Australia's new FIRB portal: What foreign investors need to know

On 24 February 2025, Australia launched a new Foreign Investment Review Board (FIRB) portal to modernise the submission and compliance process for foreign investment applications. This development represents a significant shift in how foreign investors interact with Australia’s regulatory framework. Understanding the new system is essential to ensuring compliance and seamless investment transactions.

Key changes in the new FIRB portal

Digital identity verification

The new portal requires users to have a verified digital identity to access the system. This enhances security and ensures that only authorised individuals can submit applications and manage compliance reporting. Foreign investors, their representatives, and legal teams must register for a digital identity before setting up their user profile and using the portal.

Centralised compliance reporting

A major improvement in the new portal is the consolidation of compliance reporting functions. Previously, compliance reports were submitted via email, creating inefficiencies and risks of miscommunication. The portal now enables investors to manage their compliance obligations in a single, secure environment, improving transparency and tracking.

Account management and authorised users

Each foreign investor must establish an account within the portal. If an agent or legal representative is acting on behalf of an investor, they must submit a formal authority letter linking them to the organisation’s account. This new structure ensures that only authorised individuals can interact with FIRB on behalf of foreign investors.

In-system communication with FIRB

The new portal includes a direct communication feature, allowing investors to correspond with FIRB officials within the system itself. This replaces email-based interactions, reducing delays and miscommunication risks. All submissions, responses, and updates are stored in the portal, creating a more efficient audit trail for investors.

Implementation timeline and transition considerations

The rollout of the new FIRB portal is occurring in phases:

• compliance reporting: The first phase, launched in February 2025, enables investors to submit compliance reports and manage reporting obligations online
• application submissions: By late April 2025, the portal will expand to allow new foreign investment applications to be lodged directly within the system. Until then, existing submission processes remain in place. After the expansion, all users will be able to complete, submit, and monitor investment proposals and pay their FIRB fees in the portal.

Given the phased transition, investors should familiarise themselves with the new system and ensure they are prepared for the upcoming changes.

Impact on foreign investors

The new FIRB portal presents both opportunities and challenges for foreign investors (including foreign-owned Australian entities). Key implications include:

• increased efficiency: By digitising compliance reporting and application submissions, the process is expected to be faster and less burdensome. The portal also aims to support more effective and efficient compliance activities across government
• improved transparency: The ability to track submissions and compliance obligations in real time reduces uncertainty and the risk of missed deadlines.
• administrative adjustments: Businesses and legal teams must adapt to the new account structures and digital identity requirements to avoid processing delays.

Steps foreign investors should take now

• To ensure a smooth transition, foreign investors and in-house legal teams should take the following steps:
• register for a digital identity – all individuals accessing the portal must have a verified digital identity. Investors and their representatives should complete this step as soon as possible
• set up portal accounts – corporate entities and their authorised agents should establish accounts in the new system early to avoid last-minute issues
• prepare authority documentation – if third-party representatives (such as external legal advisors) will manage applications, the necessary authority letters should be prepared and submitted in advance
• familiarise with compliance reporting features – investors should explore the portal’s compliance reporting functionalities to ensure smooth ongoing compliance.

The introduction of Australia’s new FIRB portal marks a significant step in modernising foreign investment regulation. Foreign investors, including their in-house legal teams, should take proactive steps now to ensure they are prepared for the transition and can take full advantage of the new system.

We will issue further announcements as the portal continues to evolve to help you stay up to date with additional features and requirements. Meanwhile, read our update here on the government’s latest FIRB changes for foreign residential investment in Australia.

If you have any questions about the portal or the latest FIRB changes, please reach out to our team below.

Disclaimer
The information in this article is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavour to provide accurate and timely information, we do not guarantee that the information in this article is accurate at the date it is received or that it will continue to be accurate in the future.

Published by:

Jeanne Vallade

Share this