Compilation of Migration (IMMI 15/100: Complying Investments) Instrument 2015 dated 01 July 2021 incorporates the amendment made by Migration (Complying Investments) Amendment Instrument (LIN 21/041) 2021 dated 24 June 2021 [“the Instrument”] specifying the scope and requirements of complying significant investments (Reg 5.19C of Migration Regulations 1994) of a minimum total amount permitted for certain streams for Business Innovation and Investment (Provisional) visa Subclass 188 and Business Innovation and Investment (Permanent) visa Subclass 888 under Australia’s Business Innovation and Investment Program (BIIP).
The Instrument specifies the requirement to make a complying significant investment and increased the minimum total amount of investment for the investor stream to $2,500,000, which was previously $1,500,000. It outlines required allocations for an eligible investment to at least 20% or 30% of the total investment, as the case may be, for venture capital funds and emerging companies investments. The Instrument also prescribes the requirement for the venture capital fund investment to be minimum 20% of the total investments and replaces the absolute dollar amount of AUD $500,000 for the same and also reduces the time to 6 months from 12 months, to enter into an agreement with the general partner for venture capital funds, after the visa is granted to the investor. Furthermore, the Instrument closes three underperforming streams, including the Premium Investor stream under Subclass 188 from 01 July 2021. However, complying premium investment continues to apply to applicants for a Subclass 888 visa who hold a Subclass 188 visa in the Premium Investor stream that was granted or applied for before 01 July 2021 and not for the Subclass 188 when the Premium Investor stream is closed.
The Compilation is registered on the Federal Register of Legislation on 14 July 2021 and commenced on 01 July 2021 and is currently in force.
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