

We understand that applying for a visa to Australia is certainly very complicated, especially skilled and business migration program visa. It is even more challenging during the COVID-19 Pandemic. Our visa specialists at ONE derland Consulting will help you assess your visa options. We have a 98% success rate and one of the most highly recommended migration agents in Australia. Read our 4.9* score customer reviews.

We are complex visa specialists. As registered Australian migration agents with the Migration Agents Registration Authority (MARA), we are regulated in our professional practice and bound by the profession’s Code of Conduct issued by the Migration Agents Registration Authority.

Take the first leap and get in touch with us. Our migration agents and our team are professional, honest and our team members are able to speak various languages such as Mandarin/ Chinese, Bahasa Indonesia, Arabic, Japanese, Polish, German and Russian. Contact us through email at [email protected] or via phone at 1300 827 159. Alternatively, you may book your consultation online, and it is 100% refundable if you become our client.



This post first appeared on Professional Migration Agent In Perth WA - ONE Derland Consulting, please read the originial post: here

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Updated Business and Skilled Migration Program in NSW for 2021-2022

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