For the first time since the introduction of the Business Innovation and Investment Program in 2012, the government has made some significant changes to business and investment visas.

From 1 July 2021, the number of streams and subclasses in the program is being reduced to four from nine.

There is a higher assets and business turnover test for the Business Innovation stream, and visa holders in the investor stream are required to make an investment of $2.5 million, up from $1.5 million.

The $200,000 funding threshold requirement for the Entrepreneur stream has been scrapped and the pathway to permanent residency has been made easier.