From 1 July 2024 the Business Innovation and Investment Program (BIIP) will be permanently closed, and no new applications for the Business Innovation and Investment (Provisional) (subclass 188) visa will be accepted. This change comes in to effect as the government develops a new talent and innovation visa, expected to be available by the end of 2024.
However, the government has assured that current subclass 188 visa applications will be processed in accordance with existing government priorities and the Migration Program planning levels. Additionally, BIIP policy guidance will be tightened to ensure that all business migrants must demonstrate a successful business career and contribute economically to Australia.
For those holding a subclass 188 visa, there is still a pathway to the Business Innovation and Investment (Permanent) (subclass 888) visa, provided they meet the necessary criteria. Holders of the subclass 188 visa in the Business Innovation stream or the Significant Investor stream can also apply for an extension stream of the visa, offering more time to satisfy the requirements for the permanent subclass 888 visa.
Starting September 2024, refunds for the subclass 188 Visa Application Charge (VAC) will be available for applicants who choose to withdraw their applications. The Department of Home Affairs will provide detailed instructions on how to request a refund and the process for withdrawal in due course.
For further clarity on these developments and assistance with Business Innovation and Investment visas, contact Stone Group Lawyers today to book an initial consultation.
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