BIIP to help economy recover
The Government’s decision to reopen the Business Innovation and Investment Program (BIIP) is an acknowledgement of the role the program will play in driving the country’s economic recovery post pandemic, according to Atlas Advisors Australia.
The wealth manager said it would be welcoming applications from new investor migrants following the reopening of the BIIP later this year.
Atlas executive chair, Guy Hedley, said: “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.
“These migrant investors have a greater investment capacity to help fuel our economy recovery.”
Hedley noted that a concern was the 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, start-ups and emerging companies flourish,” he 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.”
Recommended for you
Outflows from an Australian private markets fund manager have caused FUM at Pacific Current to decline by $1 billion in the last quarter.
Former RIAA chief executive Simon O’Connor has joined the ethical advisory panel at U Ethical Investors.
Financial services leaders are “all cashed up with nowhere to grow” when it comes to M&A activity, according to Deloitte, with 90 per cent saying they have strong balance sheets ready for an acquisition.
As fund managers are urged to diversify their product ranges, they are finding a faster way to do this is via an acquisition of existing firms but experts say it is not without potential culture clashes.
