{"id":52793,"date":"2024-07-31T12:11:43","date_gmt":"2024-07-31T02:11:43","guid":{"rendered":"https:\/\/absoluteimmigration.com\/?p=52793"},"modified":"2024-07-31T12:18:37","modified_gmt":"2024-07-31T02:18:37","slug":"biip-subclass-188-visa-closure","status":"publish","type":"post","link":"https:\/\/absoluteimmigration.com\/news\/biip-subclass-188-visa-closure","title":{"rendered":"BIIP Closure: Essential Updates for Subclass 188 Visa Holders"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"52793\" class=\"elementor elementor-52793\" data-elementor-post-type=\"post\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-20767a4a elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"20767a4a\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-db2069a\" data-id=\"db2069a\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-75ea38c elementor-widget elementor-widget-heading\" data-id=\"75ea38c\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\"><a href=\"https:\/\/www.freepik.com\/free-photo\/female-ceo-talking-with-colleagues-office_3952556.htm#fromView=search&#038;page=1&#038;position=1&#038;uuid=441023da-92fb-41e1-9cc5-6d8557ec0536\" target=\"_blank\" rel=\"noopener\">Photo credit:@\nyanalya<\/a><\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-4d0621dd elementor-widget elementor-widget-text-editor\" data-id=\"4d0621dd\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<h4><span style=\"color: #ed7d31\"><b>Introduction to the BIIP closure<\/b>\u00a0<\/span><\/h4><p><span data-contrast=\"none\">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 <\/span><b><span data-contrast=\"none\">31 July 2024<\/span><\/b><span data-contrast=\"none\">. The BIIP has been a crucial pathway for business and investor migrants, and this closure will impact various streams under the Subclass 188 visa. <\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:278}\">\u00a0<\/span><\/p><p><span data-contrast=\"none\">For more insights into the changes in Australia\u2019s business migration landscape, including the introduction of the National Innovation Visa, please read our previous article: <\/span><span style=\"color: #ed7d31\"><a style=\"color: #ed7d31\" href=\"https:\/\/absoluteimmigration.com\/news\/australia-shifts-business-migration-landscape-biip-shutdown-and-national-innovation-visa-incoming\/\">Australia Shifts Business Migration Landscape: BIIP Shutdown and National Innovation Visa Incoming<\/a>.\u00a0<\/span><\/p><p><span style=\"color: #ed7d31\" data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:278}\">\u00a0<\/span><\/p><h4><span style=\"color: #ed7d31\"><b>Key dates and visa streams affected<\/b>\u00a0<\/span><\/h4><p><span data-contrast=\"none\">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 <\/span><span style=\"color: #ed7d31\"><a style=\"color: #ed7d31\" href=\"https:\/\/absoluteimmigration.com\/individual-clients\/188-visa\/\">188 Visa page<\/a>.\u00a0<\/span><\/p><p><span style=\"color: #ed7d31\" data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:278}\">\u00a0<\/span><\/p><h4><span style=\"color: #ed7d31\"><b>Continuation of existing applications<\/b>\u00a0<\/span><\/h4><p><span data-contrast=\"none\">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.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:278}\">\u00a0<\/span><\/p><p><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:278}\">\u00a0<\/span><\/p><h4><span style=\"color: #ed7d31\"><b>Exceptions for extensions and family members<\/b>\u00a0<\/span><\/h4><p><span data-contrast=\"none\">Despite the closure, there are notable exceptions:<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:278}\">\u00a0<\/span><\/p><ul><li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"1\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"1\" data-aria-level=\"1\"><b><span data-contrast=\"none\">Extensions<\/span><\/b><span data-contrast=\"none\">: 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.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:278}\">\u00a0<\/span><\/li><\/ul><ul><li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"1\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"2\" data-aria-level=\"1\"><b><span data-contrast=\"none\">Family members<\/span><\/b><span data-contrast=\"none\">: 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.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:278}\">\u00a0<\/span><\/li><\/ul><p><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:278}\">\u00a0<\/span><\/p><h4><span style=\"color: #ed7d31\"><b>Pathway to permanent residency<\/b>\u00a0<\/span><\/h4><p><span data-contrast=\"none\">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.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:278}\">\u00a0<\/span><\/p><p><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:278}\">\u00a0<\/span><\/p><p><b><span data-contrast=\"none\">The closure of the BIIP represents a significant shift in Australia&#8217;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 <\/span><\/b><span style=\"color: #ed7d31\"><b>aisupport@absoluteimmigration.com<\/b><\/span><b><span data-contrast=\"none\"> to arrange an online consultation.<\/span><\/b><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:278}\">\u00a0<\/span><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-0b3e7c8 elementor-widget elementor-widget-heading\" data-id=\"0b3e7c8\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\"><a href=\"https:\/\/absoluteimmigration.com\/\">home<\/a><\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>The BIIP closes to new applications from 31 July 2024. Learn about key changes and impacts on Subclass 188 visas. <\/p>\n","protected":false},"author":5,"featured_media":52795,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"content-type":"","footnotes":""},"categories":[19],"tags":[402,467,469,466,31,50,468],"class_list":["post-52793","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-australia","tag-biip","tag-business-innovation","tag-immigration-australia","tag-investor-visa","tag-permanent-residency","tag-subclass-188","tag-visa-closure"],"acf":[],"_links":{"self":[{"href":"https:\/\/absoluteimmigration.com\/wp-json\/wp\/v2\/posts\/52793","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/absoluteimmigration.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/absoluteimmigration.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/absoluteimmigration.com\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/absoluteimmigration.com\/wp-json\/wp\/v2\/comments?post=52793"}],"version-history":[{"count":8,"href":"https:\/\/absoluteimmigration.com\/wp-json\/wp\/v2\/posts\/52793\/revisions"}],"predecessor-version":[{"id":52803,"href":"https:\/\/absoluteimmigration.com\/wp-json\/wp\/v2\/posts\/52793\/revisions\/52803"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/absoluteimmigration.com\/wp-json\/wp\/v2\/media\/52795"}],"wp:attachment":[{"href":"https:\/\/absoluteimmigration.com\/wp-json\/wp\/v2\/media?parent=52793"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/absoluteimmigration.com\/wp-json\/wp\/v2\/categories?post=52793"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/absoluteimmigration.com\/wp-json\/wp\/v2\/tags?post=52793"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}