In 2024, Australia has introduced significant changes to its immigration policies, particularly affecting the Business Innovation and Investment (Provisional) visa, subclass 188 A & B. The Australian Government has decided to phase out the Business Innovation and Investment Program (BIIP) and replace it with a new National Innovation Visa. This shift is part of a broader strategy to attract top global talent and foster innovation within the country.
Starting from July 2024, the BIIP, including subclasses 188 A & B, will no longer accept new applicants. However, existing applications for the subclass 188 visa will continue to be processed, with the government prioritizing alignment with its Migration Program planning levels. For current subclass 188 visa holders who qualify, the pathway to the Business Innovation and Investment (Permanent) (subclass 888) visa remains open. Additionally, those in the Business Innovation or Significant Investor streams may apply for an extension, providing them with additional time to meet the subclass 888 visa requirements.
The new policy guidelines emphasize that all business migrants must have a proven successful business career and are expected to contribute significantly to the Australian economy. This tightening of policy underscores the government’s commitment to ensuring that the business migration program brings tangible economic benefits to the country.
For applicants wishing to withdraw their subclass 188 visa applications, refunds for the Visa Application Charge (VAC) will be available starting September 2024. Detailed instructions regarding the withdrawal process and refund claims will be provided by the Department of Home Affairs in due course.
The introduction of the National Innovation Visa represents a strategic pivot in Australia’s migration policy, aiming to position the country as a competitive destination for skilled individuals who can drive economic growth and innovation. The details of this new visa, including eligibility criteria and application processes, are expected to be unveiled by the end of 2024. This development is a response to findings from the Migration Review, supported by studies from the Treasury and the Productivity Commission, which highlighted the BIIP’s inadequate economic contributions. The government’s new approach focuses on quality over quantity in its business migration program, ensuring that Australia remains an attractive location for global talent and innovation. Read more here:
