COVID-19: An Introduction to Temporary Changes Affecting Businesses in Australia and New Zealand

...Changes to The Way Foreign Investment is Reviewed In Australia & New Zealand -

In this update we highlight changes to the legislation governing foreign direct investment in each country.

Australia -

On 29 March 2020, the Australian Government announced changes to the way foreign investment in Australia will be reviewed.

Two key changes -

1. All monetary screening thresholds in the Foreign Acquisitions and Takeovers Act 1975 (Act) have been reduced to $0 meaning all proposed foreign investment into Australia (unless exempt under the Act) will require approval by the FIRB regardless of the value or nature of the foreign investor; and...

2. In order to ensure sufficient time for screening applications, the time frame for reviewing both new and existing applications to the FIRB has increased from 30 days to six months...

Please see full Business Guide below for more information.

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MERITAS - Law Firms Worldwide
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