Business Innovation and Investment Program (BIIP) closing for new applications

Date: 12 June 2024

The BIIP will be permanently closed from July 2024.No new applications will be accepted for the Business Innovation and Investment (Provisional) (subclass 188) visa.

The new National Innovation visa will be introduced at the end of 2024.

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.

Processing and Policy Updates:

Current subclass 188 visa applications will be processed according to Government priorities and Migration Program planning levels.
BIIP policy guidance will be tightened to ensure business migrants have a successful business career and bring economic benefit to Australia.

Options for Current Visa Holders

Subclass 188 visa holders meeting criteria can continue to apply for the Business Innovation and Investment (Permanent) (subclass 888) visa after July 2024.

Subclass 188 visa holders in the Business Innovation or Significant Investor streams can apply for the extension stream to gain more time to meet subclass 888 requirements.

Refunds

Refunds for subclass 188 Visa Application Charges (VAC) will be available from September 2024 for those wishing to withdraw their application.

The department will provide further details on how to withdraw and request a refund.