Australia Closes the Business Innovation and Investment (Provisional) Subclass 188 Visa

As part of the Migration Strategy, the Australian government announced that it would not provide any new allocations for the Business Innovation and Investment program (BIIP) (provisional) subclass 188 visa while a new talent and innovation visa was considered. The new National Innovation visa will be available at the end of 2024.

Key Information
  • The BIIP will close permanently from July 2024. The Department of Home Affairs (DHA) will not accept any new applications for the BIIP (subclass 188) visa.
  • DHA will process current BIIP (subclass 188) visa applications in line with government priorities and Migration Program planning levels.
  • DHA  will also tighten BIIP policy guidance so that all business migrants coming to Australia must have had a successful business career and will bring an economic benefit to Australia.
  • Those who hold a subclass 188 visa and meet the criteria for the Business Innovation and Investment (Permanent) (subclass 888) visa can continue on this pathway after July 2024.
  • Those who hold a subclass 188 visa in the Business Innovation stream or the Significant Investor stream can still apply for the extension stream of the visa. This will give more time to meet the requirements of the Business Innovation and Investment (Permanent) (subclass 888) visa.
  • Refunds for the subclass 188 visa application charge (VAC) will be available from September 2024 if applicants want to withdraw your application. DHA will give more information on when to withdraw and how to ask for a refund when they are available.


Erickson Insights & Analysis

The Migration Review found that the BIIP is delivering poor economic results for Australia. Studies including work by the Treasury and the Productivity Commission support this finding.

Erickson Immigration Group will continue to monitor developments and share updates as more news is available. Please contact your employer or EIG attorney if you have questions about anything we’re reporting above or case-specific questions.