Investment manager Atlas Advisors Australia is calling for better use of migrant investment funds under a key visa program with the aim to fill critical gaps in venture capital and ailing industries in regional areas.
The proposal is included in a submission to the Department of Home Affairs Discussion Paper on the Complying Investment Framework (CIF) for the Business Innovation and Investment Program (BIIP).
Executive Chairman of Atlas Advisors Australia, Guy Hedley in a statement said Australia should use the Investor Visa program to channel funds to struggling regional economies just as the United States does under its own highly-competitive EB-5 program.
Applicants to the 188B Investor Visa must participate in a complying investment framework which currently requires that only AUD$1.5 million be invested in an Australian State or Territory bonds where there is no shortage of demand, so little benefit results.
Hedley said the Investor Visa should have the same complying investment framework as the Significant Investor Visa, however with a requirement to allocate funds to regional investments.
“Channeling greater funds towards regional ventures will support the growth of jobs and industries in regional areas,” Hedley said.
“This would lead to the development of regional economic hubs that may attract other metropolitan businesses to relocate to obtain funding support.”
Hedley said regional areas were crying out for investment following the devastation of droughts and bushfires and the economic impact of COVID-19.
“A vital boost in investment capital from the Investor Visa will allow new businesses to flourish, creating more resilient and employment-generating communities,” he said.
Hedley said Atlas Advisors Australia already had significant capital invested in regional start-up businesses through their venture capital funds.
“We recognise that investing in our regional economies is vital to creating sustainable jobs and supporting the development of new technology, innovation and industries that will be the lifeblood of generations to come.”
Atlas Advisors Australia is a funds manager and investment advisory business, operating between China and Australia offering a wide range of financial services and wealth management solutions.