BIIP Closure: Australia Officially Ends Its Business Innovation and Investment Program as of July 2024
May 16, 2024 · Australia · 7 min read
The Australian government announced that its investment migration program, the Business Innovation and Investment Program (BIIP, subclass 188), would receive no visa allocation for new applications in the 2023–2024 fiscal year, with places prioritized for clearing the existing backlog.
According to the latest information from the Australian government, the subclass 188 investor visa has been allocated only 1,000 places in the 2024–2025 fiscal year, to be used solely for a limited number of applications already lodged with the Department of Home Affairs. Once this allocation is exhausted, the program will close for good, completing the BIIP closure.
In August 2023, the Australian government announced that the Business Innovation and Investment Program (subclass 188 visa) would receive no visa allocation for new applications in the 2023–2024 fiscal year, with places prioritized for clearing the existing backlog.
Investors planning to apply for the subclass 188 visa have waited nearly a year, hoping the program would reopen to new applications in July 2024. However, the Migration Program planning levels for the 2024–2025 fiscal year (starting July 1, 2024), just released by the Australian government, confirm that Australia’s Business Innovation and Investment Program will officially come to an end.
Subclass 188 visa officially closes from July 2024
On May 14, 2024, the Australian government announced its 2024–2025 permanent Migration Program planning levels and handed down its Federal Budget for the same year. Key points concerning the Business Innovation and Investment Program (subclass 188 visa) include:
- In the new 2024–2025 fiscal year (starting July 1, 2024), the permanent Migration Program is planned at 185,000 places, of which 132,200 (about 70%) are allocated to the Skill stream and only 1,000 to the Business Innovation and Investment Program.
- The Australian government will launch the National Innovation Visa in late 2024 to replace the Global Talent visa (subclass 858), with the aim of attracting exceptionally talented migrants who can drive growth in sectors of national importance.
- The Business Innovation and Investment Program (subclass 188 visa) will end, and visa application charges will be refunded from September 2024 for investors who withdraw their applications rather than wait for a decision.
- A$1.4 million will be allocated to implementing the new program and winding down the old one.
- Investors who already hold a subclass 188 visa and meet the program requirements may still apply for permanent residence through the subclass 888 visa after July 2024.
According to the announcement, the subclass 188 visa will officially close from July 2024. However, using the program’s remaining visa allocation, the Department of Home Affairs will continue to process a limited number of applications already lodged until that allocation is used up. After that, the program will end entirely, and any remaining applications will no longer be processed. No new applications will be accepted.
IMM Group will continue to keep investors informed of the latest official updates from the Australian government on the program.
Other investment migration options beyond Australia
In recent years, immigration programs around the world have become increasingly stringent, and some have closed altogether. The Australian government has shown that it is no exception to this trend.
While some experts still advise investors to wait a little longer in the hope that the Australian government will consider and roll out replacement programs, investors may also consider residency programs in other developed countries, such as:
- The U.S. EB-5 Immigrant Investor Program
- Canada’s Start-up Visa Program
- Canada’s Prince Edward Island (PEI) provincial entrepreneur stream
- Investment programs leading to European residence and citizenship
If you are considering investment migration to give your family more options in the future, it is worth reviewing the available programs and preparing your application early, as programs can tighten or close over time.
If you are interested in investment migration programs, contact IMM Group or leave your details below. Our experienced advisors will provide detailed guidance and help assess the prospects of your case. We will keep your personal data confidential and use the information you provide only to advise on your family’s case.
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