A new study shows that if Australia cancels 30,000 applications for Business Innovation and Investment (BIIP) visas, it will save A$38 billion to the federal budget.
As the Australian Interior Minister commissioned three experts to conduct in-depth review of the immigration system, the Grattan Institute, a think tank, called on the federal government to cancel the current backlog of 30,000 applications for business innovation and investment visas and give these quotas to technology migrant.
This type of investment visa is for applicants with business skills and who are interested in establishing, developing, and managing new or existing innovative enterprises in Australia. After holding the visa for 3 years, they can apply for a permanent residence visa. In the fiscal years 2021-2022, the visa occupied one-seventh of the skilled immigration quota.
Gratan Institute's research found that people who obtain such business investment visas often have low incomes in Australia, which consumes more than they pay for taxes, and rarely brings novel ideas to business. Or invest in innovation.
According to the Australian Ministry of Finance, the cost of public services consumed by business innovation and investment visa holders in their lifetime is 120,000 Australian dollars more than the tax they paid, while other skilled immigrants paid more than the tax they paid. The public service is $198,000 more.
Brendan Coates, director of economic policy project at the Gratan Institute, said: "There is no need for legislation to cut off commercial investment visas, and the government should take action. There are more than 30,000 applications for commercial visas. If these visas are approved, A $38 billion budget will be consumed in the next 30 years. "
" (these commercial investment immigrants) are often older, which means that they will have a shorter working years before retirement, so before they start to rely heavily on government services, Their tax payment period is also shorter. "
The survey found that people with this type of business visa have lower English skills, which makes it difficult for them to play a meaningful management role in growing businesses, and less than these people Half of the people have a college degree, while this percentage is as high as 80% of skilled immigrants.
Australian Home Minister Clare O’Neil said that the current immigration system has great problems and needs fundamental reforms, otherwise Australia’s economy will soon lag behind other competitors. She also released the signal that the visa of major investors (SIV) will be abolished
188C The purpose of major investors visa is to contribute to the Australian economy by investing heavily in Australian funds and increase economic stimulus, activities and growth in different industries through various industries. , employment and investment. For applications filed after the new rules were passed in July 2015 and further revised on July 1, 2021,
Applicants must make a compliant investment of at least AUD 5 million through any of the following options within 4 years. Please refer to the following 188C visa eligibility criteria:
1. Venture Capital - At least A$1 million Venture Capital and Growth Private Equity Funds Invest in startups and small private companies. Please note that venture capital and private equity investments have increased from 10% to 20% since July 1, 2021.
1.A. Venture Capital Investment - Victoria - Nominated under the Major Investor Visa Category can invest in all registered and qualifying Victoria Venture Capital Funds. All Victoria Venture Capital Limited Partnerships (VCLPs) and Early Venture Capital Limited Partnerships (ESVCLPs) registered with the Department of Industry, Science, Energy and Resources or registered with the Department of Industry, Science, Energy and Resources are now qualified and compliant investments. This applies to all those who nominate a significant investor (188C) visa on or after July 1, 2021.
2. Management Fund Investment – An approved managed fund with at least $1.5 million is invested in emerging companies listed on ASX . Please note that after July 1, 2021, an additional 30% investment in this element will require dedicated to emerging companies.
3. Balanced Investment - A managed fund of at least $2.5 million can invest in a range of assets, including Australian Stock Exchange listed companies, Australian corporate bonds or notes, annuities and commercial real estate, and hold the investment for at least 4 years. Please note that after July 1, 2021, the balanced investment element has been reduced from 60% to 50%.
Real estate - Direct investment in residential real estate is prohibited. The proportion of indirect investment in residential properties through management funds is limited to about 10%.
Residence requirements - Applicants must live in Australia for at least 160 days or more for 4 years
Business activities - Have not participated in unacceptable participation before Commercial Activities
Source of Funds - Funds used for SIV 188C Investments must be unhindered and legally obtained
Health and Character - Meet the character requirements and receive physical examination
State/Territory nomination- Applicants must truly intend to nominate their state/territory residence in government agencies, contribute to the state/territory economy, and continue their business investment activities once eligible investments mature. Applicants can apply for nomination:
Victoria-Victoria Government
NSW - NSW Government- NSW Finance Department
Queensland - Commercial and Skilled Immigration Queensland
South Australia - South Australian Immigration
West Australia-West Australia Commercial Immigration Centre
Australian Capital Territory - Skills Canberra
Tasmania - Tasmanian government- Immigration Tasmania
Northern Territory - Northern Territory government- Northern Territory immigration
The benefits of SIV visa- Important investor category
None Score test
No age limit
No qualification - no education and business experience required
Minimum English language proficiency - If the applicant or family member has almost no English proficiency, they can still apply. Only "practical" English language skills are required (IELTS 4.5 points)
Family members - Applicants can include family members and dependent children in the application
Port - Applicants can invest in portfolio based on preferences, interest rates and high returns
Convert investment- Applicants can convert from one investment to another compliant investment during the temporary visa
Living, working, studying and investing in Australia-After obtaining a 188C temporary visa
Processing time-fast visa processing time
Visa Valid for 4 years and 3 months- There are multiple entry facilities
Visa extension-If necessary, apply for 188C extension
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