Australia’s Business Innovation and Investment Visa Program (BIIP) is undergoing significant changes. As part of the federal government’s 2024-25 budget, the Business Innovation stream (subclass 188) will permanently close to new applications starting in July 2024.

The program, designed to attract business owners and investors, has been found to offer limited economic benefits.

The number of spots available for the BIIP has been reduced from 1,900 in 2023-24 to 1,000 for 2024-25. This reduction means that new applications might take up to 18 years to process.

Current BIIP applicants can either continue with longer processing times or withdraw and get a refund on visa application charges starting in September 2024​.​​

In place of the BIIP, Australia is set to introduce the National Innovation Visa by the end of 2024. This visa targets top talent, such as exceptional entrepreneurs, investors, and researchers, with more stringent selection criteria to ensure significant contributions to Australia’s economy.

Talk to a migration agent if you are unsure about your visa application. Our registered migration agents can also be found in the Department of Home Affairs Office of the Migration Agents Registration Authority.

Send us a message for a free quote or call +61 8 9463 6624

The information provided is for general use only and should NOT be taken as Migration Advice. For information about your circumstances, don’t hesitate to get in touch with Milestone Migration for immigration assistance.