As part of the Migration Strategy, the Government has announced that no new allocations will be provided for the BIIP while a new talent and innovation visa is being considered. The new National Innovation visa is expected to be available by the end of 2024.
The BIIP will be permanently closed from July 2024, and no new applications for the Business Innovation and Investment (Provisional) (subclass 188) visa will be accepted. The Migration Review found that the BIIP has been delivering poor economic results for Australia, a finding supported by studies from the Treasury and the Productivity Commission.
Current Business Innovation and Investment (Provisional) (subclass 188) visa applications will be processed according to Government priorities and Migration Program planning levels. Additionally, BIIP policy guidance will be tightened to ensure that all business migrants coming to Australia have had successful business careers and will bring economic benefits to the country.
Holders of a subclass 188 visa who meet the criteria for the Business Innovation and Investment (Permanent) (subclass 888) visa can continue on this pathway after July 2024.
Holders of a subclass 188 visa in the Business Innovation stream or the Significant Investor stream can still apply for the extension stream of the visa, providing more time to meet the requirements of the Business Innovation and Investment (Permanent) (subclass 888) visa.
Refunds for the subclass 188 Visa Application Charge (VAC) will be available from September 2024 for those wishing to withdraw their application. The department will provide more information on the withdrawal process and how to request a refund when it becomes available.
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