BIIP Closure: Essential Updates for Subclass 188 Visa Holders

Introduction to the BIIP closure 

The Australian government has announced the closure of the Business Innovation and Investment Program (BIIP) to new visa applications. This significant change formalised through the Migration Amendment (Business Innovation and Investment Program Closure) Regulations 2024, will take effect from 31 July 2024. The BIIP has been a crucial pathway for business and investor migrants, and this closure will impact various streams under the Subclass 188 visa.  

For more insights into the changes in Australia’s business migration landscape, including the introduction of the National Innovation Visa, please read our previous article: Australia Shifts Business Migration Landscape: BIIP Shutdown and National Innovation Visa Incoming. 

Key dates and visa streams affected 

The BIIP closure will affect the Business Innovation, Investor, Significant Investor, and Entrepreneur streams under the Subclass 188 visa. Applicants must ensure that their applications for these streams are submitted before the 31 July 2024 deadline. After this date, no new applications will be accepted for these streams. For detailed information about the Subclass 188 visa, visit ours 188 Visa page. 

Continuation of existing applications 

Existing applications for the Subclass 188 visa, submitted before the 31 July 2024 cutoff, will continue to be processed under the regulations that were in place prior to this date. This provision ensures that applicants who have already entered the pipeline will not be disadvantaged by the regulatory changes. 

Exceptions for extensions and family members 

Despite the closure, there are notable exceptions: 

• Extensions: current holders of Subclass 188 visas in the Business Innovation and Significant Investor streams can still apply for extensions under the respective Business Innovation Extension and Significant Investor Extension streams. 

• Family members: applications can continue for members of the family unit of primary Subclass 188 visa holders, provided the primary applicant currently holds a Subclass 188 visa or is granted one based on an application made before the closure date. 

Pathway to permanent residency 

Holders of the Subclass 188 visa, including those granted a visa after the closure date, can still apply for the permanent Subclass 888 visa. This pathway remains open, allowing current BIIP participants to transition to permanent residency. 

The closure of the BIIP represents a significant shift in Australia’s immigration landscape. It is essential for prospective applicants and current visa holders to understand the new regulations and plan accordingly. For personalised advice and assistance with visa applications, please get in touch with the expert team at aisupport@absoluteimmigration.com to arrange an online consultation.