August 30, 2020 1 min read
Leading wealth manager Atlas Advisors Australia has welcomed the Australian Government’s decision to make an interim allocation of places under the Business Innovation and Investment Program (BIIP) ahead of the Budget to assist in driving economic growth amidst the challenges of the pandemic and falls in migration.
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 recognised the critical role the BIIP could play in offsetting the economic impact of a significant drop in migration.
“This important step can alleviate the loss of capital as a result of lower migration levels while corresponding with the Australian Government’s objectives to reduce overall migrant numbers,” Mr Hedley said.
The current cap on the BIIP numbers should be lifted and the processing of applications sped up to draw in vital investment for venture capital funds to fuel the post-pandemic economy.
“There is a severe ongoing shortage of early stage venture capital and the BIIP can be a sustainable and lucrative source,” he said.
“Greater investment in venture capital is critical to encourage innovation that helps companies pull through difficult economic periods while also providing the underpinnings for future jobs and revenue.
“Without further immediate action, Australia risks losing vital capital and trade opportunities to other countries with better incentives to attract high net worth investors in today’s highly competitive market for capital.”
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