Look, if you were planning to apply for a business or investor visa in Australia, the rules just changed. The Business Innovation and Investment Program is closed. No new applications for the Subclass 188 visa will be accepted from July 2024.
That is final.
Why Did the Government Shut Down the BIIP?
The Migration Review found that the BIIP was delivering poor economic results for Australia. The Treasury and the Productivity Commission agreed. The program was not bringing the jobs, investment, or innovation it promised.
So the government pulled the plug. A new National Innovation visa is expected by the end of 2024, but details are still being finalised. For high-net-worth individuals, the Global Talent visa remains a strong alternative pathway.
What If You Already Lodged a Subclass 188 Application?
If you submitted your Subclass 188 application before the closure, it will still be processed. But expect delays. The Department will work through existing applications according to government priorities and planning levels.
Policy guidance is also tightening. The Department wants to ensure applicants have genuinely successful business careers and will deliver real economic benefits to Australia. If your application is borderline, that matters more now than it did six months ago.
What If You Already Hold a Subclass 188 Visa?
If you already have a Subclass 188 visa and meet the criteria for the Subclass 888 permanent visa, you can still apply. That pathway remains open.
If you are in the Business Innovation stream or Significant Investor stream and need more time to meet the 888 requirements, you can apply for the extension stream. Do not wait until the last minute.
Refunds for Withdrawn Applications
If you want to withdraw your Subclass 188 application, refunds for the Visa Application Charge became available from September 2024. The Department will provide details on the withdrawal process.
What Should You Do Now?
If you were planning a business visa application, you need to reassess. The BIIP is gone. The new National Innovation visa is coming, but we do not yet know the full requirements.
If you already hold a Subclass 188, focus on meeting the Subclass 888 requirements. That is your pathway to permanent residency. Do not let it slip.
Questions about your business visa options? Book a consultation and let us work out exactly where you stand.
This article provides general information only and does not constitute legal advice. For advice on your specific circumstances, book a consultation.
