Leading wealth manager Atlas Advisors Australia has announced it will be welcoming applications from new investor migrants following the anticipated reopening of Australia’s Business Innovation and Investment Program (BIIP) later this year.
Executive Chairman of Atlas Advisors Australia, Guy Hedley said the Australian Government’s recent decision to allocate places for Significant Investor Visas and Investor Visas to key states was welcome recognition of the importance of the BIIP program to the Australian economy.
“The Australian Government has taken an important step to fulfil some of this year’s quota for BIIP places,” Mr Hedley said.
“This is welcome acknowledgement of the critical role the BIIP program will play in driving the recovery of Australia’s post-pandemic economic growth.”
Mr Hedley said the industry sought clarity about the number and type of BIIP places allocated for 2020-21.
“Australia’s economy would be far more effectively served by encouraging a higher proportion of high net worth migrant investors to apply to the Significant Investor Visa, Investor Visa and Premium Investor Visa, than other visa categories,” Mr Hedley said.
“These migrant investors have a greater investment capacity to help fuel our economy recovery.”
Mr Hedley said another key concern was an ongoing slowdown in processing times and a downward trend in BIIP approvals.
“This slowdown is impeding venture capital funds from obtaining urgently needed capital to help entrepreneurs, startups and emerging companies flourish,” Mr Hedley said.
“This is creating uncertainty and funding constraints for organisations that are already on the brink of collapse.
“If this occurs, Australia risks losing the next generation of leaders in health, technology, agribusiness and manufacturing as well as our economy’s future job and revenue creators.”
Source – Medianet