Australia has issued more than 14,500 Business Innovation and Investment visas since the start of the pandemic for business migration to Australia.
Figures from Australia’s Department of Home Affairs revealed that 14,606 Business Innovation and Investment visas were issued to foreigners applying for Australian business migration during the pandemic.
10,210 provisional visas were issued in the Business Innovation and Investment (Provisional) visa category (subclass 188), and 4,396 visas in the Business Innovation and Investment (Permanent) category (subclass 888).
The frequency and number of business migration visas to Australia increased after the Australian Department of Home Affairs told a parliamentary inquiry that only 485 Business Innovation and Investment visas were issued between March 20 and September 14 of last year.
The figures from Australia’s Department of Home Affairs also show that around 3,500 Business Innovation and Investment visa holders, including 2,904 provisional and 524 permanent visa holders, travelled to Australia during March 21, 2020, and June 30, 2021.
Between 2012 and May of this year, the Business Innovation and Investment program has brought in more than $15.9 billion to the Australian economy.
The Australian government doubled the number of places available under the business migration program last year, due to the program’s success.
Earlier, the Morrison government revamped the Business Innovation and Investment program for business migration to Australia, with the changes coming into effect from July 1, 2021.
Under the new changes, the number of streams available to apply for business migration to Australia was reduced to four, with financial requirements for applicants also increased from before.
As part of the new changes brought to the Business Innovation and Investment Program, applicants under theBusiness Innovation stream are required to buy or start a business in Australia, and have at least $1.25 million in total net business worth or personal assets.
Business migration applicants under Australia’s Investor stream must be nominated by an Australian State or Territory government, and make qualifying investments of $2.5 million.
Entrepreneur stream applicants are also required to obtain a nomination from a State or Territory government in Australia.
Applicants under the Significant Investor stream are now required to invest $5 million, with at least $1 million invested as venture capital or private equity.
A spokesperson for Australia’s Department of Home Affairs said that the changes were introduced to improve the focus on higher-value investors, entrepreneurs, and business owners to improve the quality of investments made by business migrants to Australia.
Business migrants who successfully obtain a Business Innovation and Investment visa to Australia can have their family members accompany them to Australia, and access public services such as Medicare and free education for their children.