The Government has announced that no more new allocations for the BIIP will be provided. This development comes as part of the Migration Strategy announced by the Australian Government.
Australia will close the BIIP permanently from July 2024 with no new applications being accepted for the subclass 188 visa. The current subclass 188 visa applications will be processed in line with Government priorities and migration program planning levels.
Current subclass 188 visa holders who meet the criteria for the Business Innovation and investment (Permanent)(subclass 888) visa can continue on this pathway after July 2024.
If someone holds a subclass 188 visa in the Business Innovation stream or the Significant Investor stream, then an application can be made for the extension stream of the visa. This will give the subclass 188 visa holders 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 you want to withdraw your application. The department will give more information on when to withdraw and how to ask for a refund when they are available.
Source: Department of Home Affairs