The Australian Government has announced a significant shift in its migration strategy, phasing out the Business Innovation and Investment Program (BIIP) in favor of a new National Innovation Visa.
This decision comes after a comprehensive Migration Review concluded that the BIIP was underperforming in delivering economic benefits to Australia.
Key Changes:
- Permanent Closure of BIIP: Starting July 2024, the BIIP, including the Business Innovation and Investment (Provisional) (subclass 188) visa, will be permanently closed to new applicants.
- New National Innovation Visa: A National Innovation Visa, aimed at attracting top global talent and fostering innovation, will be introduced by the end of 2024.
- Current Applications: Existing applications for the subclass 188 visa will continue to be processed, aligned with the Government’s priorities and Migration Program planning levels.
- Policy Tightening: New policy guidelines will ensure that all business migrants must have a proven successful business career and will contribute significantly to the Australian economy.
Support for Existing Visa Holders:
- Holders of the subclass 188 visa who qualify for the Business Innovation and Investment (Permanent) (subclass 888) visa can still pursue this pathway post-July 2024.
- Subclass 188 visa holders in the Business Innovation or Significant Investor streams can apply for an extension, providing additional time to meet the subclass 888 visa requirements.
Refunds Available:
- Starting September 2024, refunds for the subclass 188 Visa Application Charge (VAC) will be available for applicants wishing to withdraw their applications. The Department of Home Affairs will provide detailed instructions on the withdrawal process and refund claims in due course.
