Business Visa 188 Closed & New National Innovation Visa for Investors

Business Visa Australia Closed 1

As stated in the budget papers, "The BIIP (Business Innovation and Investment Program) will be closed permanently from July 2024 and new applications for the Business Innovation and Investment (Provisional) (subclass 188) visa will no longer be able to be lodged."

If you already lodged a Subclass 188 or Subclass 132 visa, the applications would continue to be processed in line with the planning levels.

2023 Migration Strategy confirmed that the government is lack of interest in current BIIP and it has reduced the BIIP allocation to 1,500 for financial year 2023-2024, a further 500 places will be reduced and bring down the total allocation to 1000 for 2024-2025.

Until 30 June 2022, the number of subclass 188 application on hand was 20,459.

https://www.homeaffairs.gov.au/access-and-accountability/freedom-of-information/disclosure-logs/2023

If, in the last 2 years, the Department was managed to clear the backlog and reduced the on hand applications to $15,000, it will take 10 to 15 years to finalise all the applications -- based on the allocations we get for this year and next year (1,500 and 1,000).

The Department will also “tighten” its policy to determine how the legislative is interpreted and applied, leading to a higher number of applications refused.

Therefore, the government has also announced an option for applicants to cease processing of a BIIP application with a refund of the visa application charges. This will be available from September 2024.

In the future, successful and talented business owner and investor may also have a chance to get a visa from Australia through the National Innovation Visa Program. We will have more updates coming by the end of 2024.

Subclass 188 visa holders will still be able to apply for the permanent visa subclass 888 visa after July 2024, subject to meeting all eligibility criteria. If eligible, they may apply under the provisional extension stream if they need additional time to meet the permanent BIIP visa requirements.