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.
While the 188 Business Innovation and Investment visa is a temporary visa, visa 188 holders can apply for permanent residency through the subclass 888 Business Innovation and Investment visa. Click here to discover more about the 888 Visa.
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.
