AUSTRALIA must do more to attract wealthy migrants, including business people from Hong Kong, "as part of our country’s reforms to boost economic and employment growth" according to Atlas Advisors Australia.
This is an important recommendation outlined in the Senate Select Committee on Financial Technology and Regulatory Technology’s recent Issues Paper.
Executive chairman of leading wealth manager Atlas Advisors Australia, Guy Hedley congratulated the Senate Select Committee on its insightful and thorough paper.
Mr Hedley said it was clear Australia could benefit more from wealthy and experienced migrants who could bring new capital to be invested in growing our economy over the longer term.
“Asia is a rich centre for business ideas and technology,” Mr Hedley said. “And wealthy entrepreneurs are looking for greater investment opportunities in Australia post Covid-19, particularly given Australia’s performance in managing through the pandemic.
“Australia must create greater incentives and be more globally competitive to attract skilled migrants under the Significant Investor Visa or Global Talent Visa programs.”
Mr Hedley said the Senate Select Committee issues paper made clear that access to foreign capital and investment were key drivers for Australia’s economic and employment growth.
“Australia can and must do more to attract foreign capital and investment,” Mr Hedley said.
“More funds directed to venture capital could enable Australian startups and businesses seeking to scale up their operations and grow into the global companies of tomorrow.
“Australian industry could also benefit from new insights, experience and knowledge of experienced migrant businesspeople.”
Mr Hedley said the Foreign Investment Review Board played an important role in safeguarding Australia’s national interests.
“The FIRB should continue to operate in a context where greater incentives for foreign investment are created,” Mr Hedley said.
“Investment opportunities should not be missed out on because of inefficiency or a lack of competitiveness. We must ensure our processes are streamlined to make it easier and safer to attract much needed foreign capital.”
About Atlas Advisors Australia
Atlas Advisors Australia is a leading funds manager and investment advisory business, operating between China and Australia offering a wide range of financial services and wealth management solutions. With operations in Sydney, Melbourne in Australia and Hong Kong SAR and Shanghai in China, Atlas is able to support investors in all China and Australia locations. Atlas Advisors Australia AFOF is the major limited partner in Stoic Venture Capital. www.atlasadvisors.com.au