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Streamlining the Business Innovation and Investment Program (BIIP) from 1 July 2021

This compilation was prepared by the Department of Home Affairs on 7 July 2021 taking into account amendments up to Migration (Complying Investments) Amendment Instrument (LIN 21/041) 2021.

A summary of these changes implemented on 1 July 2021 can be accessed by clicking on this link BIIP and CIF summary post 1 July 2021:

streamling-biip-and-cif-summary-landscape-1.pdf

In summary, from 1 July 2021 the following CIF ratios will apply to both the Investor and the Significant Investor Visa streams: 

  • 20 per cent venture capital and Private Growth Equity funds (VCPE)
  • 30 per cent funds investing in emerging companies
  • 50 per cent in balancing investments
  • Improvements to the Complying Investment Framework will include:
  • A clearer definition of Fund of Fund (FoF)
  • Applicants will be given 6 months to enter into their VCPE agreement, in lieu of the previously allowed 12 months.
  • A tightening of Emerging companies rules to close previous loopholes.
  • Fund managers will need to complete an annual audit for all of the funds they manage. The managers we work with are all committed to these changes including the annual audits.

Source: https://www.legislation.gov.au/Details/F2021C00656

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