The Australian Government has recently announced significant changes to the Business Innovation and Investment Program (BIIP), which will impact prospective business and investor migrants.

Key Points:

1. The Business Innovation and Investment (Provisional) visa (subclass 188) will close to new applications from 31 July 2024.

2. Existing applications lodged before this date will continue to be processed under current rules.

3. Some pathways will remain open for current visa holders and their family members.

What's Changing?

The Migration Amendment (Business Innovation and Investment Program Closure) Regulations 2024 has been introduced to amend the Migration Regulations 1994. This amendment effectively closes the BIIP to new visa applications across several streams:

• Business Innovation stream

• Investor stream

• Significant Investor stream

• Entrepreneur stream

Important Dates

• 19 July 2024: The new regulations come into effect.

• 31 July 2024: Last day to lodge new subclass 188 visa applications in the affected streams.

What Remains Unchanged?

While new applications will be restricted, some pathways will continue:

1. Current subclass 188 visa holders in the Business Innovation or Significant Investor streams can still apply for extensions through the Business Innovation Extension and Significant Investor Extension streams.

2. Family members of primary subclass 188 visa holders or applicants can still apply under the secondary criteria.

3. Subclass 188 visa holders, including those granted visas from applications lodged before 31 July 2024, can continue to apply for the permanent Business Innovation and Investment (Permanent) visa (subclass 888).

What This Means for You

If you're considering applying for a Business Innovation and Investment visa, it's crucial to act quickly. With the 31 July 2024 deadline approaching, time is of the essence to lodge your application.

For those already holding a subclass 188 visa or with pending applications, rest assured that your pathway to permanent residency remains open through the subclass 888 visa.

Need Assistance?

At One Planet Migration Law, we understand that these changes may cause concern or confusion. Our expert team is here to guide you through the process and ensure you understand your options.

Whether you're looking to lodge a last-minute application or need advice on alternative pathways, we're here to help. Contact us today to discuss your situation and how we can assist you in navigating these important changes to Australia's business and investment migration program.

Stay tuned to our blog for more updates on Australian immigration law changes. Your journey to Australia is our priority, and we're committed to providing you with the most up-to-date information and expert guidance.

Contact us now to schedule a consultation and get the professional guidance you need.

Note: The information provided in this article is meant for general informational purposes only and should not be interpreted as legal advice. Although we strive to provide accurate and useful information, the nuances of Australian immigration law demand personalised advice from legal professionals. Given the dynamic nature of migration regulations, it is essential to consult with experienced immigration experts for up-to-date insights tailored to your individual circumstances. We strongly advise seeking professional guidance to navigate the complexities of Australian immigration law effectively and to achieve the most favorable outcomes for your immigration journey.