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.

How can Work Visa Lawyers help?

Work Visa Lawyers can help you with your Business Visa. 

Our team of experienced Immigration Lawyers and Migration Agents look forward to assisting you with your Australian visa or appeal.

Contact us on (+61) 08 8351 9956 or This email address is being protected from spambots. You need JavaScript enabled to view it.

Book an appointment with one of our experienced Immigration Lawyers and Registered Migration Agents here.

Sources: 

Department of Home Affairs website - Migration Program planning levels: https://immi.homeaffairs.gov.au/what-we-do/migration-program-planning-levels

Budget 2024-25 website:  https://budget.gov.au/content/documents.htm

Migration Strategy: https://immi.homeaffairs.gov.au/programs-subsite/migration-strategy/Documents/migration-strategy.pdf

On 22 January 2023, an Australian newspaper, The Australian, published an article entitled, “Quiet chop for ‘golden visa’ scheme”.

The Australian article by Stephen Rice contains inaccuracies. This is article aims to set out the facts and correct the misinformation contained in The Australian article.

Has the Labor Government axed the Business Innovation and Investment Program (BIIP) visa?

 No, the Australian Government has not axed the BIIP visas.

Migration Review and Migration Strategy

A review of the Australian migration system was conducted in 2022-2023, and the Migration Report (the ‘Report’) was released on 21 March 2023.

One of the possible reform directions arrived at by the reviewers is “Better target permanent skilled visas to maximise economic outcomes and remain internationally competitive”.  One of the measures identified to support the possible reform directions is to:

Revisit the allocation of places across the permanent skilled program. In particular, reconsider the size and role of the Business Innovation and Investment Program (BIIP), noting more positive outcomes from the Significant Investor Visa. Consider how to manage the allocation of places to state and territory nominated and regional visas, including possible consolidation of these programs.  ^[1]

During her address to the National Press Club on 27 April 2023, the Minister for Home Affairs, The Hon Clare O’Neil MP, was asked whether the business investment visa subclass 188 A, B, C be removed in the future.  The Hon Minister replied that, “We haven’t said that we will abolish those programs. What we have said is that they need a radical restructure as part of the work that we’re doing and I think this needs to be folded into the broader conversation about highly skilled people who we see as creating the future jobs for Australians and now how we manage them in. It’s not just about what’s called BIV and SIV. This is just the world of acronyms that I live in! It is not just about BIV and SIV. It is about the whole question of that, really quite – drivers of economic growth and how we should think about bringing those people into our country.” ^[2]

Australia’s Migration Strategy was released to the public in December 2023. This Migration Strategy is based on the findings of the Migration Review. The Strategy notes that:

The Migration Review flagged the opportunity to draw on the relative strength of the Significant Investor stream to design a visa product more sharply targeted to select migrants who can drive innovative investments in sectors of national importance or play a valuable role in the venture capital industry.

The Migration Strategy further mentions as an area for future reform:

A new Talent and Innovation visa could create a single, streamlined pathway to attract relatively small numbers of highly talented migrants to Australia, such as high performing entrepreneurs, major investors and global researchers.

As a result of the review, or the current financial year (2023-2024), the Australian government has reduced the allocations for the BIIP program (see Figure 1) and has not allocated these places to any Australian state or territory in order to process the applications on hand.

There has been no ‘axing’ just a pause while the review of the program is being conducted. All indicators point to the fact that the Government will be continue offering visa to highly talented migrants to Australia, such as high performing entrepreneurs, major investors.

Does the business visa program make up a quarter of Australia’s migration allocations?

The first sentence of the article states that “[a] business visa program which makes up a quarter of all the nation’s migration allocations has been quietly axed by Labor ….”   The truth is that in 2022-2023, the Business Innovation and Investment Program (BIIP) was allocated 5,000 places out of 195,000, or 2.56% and for this financial year, 1,900 places out of 190,000 places or 1%. Hardly “a quarter”. 

The migration allocations for the year ending 30th of June 2024 have zero allocations for Business and Investor Visas. That signifies that there are no Business or Investor Visas available for this year, as illustrated in the chart below.

This means it will not be possible to get a state nomination for any of the four streams of the Business and Investor Visa Program. 

The four streams of the Business Innovation and Investor Programme (BIIP) are:

• Business Innovation stream
• Investor stream
• Significant Investor stream
• Entrepreneur stream

 Why did they close the Business 188 visa?

The Parkinsons’ Migration Review Final Report had several negative comments about the Business Innovation and Investor Programme. These negative comments included that the overall age of business Visa applicants is higher than other visas and that this could cause high medical expenses. Further, there were comments that 188 Visa holders had low incomes while in Australia.

In relation to the income point, we argue that this was based on accurate information that underestimated the range of income generated by Business Visa holders, including through their business and personal. 

The migration review also recommends revisiting the allocation of places across the permanent skilled program. In particular, it suggests reconsidering the size and role of the Business Innovation and Investment Program (BIIP), noting more positive outcomes from the Significant Investor Visa.

Other visa options

If you do not want to wait until new Business and Investor Visas are announced, you may consider the Global Talent Visa. 

To learn more about the Global Talent Visa and to explore your immigration options, please visit: https://www.workvisalawyers.com.au/services/global-talent-distinguished-talent-visas/global-talent-independent-visa.html

New Investor Visa opportunities coming from July 1, 2024

The Migration Review Final Report did mention some positive contributions by their Significant Investor Visa and suggests consideration be given to whether the BIIP is retained as a substantial program.

We expect a redeveloped version of the Significant Investor Visa to be introduced from 1 July 2024. 

On page 66 of the report, there are suggestions that consideration should be given to whether the BIIP is retained as a substantial program: “We note that outcomes for the small Significant Investor stream have been stronger than for the remainder of the BIIP. If there is a desire to retain some element of the BIIP, consideration could be given to drawing on the relative strength of this stream in designing a niche investment visa product, much more sharply targeted to select migrants able to drive innovative investments or play a valuable role in the venture capital industry.”

It is expected that the new investor Visa will be similar to the current significant investor Visa and may require: 

• $5000,000 investment into a complying investment
• Complying investments are yet to be determined by the federal government and may include a stipulated percentage of investment into venture capital.

If you intend to invest in Australia, we can help you find the best Australian business visa options. Our team of experienced Immigration Lawyers and Migration Agents looks forward to assisting you. If you are interested in a Significant Investor Visa for Australia, please contact us.

Sources:

https://immi.homeaffairs.gov.au/what-we-do/migration-program-planning-levels

https://www.homeaffairs.gov.au/reports-and-publications/reviews-and-inquiries/departmental-reviews/migration-system-for-australias-future

https://www.homeaffairs.gov.au/reports-and-pubs/files/review-migration-system-final-report.pdf

 How can Work Visa Lawyers help?

If you need help with this visa, Work Visa Lawyers can assist you.

Work Visa Lawyers is highly experienced in all parts of an employer-sponsored visa application process. We can assist with all aspects of the application and will provide an eligibility assessment before advising you to proceed with a visa application.

Based in Adelaide South Australia, we provide Australian Immigration advice to people and businesses from all over the world. You can book an appointment online or call us at (+61) 8 8351 9956.

Greetings to all aspiring immigrants and those keen on keeping up with the latest developments in Australian immigration. Here's a roundup of the most recent updates you need to know:

VETASSESS Skills Assessment Changes

VETASSESS has stopped taking skills assessments for the trade occupations of Chef, Cook, Diesel Motor Mechanic, Motor Mechanic (General), Fitter (General), Electrician (General), and Metal Machinist (First Class). This change comes as a disappointment to many tradies.

For more information: https://www.youtube.com/shorts/f6rVvopc19o

There were some positive signs in recent months for the 188 Visa. These include that allocations have been announced of 1900 places for 2023, 2024 years.

https://www.workvisalawyers.com.au/news/all/australia-visa-numbers-2024-189-491-siv-
and-gtv.html

The Parkinsons’ Migration Review Final Report, while overall, having some negative comments did say that it could say there are some positive contributions by their Significant Investor Visa.

Competition between the states for high-quality 188 verse applicants:

In the 2023 migration program year just 810 places were allocated to the states, and this led to a very high competition. The result of this was most states increased their criteria above the minimum requirements from the Department of Home Affairs (DoHA). So, in this program, here, we could expect the same approach from the states and territories.This means that 188 Visa applicants may need to consider the different states and choose the one which suits their profile best.

It is likely that the most popular states, such as New South Wales and Victoria, will have high criteria that many applicants can’t meet. Some states may concentrate mostly on the Significant Investor Visa. With a modest number of places, available of up to 1900, states may also run out of allocations before the end of the program year on 30 June 2024. 

Here is some information about what happened last year for the 188 Visa:

There are also many potential 188 Visa applicants waiting to put a nomination in because last year’s programs closed early. It is going to be a case of the first in best dressed for the 188 visas. 

Please visit our website, fill in the questionnaire, and find out if you qualify for 188.

https://businessvisacompare.com.au/

Australian Business and Significant Investor Visas Subclass 188 Closed - New Visa Expected in 2024! Read more here! 

Help from our experienced team:

Our team of experienced Immigration Lawyers and Migration Agents looks forward to assisting you with your business and investor visas.

Based in Adelaide, South Australia, we provide Australian Immigration advice to people and businesses from all over the world.

If you require further information regarding your Australia visa options, you can contact us through: (08) 8351 9956 or +61 8 8351 9956 or This email address is being protected from spambots. You need JavaScript enabled to view it.