Home topics news The Board; (left to right,) Roger Brake, Meg McDonald, Teresa Dyson, Alice Williams, Chair David Irvine, Cheryl Edwardes and Nick Minchin. Absent: David Peever. 15 November 2019, Canberra. Featured News Featured Changes to FIRB process causing big delays for startups raising offshore capital Ellie Dudley August 18, 2020 Significant reforms to the Foreign Investment Review Board (FIRB) process has resulted in long approval delays for Australian startups raising capital from foreign investors. Many Australian startups raising Series A & B rounds often have to rely on foreign investors to complete their rounds as they are often larger than what local investors can allocate. These delays are putting the rounds in jeopardy. On 29 March 2020 Federal Treasurer Josh Frydenberg announced major changes to Australia’s foreign investment approval regime. This was done to address national security risks arising from the COVID-19 pandemic. The temporary changes have widened the range of businesses who require FIRB approval in acquiring foreign investment. This, in turn, lengthens the FIRB review period for applications. Chief Executive of the Australian Investment Council , Yasser El-Ansary, has stated that the changes have caused difficulty for startups to acquire foreign investment. “ The temporary changes the government has announced have certainly had an impact on Australia’s ability to attract inbound investment from offshore,” says Mr El-Ansary. “It is important for our industry and the broader Australian economy that we do everything we can to support inbound investment for Australian startup businesses.” Related: “Sydney med-tech startup secures