The Government is revising its immigration strategy and will permanently close the Business Innovation
and Investment Program (BIIP) in July 2024. Here’s what you need to know:

No New BIIP Allocations: The Government will stop giving new BIIP allocations as they are working
to introduce a new National Innovation visa by the end of 2024.

Closure of BIIP Applications: From July 2024, the Australian Government will not accept any new
Business Innovation and Investment (subclass 188) visa applications.

Reason for Closure: The BIIP is being closed as the Treasury and the Productivity Commission found
that it was not delivering significant economic benefits for Australia. This is a key factor in the decision
to close the program.

Processing Existing Applications: Current visa applications for subclass 188 will still be processed
according to government priorities and the Migration Program’s planning levels.

Policy Tightening: The Government will use strict rules to ensure all business migrants coming to
Australia have successful business careers and provide economic benefits to Australia.

Pathway to Permanent Visa: If you already have a subclass 188 visa and meet the (Permanent)
Business Innovation and Investment (subclass 888) visa criteria, you can continue on this permanent visa
after July 2024.

Extension Stream Available: If you have the 188 visa in the Business Innovation stream or the
Significant Investor stream, you can apply for an extension to have more time to meet the (Permanent)
Business Innovation and Investment (subclass 888) visa requirements.

Refunds for Application Fees: From September 2024, the Australian Government will give more
details on how to withdraw and request a refund for the subclass 188 Visa Application Charge (VAC) if
you want to withdraw your application.

These modifications aim to improve the economic results of Australia’s immigration programs by
concentrating on successful business individuals who can contribute positively to the economy.

Disclaimer: The above information is not tailored to personal circumstances. For information relevant to personal circumstances, please book an appointment with Oracle Immigration Consultant’s expert migration agents in Australia.
For any inquiries, please contact us at +61 430812158. We are premier Immigration agency and consultancy in Melbourne (Bundoora and Geelong).

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