UGLOBAL . COM 31 is the government department responsible for managing the migration program , reported a queue backlog of 30,621 business and investor visas which is more than 4 times the normal annual planning level .
The current program was introduced in 2012 with the entrepreneur stream added in 2016 . The program is managed according to the financial year and the current program started on July , 2021 for the 2021-22 year .
“ In 2019-20 the total planning level was for 6,682 visas , but in response to the pandemic and a need to support economic recovery this has nearly doubled to 13,500 places in the current 2020-21 year .
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THE PROGRAM IS AN IMPORTANT PART OF AUSTRALIA ' S ECONOMIC RECOVERY PLAN FROM THE IMPACT OF THE GLOBAL PANDEMIC
Each program year , the national , state and territory governments jointly determine the allocation of nominations to be made available for prospective migrants based upon their regional needs and outlook . In 2019-20 the total planning level was for 6,682 visas , but in response to the pandemic and a need to support economic recovery this has nearly doubled to 13,500 places in the current 2020-21 year .
The provisional visa ( subclass 188 ) is a 4-year temporary visa ( actually 4 years 3 months ) that allows applicants to engage in business or investment activity in Australia . Upon satisfying investment , business or entrepreneurial requirements in Australia , the application can be made for a permanent residence visa ( subclass 888 ).
THE STREAMS WITHIN THE BUSINESS INNOVATION AND INVESTOR PROGRAM
A set of changes to the program was announced to improve the quality of investments and maximize the economic