Australai will review its Business Innovation and Investment Visa Programme

Australian politicians are currently reviewing the Business Innovation and Investment Visa Programme in order to establish, why it has attracted fewer people than it was expected initially.

The program was designed in 2012 and the aim was to attract investors and entrepreneurs, who want to move their businesses in Australia. The program targeted investors that have significant experience in innovation and entrepreneurship and can make positive contributions to the Australian start-up scene.

The Federal Parliament’s Joint Standing Committee on Migration wants to make research in order to establish the reasons why the campaigns lacked any significant success. Committee chair Louise Markus said skilled migration is a key component of Australia’s migration system.

“It is important to encourage the creation of genuine and sustainable business opportunities that will generate economic growth, benefiting both the Australian economy and workforce,” she explained. The committee will also focus on the conditions that were involved in the decline of the application rates on the application requirements that needed to be fulfilled by successful applicants.

The committee will also assess the contribution of the current program against the other ones that are aimed at generating economic growth. The BIIP is comprised of three visa subclasses: Business Innovation and Investment (Provisional)(188); Business Innovation and Investment (Permanent)(888); and Business Talent (Permanent)(132). The Significant Investor visa, on the other hand, is a subject of another review which is done separately by the Australian department of immigration and border protection and therefore is not included in the current inquiry.

The committee will also be interested to hear something from individuals that have actually participated in the BIIP application process. There will be a number of public hirings that are scheduled after 2 May 2014. In addition to that participants in BIIP will also have the opportunity to send their opinion by email.

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