In line with the Australian government's plan to close the Business Innovation and Investment subclass 188 visa (BIIP), a visa program designed to attract individuals with successful backgrounds in owning or managing a business or investments to migrate to Australia, it has announced that interested applicants for the Business Innovation, Investor, Significant Investor, and Entrepreneur streams must file their applications before July 31, 2024, and this will have the effect of closing these streams to new applications. Those who have existing applications under these streams which are filed before July 31, 2024 will continue to be processed. The Australian immigration authorities will continue to accept the following applications: applications for the Business Innovation Extension and Significant Investor Extension streams for current Subclass 188 visa holders; applications for those seeking to satisfy secondary criteria for the Subclass 188 visa; and applications for the permanent Subclass 888 visa filed by subclass 188 visa holders, including those granted a visa before July 31, 2024.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.