On July 31, 2024, the Business Innovation and Investment Program (BIIP) will no longer accept new applications. Find out about specifics about nominations, current processing, and eligibility for refunds.

The Business Innovation and Investment Program (BIIP) is officially closed to new applicants as of July 31, 2024, according to the Department of Home Affairs. This action affects both present and potential immigrants, signaling a dramatic change in Australia’s immigration environment.

Program Termination and Continued Processing of Applications

Applications filed prior to the end of July 31, 2024, will still be processed, the Department of Home Affairs has stated, even if new applications are no longer being accepted under the BIIP. The Migration Program planning levels and government priorities will be taken into consideration when evaluating these applications. It is noteworthy, therefore, that the quantity of visas issued under the BIIP has decreased from 1,900 in 2023–2024 to a mere 1,000 in 2024–2025; this indicates a more selective strategy going forward.

Qualification for a Refund

Certain limitations apply, providing applicants with some relief in the form of refunds. Refunds are available to the following:

1. Applications for a provisional (subclass 188) visa under the Business Innovation, Investor, Significant Investor, or Entrepreneur streams may be withdrawn on or before July 31, 2024.
2. Candidates in the Venture Capital Entrepreneur or Significant Business History streams who are granted the Business Talent (subclass 132) visa.
It’s crucial to keep in mind, nevertheless, that not all applicants are qualified for reimbursements. As an illustration:

Refunds are not available to those in the Business Innovation or Significant Investor extension streams, which could be a drawback for individuals who were hoping to recoup part of their expenses.

Procedure for Holders of Subclass 888 Visas

For holders of valid visas, there is yet a way forward. If they fulfill the requirements, holders of a subclass 188 visa may proceed to a subclass 888 visa. But in order to proceed, they must submit an application for the subclass 888 visa, requesting nomination from the Victorian Government. This adds another level of processes, which may be advantageous for individuals who are already familiar with the system but disadvantageous for those looking for a simpler procedure, even though it provides continuity for current applicants.

Updates on Victorian Visa Nomination

For permanent (subclass 888) Business Innovation and Investment visas as well as extensions of the Business Innovation and Significant Investor visas, the Victorian Government will still be providing visa nomination services. An additional perk for applicants is that all Victorian visa nomination applications are still free of charge.

Australia’s immigration regulations have undergone a substantial change with the termination of the BIIP, which presents opportunities as well as obstacles for existing candidates. Even though applications that are still pending will be handled and there will be some refunds available, it is crucial to carefully consider each case because of the decreased visa quotas and exclusion of some refund eligibility.

To find out more about refunds, eligibility, and how this may affect the status of your visa, go to the Department of Home Affairs page about the BIIP closure and refunds.