Wednesday May 16 2018

News Source: Global Disclosures

Focus: Foreign Investment

Type: General

Country: Australia




The Foreign Investment Review Board (FIRB) has announced that the Application Portal (Portal) is expected to go live on 2 July 2018. The new Portal has been developed on a modern web-based platform. The Portal is expected to deliver a number of improvements to facilitate easier lodgement of foreign investment applications.

Overview of key features

  • Submit variations to approved applications
    Applicants will be able to submit variations to approved applications in the new Portal.
  • Add multiple contacts to a single application
    Multiple contacts can be added to foreign investment proposals and variation applications using the Portal.
  • Adjust access settings for contacts to increase visibility and management of applications
    The Portal will provide new functionality for applicants and/or their agents to adjust access and grant permissions to listed contacts to either view, edit and/or submit applications.
  • Reuse stored contact and applicant details for new applications
    Stored contact and applicant details can be re-used for future foreign investment proposals and variation applications negating the need to re-enter the same information multiple times.
  • Submit one application for multiple notifiable actions
    New capabilities in the Portal will facilitate the lodgement of one application for multiple notifiable actions.
  • Save partially completed applications
    Applicants will be able to save partially completed applications to enable submission at a later time without having to re-enter information.
  • Self-manage account settings
    A number of account settings will be self-managed in the new Portal. This removes the current constraint on applicants to apply to have these settings changed.
  • Access an enhanced fee calculator
    An enhanced calculator in the Portal will provide improved fee estimates and allow applicants to convert the estimate into a proposal or variation application.

A suite of support materials will be made available in the coming weeks to help applicants navigate the new Portal.

Click on the link above for further information.