This morning, Thursday, August 29, 2024, the Department of Home Affairs (DHA) of Australia issued an important announcement to all investors under the Business Innovation and Investment Program (BIIP). This announcement was also sent through migration advisors who represent the investors’ applications. In this notice, the Department highlighted that the Australian Government announced the permanent closure of the BIIP on May 14, 2024, and will no longer be able to be lodged starting July 2024. This decision has understandably raised concerns among investors regarding their investment plans and pathways to permanent residency in Australia. However, the notice also confirms and provides additional information for investors, including:
- For clients who have been granted a subclass 188 visa: For holders of subclass 188 visas: The closure of the BIIP will not affect the application process for the Business Innovation and Investment (Permanent) (subclass 888) visa, provided the investor meets all the necessary requirements. Investors holding a subclass 188 visa can still submit new applications to add family members under the Subsequent Entrants category or apply for the subclass 888 visa if they meet the required criteria. Additionally, if more time is needed to meet the business activity requirements, investors can apply for an extension under the subclass 188 Business Innovation Extension stream or the subclass 188 Significant Investor Extension stream.
- For applicants who have submitted a BIIP application and are awaiting a decision: The closure of the BIIP will not impact the processing of these applications. Applications will continue to be processed in accordance with government priorities and migration program planning levels. This also applies to all dependent family members included in the visa application. Furthermore, starting September 2024, applicants will have the option to request a refund of the visa application charge (VAC) if they want to withdraw their application. Detailed information on how and when to request a refund will be provided on the Department’s website. However, previously paid fees can only be refunded in very limited circumstances.
- For applicants who have submitted extension applications under the BIIP: These applications are still being processed, and the closure of the BIIP will not affect the processing of these extension applications.
Notice from DHA to investors who have been granted 188A visa
Notice from DHA to investors awaiting visa application review
On May 22, 2024, the Department of Home Affairs also announced that the government had reduced the planning level for the BIIP from 1,900 visas to 1,000 for the 2024-2025 financial year. The Australian Government is also considering a new visa category, the National Innovation visa, expected to launch at the end of 2024. This new program aims to attract innovative talents to Australia. The cessation of the BIIP is a result of research indicating that the program did not deliver the expected economic outcomes.
In light of these changes in immigration conditions, Bluewise Group remains committed to assisting investors in meeting the requirements for their Australian residency pathway. With extensive experience in business acquisition and transfer consulting, business activity monitoring, and visa application preparation, we are dedicated to refining investor applications during this transition period.
Contact Bluewise today to stay updated on the latest immigration information and to receive professional support and advice in business operations as well as on your journey to residency in Australia through the link https://forms.gle/sWn8ftjDGi6roJMo6.
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- Email: bw@bluewisegroup.com.au