Business Innovation and Investment Program (BIIP)
Exciting Changes to Australia’s Migration Strategy: BIIP Phase-Out and Introduction of the National Innovation Visa
As part of the new Migration Strategy, the Australian Government has announced significant changes. In a move towards fostering greater innovation and talent, the Government will no longer provide new allocations for the Business Innovation and Investment Program (BIIP) while it develops a new National Innovation Visa, set to be available by the end of 2024.
Permanent Closure of the BIIP in July 2024
Starting July 2024, the BIIP will be permanently closed, and no new applications for the Business Innovation and Investment (Provisional) (subclass 188) visa will be accepted. This decision follows a Migration Review that found the BIIP has been delivering subpar economic results for Australia, supported by studies from both the Treasury and the Productivity Commission.
Processing Current Applications and Tightening Policy Guidance
Current applications for the subclass 188 visa will still be processed in alignment with Government priorities and Migration Program planning levels. Additionally, the policy guidance for the BIIP will be tightened to ensure that all business migrants to Australia have a proven track record of successful business careers and will bring clear economic benefits to the country.
Pathways for Existing Subclass 188 Visa Holders
If you hold a subclass 188 visa and meet the criteria for the Business Innovation and Investment (Permanent) (subclass 888) visa, you can continue on this pathway after July 2024. Those in the Business Innovation stream or the Significant Investor stream can still apply for an extension stream of the visa, providing more time to meet the requirements for the permanent subclass 888 visa.
Refunds for Subclass 188 Visa Application Charge (VAC)
For those wishing to withdraw their subclass 188 visa applications, refunds for the Visa Application Charge will be available from September 2024. The Department of Home Affairs will provide further information on how and when to withdraw your application and request a refund closer to that time.
Looking Ahead
These changes mark an exciting shift in Australia's approach to business and innovation migration, aiming to attract top talent and innovative minds from around the globe. Stay tuned for more updates as the launch of the National Innovation Visa approaches.