The Australian Federal Government had announced that they are closing the Business Innovation and Investment subclass 188 visa (BIIP) and the Global Talent Visa subclass 858.
The Global Talent Visa is still open. You can complete a free assessment on our website.
The 2024-2025 Australian Federal budget stated that “the BIIP (Business Innovation and Investment Program) will be closed permanently from July 2024 and new applications for the Business Innovation and Investment (Provisional) (subclass 188) visa will no longer be able to be lodged."
The Australian Government has also decreased the allocation for the BIIP from 1,900 places in 2023-2024 financial year to 1,000 places for 2024-2025. It can be expected that those applications not finalised in the 2023-2024 financial year will be carried over to 2024-2025 allocations and will use up the spots.
Thos who already had submitted their BIIP applications will have their applications processed according to the Government’s current processing timeframes and priorities. Those who want to withdraw their applications can do so and may request have their application fee refunded starting September 2024.
Those who currently hold a provisional (temporary) BIIP visa can still apply for a permanent BIIP subclass 888 visa after July 2024 if they meet all the eligibility requirements.
But how about those innovators, entrepreneurs and successful businesspeople who wants to migrate to Australia to start or develop their business in Australia? What are their options now that the BIIP program has now closed?
Visa options
National Innovation Visa
The Government announced that they will implement a new visa called the National Innovation Visa “to target exceptionally talented migrants who will drive growth in sectors of national importance.” This visa will replace the Global Talent Visa and the BIIP visa and is expected to be introduced in late 2024.
Those who are interested in applying for the BIIP visa but were unable to before the closure of the program will need to wait for the law, regulations and policies regarding the National Innovation Visa and if eligible apply for it.
Once the guidelines are released, we will be updating our website and you can follow this link for more details about the National Innovation Visa - https://www.workvisalawyers.com.au/services/national-innovation-visa.html
Employer-sponsored Visas
Potential migrants who have an occupation that is on the list of eligible skilled occupations and who have at least 3 years experience in their occupation and who have an eligible employer/sponsor in Australia may be able to apply for the Employer Nomination Scheme visa (subclass 186) - Direct Entry stream.
They can also apply for temporary employer-sponsored visa, the Temporary Skill Shortage visa subclass 482. And they can potentially apply for the permanent residence visa, under the Employer Nomination Scheme visa (subclass 186) - Temporary Residence Transition (TRT) stream after working for at least 2 years with the sponsoring employer.
Holders of subclass 482 who are over 45 years old at the time of application and otherwise eligible for the subclass 186 TRT stream may be able to access the age exemption. Holders of subclass 482 visa who have been working in the nominated occupation for the nominating employer for at least 2 years during the 3 years ending immediately before they apply, and their earnings for each year of that period were at least as much as the Fair Work High Income Threshold may be eligible for the age exemption.
More information about these visa are on our website - https://www.workvisalawyers.com.au/services/employer-sponsored-visas.html
General-Skilled Migration (GSM) Visas
Thos who do not have an employer in Australia who can sponsor them but have an occupation in the skilled occupation list, have a positive skills assessment for their occupation and who can meet the points test may be able to apply for a GSM visa.
The GSM visa could be the Skilled Independent visa subclass 189, or the state nominated visas Skilled Nominated visa subclass 190 or the Skilled Work Regional (Provisional) visa subclass 491.
To apply for these visas the applicant needs to be invited by the Federal government (for the subclass 189) or by an Australian state or territory for subclass 190 and subclass 491.
You can read more about these visa on our website - https://www.workvisalawyers.com.au/services/skilled-migration-189-190-489.html
Do you need help?
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Sources:
- Department of Home Affairs website - Migration Program planning levels: https://immi.homeaffairs.gov.au/what-we-do/migration-program-planning-levels
- Budget 2024-25 website: https://budget.gov.au/content/documents.htm
- Migration Strategy: https://immi.homeaffairs.gov.au/programs-subsite/migration-strategy/Documents/migration-strategy.pdf
This article is not intended to be or taken as migration legal advice. The author of this article disclaims any liability for any action or omission on the information provided or not provided in this article. You should always consult an immigration lawyer or a registered migration agent (like Work Visa Lawyers) to form an informed opinion on your immigration matter.
