• Written by: James Carey, CA CTA
• 21/02/2026

FIRB Application Process & Timeline: Step-by-Step Guide [2026]

If you are a foreign investor planning to acquire an Australian business, purchase property, or invest in agricultural land, you will likely need approval from the Foreign Investment Review Board (FIRB). The FIRB application process involves screening your transaction against monetary thresholds, preparing detailed documentation, submitting through an online portal, paying application fees, and waiting for the Treasurer's decision — all within a statutory timeframe that can stretch from 30 days to several months.

Getting the process right from the start is critical. Incomplete applications cause delays, and proceeding without required approval exposes you to criminal and civil penalties. This step-by-step guide walks you through every stage of the FIRB application process in 2026, including current fees, realistic timelines, and practical tips to avoid common pitfalls.

Step 1: Determine If FIRB Notification Is Required

Not every foreign investment in Australia requires FIRB approval. Your obligation to notify depends on three factors: the type of investment, its value relative to monetary screening thresholds, and the classification of the investor's home country.

Screening Checklist

Ask yourself these questions to determine whether notification is mandatory:

• Are you a "foreign person"? Under the Foreign Acquisitions and Takeovers Act 1975 (FATA), this includes foreign individuals, corporations where a foreign person holds a substantial interest (20% or more), and foreign government investors.
• Does your investment involve a "notifiable action"? Acquiring a direct interest of 20% or more in an Australian entity, purchasing residential property, or acquiring interests in agricultural land, commercial land, mining tenements, or national security businesses are all potentially notifiable.
• Does your investment exceed the relevant monetary threshold? Thresholds vary by investment type, sector sensitivity, and the investor's country of origin.

Key 2026 Monetary Thresholds

Country Classification

Australia classifies foreign investors into tiers based on Free Trade Agreement (FTA) partnerships. Investors from countries such as the United States, Japan, South Korea, China, and New Zealand benefit from higher monetary thresholds for certain transaction types through their respective FTA arrangements. Investors from countries without an FTA with Australia face the lower general thresholds. Foreign government investors from any country face a $0 threshold — meaning every investment requires notification regardless of value.

If your transaction falls below the relevant threshold and does not involve residential land, national security concerns, or a foreign government investor, you may not need to notify FIRB. However, the Treasurer retains a "call-in" power to review any foreign investment that may raise national security concerns, even if it is below the threshold.

Step 2: Pre-Notification Consultation with FIRB (Optional but Recommended)

Before lodging a formal application, you can request a pre-notification consultation with FIRB. This is not mandatory, but it is strongly recommended for complex or high-value transactions.

What to Expect

A pre-notification consultation allows you to:

• Clarify whether notification is required for your specific transaction structure.
• Identify potential national interest or national security concerns early, before you commit to a formal application and fees.
• Understand likely conditions that may be attached to any approval.
• Discuss timing and whether your proposed transaction timeline is realistic given FIRB's workload.

How to Request a Consultation

Contact the Australian Treasury's Foreign Investment Division directly. The team is available during business hours (9:00 am to 12:30 pm and 1:30 pm to 5:00 pm AEST, Monday to Friday) on 02 6263 3795. You can also send a preliminary enquiry through the Foreign Investment Portal. Provide a brief summary of the proposed investment, the parties involved, the estimated value, and the target sector. Treasury will advise whether a formal consultation meeting is appropriate.

Pre-notification consultations are particularly valuable for transactions involving sensitive sectors (defence, telecommunications, critical infrastructure, media), foreign government investors, or investments that may trigger national security reviews.

Step 3: Prepare Your Application

A complete, well-prepared application is the single most important factor in avoiding delays. FIRB will not begin its statutory review period until it is satisfied that all required information has been provided.

Required Documents

Depending on the nature of your investment, you will typically need to prepare:

• Investment proposal: A detailed description of the proposed transaction, including the target entity or asset, the proposed ownership structure, the consideration (purchase price), and the strategic rationale for the investment.
• Financial statements: Audited financial statements of the acquiring entity (and its parent company, if applicable) for the most recent two to three financial years. These demonstrate the investor's financial capacity and commercial track record.
• Corporate structure chart: A diagram showing the full ownership chain from the ultimate beneficial owner down to the proposed Australian entity. FIRB needs to identify every foreign person in the ownership chain and assess their country of origin.
• Business plan: For business acquisitions, a plan outlining the investor's intentions for the Australian business post-acquisition, including employment, capital expenditure, management, and operational strategy.
• Supporting evidence: Tax residency certificates, proof of identity for key individuals, details of any existing Australian investments, and any relevant regulatory approvals from the investor's home jurisdiction.

Incomplete applications are the most common reason for extended review periods. FIRB's initial two-week review focuses on completeness — if documents are missing, you will receive an information request, and the clock effectively resets.

Step 4: Submit via the Foreign Investment Portal

All FIRB applications must be lodged through the Foreign Investment Portal at portal.firb.gov.au. The previous email and paper-based submission methods are no longer accepted.

Account Creation

To access the portal, you need a myID account linked to your identity. The process is:

1. Create a myID account if you do not already have one. Foreign investors can use the myID app with a valid passport.
2. Log in to the Foreign Investment Portal using your myID credentials.
3. Select the appropriate application form based on your investment type (business acquisition, land acquisition, residential property, exemption certificate, or variation).
4. Complete the online form with all required fields. The portal uses an interactive, guided format that adapts based on your answers.
5. Upload supporting documents including your investment proposal, financial statements, corporate structure chart, and business plan.
6. Review and submit the application. You will receive a confirmation email with your application reference number.

The portal allows applicants to save drafts and return to complete the application later. Agents, legal advisors, and consultants can submit on behalf of foreign investors with appropriate authorisation.

For portal support, contact Treasury on 02 6263 3795 during business hours (AEST).

Step 5: Pay Application Fees

FIRB charges application fees based on the type and value of the proposed investment. The 30-day statutory decision period does not begin until the fee is paid, so prompt payment is essential.

Fee Schedule (2025-26 Financial Year)

Fees are indexed annually on 1 July. Amounts shown apply to applications lodged between 1 July 2025 and 30 June 2026.

Payment Methods

After submitting your application through the portal, you will receive an email with a fee estimate within a few business days. Payment is made electronically through the portal. FIRB does not accept cheques or cash.

Additional fees may apply for variations to existing approvals, Treasurer call-in reviews, and retrospective applications for investments that have already been completed without prior approval.

Step 6: FIRB Review Process

Once the fee is paid, the statutory review clock starts. The FIRB review process involves several stages, and the timeline depends on the complexity of your investment.

Initial 30-Day Statutory Period

Under the FATA, the Treasurer has 30 calendar days from the date the application fee is received to make a decision on a foreign investment proposal. During this period:

• Weeks 1-2: FIRB conducts an initial completeness check. If documentation is missing, they will issue an information request. Responding promptly is critical — delays in providing information can lead to the Treasurer extending the review period.
• Weeks 2-4: FIRB consults with relevant government agencies, including the Australian Taxation Office, the Australian Security Intelligence Organisation (ASIO), the Department of Defence, and sector-specific regulators. The investment is assessed against the national interest test and, where applicable, the national security test.

Extensions and Interim Orders

If the Treasurer cannot reach a decision within 30 days, the review period can be extended:

• Interim order: The Treasurer can issue a single interim order extending the decision period by up to 90 additional days (for a total of up to 120 days). Interim orders are common for complex, high-value, or sensitive transactions.
• Information requests: If FIRB requests additional information during the review, the clock may effectively pause until the information is received. Slow responses to information requests are one of the primary reasons approvals take longer than expected.
• National security assessment: Investments that trigger national security concerns undergo a more intensive review involving ASIO and other intelligence agencies. These assessments often require the full 90-day extension.

Recent Processing Performance

Treasury has been working to improve processing times. In the December 2024 quarter, the median processing time fell to 29 calendar days, with Treasury now assessing more than 50% of notifications within the statutory 30-day period. However, complex or sensitive transactions routinely take 60 to 90 days, and some exceed 120 days.

Step 7: Decision and Conditions

At the conclusion of the review, the Treasurer will issue one of three outcomes:

Approval Without Conditions (No Objection Notification)

The Treasurer issues a "no objection notification" confirming that the investment may proceed without restriction. This is most common for straightforward, lower-value transactions that do not raise national interest or security concerns.

Approval With Conditions

The majority of FIRB approvals come with conditions attached. These are legally binding and must be complied with for the life of the investment. Common conditions include:

• Reporting obligations: Regular reports to FIRB on transaction milestones, employment numbers, capital expenditure, and compliance with other conditions. Auditor verification may be required for investors with a history of non-compliance.
• Employment and operational commitments: Maintaining minimum employment levels, keeping the company's headquarters in Australia, or continuing operations at specified sites.
• Tax conditions: Standard tax compliance conditions plus, for higher-risk structures, specific restrictions on related-party financing, offshore asset migration, and transfer pricing.
• National security conditions: Board composition restrictions (e.g., requiring Australian citizen directors), sensitive data handling protocols, restrictions on access to critical infrastructure, and client security provisions.
• Divestment conditions: In some cases, the investor may be required to divest certain assets or subsidiaries as a condition of approval for the broader transaction.

Rejection (Prohibition Order)

The Treasurer may issue a prohibition order if the investment is found to be contrary to the national interest or national security. Rejections are rare but can occur, particularly for foreign government investors seeking to acquire critical infrastructure or sensitive assets. The Treasurer also retains a "last resort" power to revoke a prior approval and order divestment in exceptional national security circumstances.

Timeline Summary

Plan for the typical scenario of 8 to 12 weeks from initial application preparation to receiving a decision. If your transaction involves a sensitive sector, a foreign government investor, or national security considerations, allow 16 to 20 weeks.

What Happens If You Proceed Without FIRB Approval

Proceeding with a notifiable investment without obtaining FIRB approval — or failing to comply with conditions attached to an approval — carries severe consequences under Australian law.

Criminal Penalties

Since the 2021 national security reforms, penalties under the FATA have been significantly increased. An individual who completes a notifiable action without approval faces a maximum criminal penalty of 15,000 penalty units (currently $4.95 million based on the Commonwealth penalty unit value of $330) and/or up to 10 years imprisonment. Corporations face penalties of up to 150,000 penalty units ($49.5 million) or more depending on the offence. For less serious offences, earlier penalty tiers of 750 penalty units ($247,500) and/or 3 years imprisonment may apply.

Civil Penalties

Civil penalties for non-compliance can reach up to $825 million for the most serious breaches involving corporations. For individuals, civil penalties can reach $4.95 million. These penalties apply to both the investor and, in some cases, third parties such as legal advisors, real estate agents, or financial consultants who knowingly assist in a breach.

Divestment Orders

The Treasurer can issue a divestment order requiring the foreign investor to sell the acquired asset within a specified period (typically 90 days). Failure to comply with a divestment order is itself a separate criminal offence.

Infringement Notices

For less serious breaches, the Commissioner of Taxation (who administers the FIRB compliance and enforcement regime for residential property) can issue infringement notices carrying fixed monetary penalties without the need for court proceedings.

Voluntary Notification Program

If you have already completed an investment and belatedly realise that FIRB approval may have been required, you can submit a retrospective voluntary notification through the Foreign Investment Portal. While this does not guarantee immunity from penalties, proactive disclosure is considered favourably by Treasury and may reduce the severity of any enforcement action. A retrospective application fee applies.

Tips for a Faster FIRB Approval

Based on common causes of delay, here are practical steps to accelerate your FIRB application:

1. Submit a complete application from the outset. The most frequent cause of delay is incomplete documentation. Prepare every required document before you lodge. Use the portal's checklist as a guide.

2. Engage Australian legal counsel early. A law firm experienced in foreign investment will know exactly what FIRB expects and can pre-empt information requests. This is especially important for transactions involving sensitive sectors or foreign government investors.

3. Respond to information requests within 48 hours. FIRB's clock does not formally stop during an information request, but slow responses give the Treasurer grounds to issue an interim order extending the review. Fast responses signal a cooperative applicant.

4. Request a pre-notification consultation for complex transactions. Investing a few weeks upfront in consultation can save months of back-and-forth during the formal review.

5. Provide a clear corporate structure chart. FIRB must trace the ownership chain to the ultimate beneficial owner. An incomplete or ambiguous structure chart will trigger additional questions and delay the assessment.

6. Address national interest proactively. If your investment touches on employment, competition, tax, or national security, include a section in your investment proposal that directly addresses how the investment serves Australia's national interest.

7. Factor FIRB timing into your transaction schedule. Do not sign unconditional contracts before receiving FIRB approval. Structure your purchase agreements with a FIRB condition precedent, and allow at least 90 days for the approval process.

Frequently Asked Questions

How long does FIRB approval take in 2026?

The statutory decision period is 30 calendar days, but the Treasurer can extend this by up to 90 days via an interim order. In practice, straightforward applications are typically processed within 30 to 40 days, while complex transactions can take 90 to 120 days or longer. Treasury's median processing time in recent quarters has been approximately 29 calendar days.

Can I apply for FIRB approval myself, or do I need a lawyer?

You can submit an application directly through the Foreign Investment Portal without a lawyer. However, engaging experienced legal counsel is strongly recommended, particularly for business acquisitions, sensitive sector investments, or transactions involving foreign government investors. A lawyer can ensure your application is complete and address potential national interest concerns proactively.

What happens if FIRB rejects my application?

If the Treasurer issues a prohibition order, you cannot proceed with the investment. You may request reasons for the decision, though the Treasurer is not always required to provide detailed reasons, particularly where national security considerations are involved. There is no formal appeal mechanism, but you can resubmit a modified proposal or seek judicial review in limited circumstances.

Do I need FIRB approval to set up a new business in Australia?

Generally, establishing a new Australian company or registering a branch office does not require FIRB approval, as these are "greenfield" investments that create new economic activity rather than acquiring existing assets. However, foreign government investors may still need to notify FIRB of certain new business establishments. If your new business involves acquiring existing land or assets as part of the setup, those acquisitions may independently trigger FIRB notification requirements.

Are FIRB application fees refundable?

FIRB application fees are generally not refundable once paid, even if the application is withdrawn or the transaction does not proceed. In limited circumstances, a partial refund may be available if the application is withdrawn before FIRB has commenced substantive review. This is another reason to ensure your transaction is likely to proceed before lodging a formal application.

Need Help With Your FIRB Application?

Navigating the FIRB application process while managing a cross-border transaction from overseas is challenging. At Aus Business Register, we help foreign companies with every aspect of establishing and operating a business in Australia — from company formation and branch establishment to ongoing compliance and regulatory filings.

If you need guidance on whether your investment requires FIRB notification, or assistance preparing your application, request a quote or call us on +61 2 8599 9890.

For a comprehensive overview of Australia's foreign investment framework, read our Complete Guide to FIRB and Foreign Investment in Australia.