The Government has reduced the planning level for the BIIP from 1,900 visas in 2023–24 to 1,000 visas for the 2024–25 permanent Migration Program.
An announcement was made by the Government that it would not provide any new allocations for the BIIP while a new talent and innovation visa was considered. This new visa – to be called the National Innovation visa – will be available at the end of 2024.
The BIIP will be closed permanently from July 2024 and new applications for the Business Innovation and Investment (Provisional) (subclass 188) visa will no longer be able to be lodged.
Subclass 188 BIIP visa applications that have been lodged will continue to be processed in line with Government priorities and the Migration Program planning levels.
Those who hold a subclass 188 visa and meet the relevant criteria for the grant of the Business Innovation and Investment (Permanent) (subclass 888) visa will still be able to continue on this pathway after July 2024.
Source: Department of Home Affairs
