The Business Innovation and Investment Program, according to the Australian government, is being phased out because the results of the Migration Review proved that it was producing poor economic results. The review took into account studies by the Treasury and the Productivity Commission, before coming to the conclusion that the BIIP was not delivering expected economic value to the country.”. As a result of this, the government is going to stop accepting new applications for the Business Innovation and Investment Provisional Subclass 188 visa, one of the major components of the BIIP, from 1 July 2024. After that, in September 2024, this program will be permanently closed, therefore allowing some time for the current applicants to adjust to the changes accordingly. However, applications already lodged for this subclass 188 visa will be processed on the basis of priority, giving precedence to that best aligning with government priority and Migration Program planning levels.
Revised BIIP policy guidance will be issued to ensure that only the best business migrants are granted visas in the future. It essentially means that every business migrant entering Australia will have to establish a credible record of a successful business career and be able to demonstrate the capacity to contribute economically to this country. If you already have a subclass 188 visa, and your circumstances meet only the Business Innovation and Investment (Permanent)subclass 888 visa, then you can still apply for this visa post July 2024. Again, if you have a subclass 188 visa either in the Business Innovation stream or the Significant Investor stream, then you could apply for an extension stream of the same visa, which allows you more time before your subclass 888 visa is eligible.
From September 2024 a refund will be provided to those clients who paid the Visa Application Charge (VAC) for their subclass 188 visa application and who subsequently withdrew from the application. The Department will publish information regarding how to request a refund once this is available. For the most part, it would not be a small step for Australia’s migration strategy to phase out the BIIP; rather, at large, it portrays the commitment of the government to ensure migration policies that really deliver economic benefits for Australia. It is expected that tightening policy guidance and really focusing on highly qualified business migrants will create a more sustainable and productive immigration system that works in all times for the best interests of all Australians.
