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 20,459.188_Business_Visa.jpeg

         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

 

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Federal Government’s Stealth ‘closure’ of Australian Business, Investor and Entrepreneur 188 Visas

Federal Government’s Stealth ‘closure’ of Australian Business, Investor and Entrepreneur 188 Visas

The Australian Government announced that it will close the Business Innovation and Investment Program (BIIP) from July 2024 and replace it with the new National Innovation Visa. Follow this link for more details about the National Innovation Visa.

In August 2022 the States and Territories were only given a total of 810 allocations for 188 visas.  All states and territories aside from Move to South Ausralia have now run out of business visa allocations.

On 8 December 2022, the Migration Program Planning Levels for 2022-2023 were released.

Unfortunately, the Federal Government did not allocate any more places to any of the states/territories for Business Investment Visa 188.

So with no state nominations available, the Federal Government has effectively closed the 188 visa for this migration year, up until the 30 June 2023.

This is a type of stealth closure, without an announcement by the Federal Government, but with the same effect.

The 188 visa is called the Business Innovation and Investment Program (BIIP).

There are four streams of the 188 visa:

Each stream requires that the applicant to obtain state nomination before lodging a visa.

With no further allocations available to the states from the Federal Government, the 188 has been effectivly closed up until 1 July 2023.

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