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By Jessica Thakur, June 17 2024
The Australian government has announced the permanent closure of the Business Innovation and Investment Program (BIIP) from July 2024. This decision is part of a broader migration strategy shift, driven by a review finding the BIIP delivered unsatisfactory economic outcomes for Australia.
While no new applications for the Business Innovation and Investment (Provisional) (subclass 188) visa will be accepted after July 2024, current applications will still be processed according to government priorities and the Migration Program's planning levels. The government will also tighten BIIP policy guidance, ensuring only business migrants with a history of success and demonstrable economic benefits for Australia are admitted.
A new National Innovation visa is set to replace the BIIP, becoming available by the end of 2024. This new visa will focus on attracting highly skilled and talented individuals who can contribute to innovation and economic growth in Australia.
Key Points for Current and Prospective Applicants:
Closure: The BIIP will not accept new applications after July 2024.
Refunds: Subclass 188 VAC refunds will be available from September 2024 for applicants who choose to withdraw.
Subclass 188 Visa Holders: Existing holders can still apply for permanent residency (subclass 888) if they meet the criteria or seek an extension for the Business Innovation and Significant Investor streams.
New Visa: The National Innovation visa, expected at the end of 2024, will offer a new pathway for business-oriented migrants.
Government Rationale:
Studies, including those by the Treasury and the Productivity Commission, support the finding that the BIIP was not delivering the desired economic results. The government aims to refocus its efforts on attracting top talent who can drive innovation and bolster the Australian economy.
Further Information:
The Department of Home Affairs will provide additional details on the withdrawal process and refund procedures for the subclass 188 VAC in due course.
This development marks a significant shift in Australia's immigration policy, signaling a greater emphasis on innovation and skills-based migration. It remains to be seen how the new National Innovation visa will be structured and what impact it will have on Australia's economic landscape.
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