The government hasannounced the closure of the Business Innovation and Investment Program (BIIP) and the introduction of a new National Innovation Visa by the end of 2024. Here’s what you need to know:
BIIP to Permanently Close
From July 2024, the BIIP will be permanently closed. This decision follows a thorough Migration Review, which concluded that the BIIP was not delivering the desired economic benefits for Australia. These findings are supported by research from the Treasury and the Productivity Commission.
- End of New Applications: No new applications for the Business Innovation and Investment (Provisional) (subclass 188) visa will be accepted.
- Current Applications: Existing subclass 188 visa applications will continue to be processed according to Government priorities and Migration Program planning levels.
Introduction of the National Innovation Visa
A new National Innovation Visa is set to launch at the end of 2024. This visa aims to attract top talent and foster innovation, offering a fresh pathway for business migrants.
Guidance for Current Visa Holders
Pathway Continuation: Holders of the subclass 188 visa who meet the criteria for the Business Innovation and Investment (Permanent) (subclass 888) visa can still proceed with this pathway after July 2024.
Extension Stream: Those with a subclass 188 visa in the Business Innovation stream or the Significant Investor stream can apply for the extension stream, allowing more time to fulfill the requirements for the permanent subclass 888 visa.
Stricter BIIP Policy Guidelines
The Government will tighten policy guidelines for the BIIP to ensure all incoming business migrants have a successful business track record and can contribute economically to Australia.
Visa Application Charge (VAC) Refunds
Starting September 2024, refunds for the subclass 188 Visa Application Charge will be available for those who wish to withdraw their application. Further information on how to withdraw applications and request refunds will be provided by the Department in due course.
This strategic shift highlights the Government’s dedication to enhancing Australia’s economic landscape by attracting high-quality business talent and promoting a more innovative and dynamic business environment.
Source: https://immi.homeaffairs.gov.au/news-media/archive/article?itemId=1209
