By Jeffrey Stone & Linnea Cederberg
The Australian Government Migration Review has now determined that the BIIP visa category yields unsatisfactory economic outcomes for Australia. As part of the Migration Strategy, the Australian Government has declared a halt on new allocations for the BIIP visa, while considering a new talent and innovation visa; the National Innovation visa. This is expected to launch by the end of 2024.
Starting from July 2024, the BIIP will be permanently closed, and no further Applications will be accepted. Applications for the BIIP visa still pending will be processed according to Government priorities and Migration Program planning levels.
In addition, the policy guidance for the BIIP will be strengthened in order to ensure that all incoming business migrants have had a successful business background and will bring an economic benefit to Australia. This adjustment aims to prioritize those highly–skilled individuals in the 2024–25 permanent Migration Program to create a more resilient and prosperous economy.
Individuals holding a subclass 188 visa who meet the requirements for the Business Innovation and Investment Program (subclass 888) visa will still be eligible to pursue this pathway after July 2024.
(Received from Department of Home Affairs: Immigration and Citizenship, Migration Program Planning Levels)
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