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. 

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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.

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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?

Our team of experienced Immigration Lawyers and Migration Agents look forward to assisting you with your Australian visa or appeal.

Based in Adelaide South Australia, we provide Australian Immigration advice to people and businesses from all over the world.

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Phone: (08) 8351 9956 or +61 8 8351 9956

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Book an appointment - https://www.workvisalawyers.com.au/arrange-an-appointment.html

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.

The new financial year has brought significant changes to the Australian migration system. In this blog we will go through the main changes.

1. Visa Fee Increases

From 1 July 2024, most visa fees application increased by 2% to 4%, while student visa fees had a significant increase by 125%.

New Student Visa Fees:

• Main applicant: From $710 to $1,600
• Additional applicants over 18 years old: From $530 to $1,190
• Dependents under 18 years old: From $175 to $390.

This increase will affect many planning to study in Australia. The current application fee for all types of visas are available on the Home Affairs website.

2. 190 and 491 Visa State Nomination Numbers

On 1st July 2024, the Australian Financial Review published the 190 and 491 visa allocations for 2024-2025:

• Queensland: reduction of 300 places in 190 PR visas from 900 to 600, 491 visas were also reduced from 650 to 600.
• South Australia: there is an additional 1,900 visas.
• Tasmania and Western Australia: each state will receive an additional 1,500 visas.
• Western Australia: another additional 5000 skilled migrant places under the new WA Designated Area Migration Agreement (DAMA).
• Northern Territory: an increase from 650 places to 1,200.
• Australian Capital Territory: an increase from 1,200 to 1,800 places.
• NSW and Victoria: both states are expected to remain the same as last year, with 3,150 for NSW and 3,300 for Victoria.

3. TSMIT Increase for employer sponsored visas

The Temporary Skilled Migration Income Threshold (TSMIT) has increased from $70,000 to $73,150.

The TSMIT is the minimum salary that employers are required to pay when they sponsor someone on a 482, 186, or a 494 visa.

Any new nominations from 1 July 2024 must meet this threshold, but existing holders and nominations lodged before 1 July 2024 are not affected by this change.

4. Relaxation of Work Visa Conditions for 482, 494 and 457 Visas

From 1 July 2024, new work conditions will apply to 482, 494, and 457 visas. These visa holders will have:

• Up to 180 days at a time to find a new employer or a maximum of 365 days in total across the entire visa grant period.
• During the 180 days, employees who are looking for a new employer, can work in any job for any employer.

Employers and the Skilling Australians Fund (SAF)

With the greater mobility for employees, it's time that the Department of Home Affairs revisits the promise in the Migration Strategy to reform the SAF.

Employers currently have to pay the Skilling Australian Fund upfront, which is a significant amount if an employee then leaves before their visa grant period. Fees: $1,200 per year for businesses with a turnover under $10 million, and $1,800 per year for those over $10 million.

Given the increased mobility within the 482 system, there's a risk that employers may opt out of sponsoring due to these fees, and therefore skill shortages could get worse if the employers don't want to sponsor people anymore.

5. No Student Visas for Visitors and Graduates Visa Holders

From 1 July 2024, Visitors (Subclass 600) and Graduate (Subclass 485) visa holders can no longer apply for a student visa onshore, as well the following visa holders

• Subclass 601 (Electronic Travel Authority)
• Subclass 602 (Medical Treatment)
• Subclass 651 (eVisitor)
• Subclass 988 (Maritime Crew)
• Subclass 403 (Temporary Work) International Relations – Domestic Worker (Diplomatic or Consular) stream
• Subclass 426 (Domestic Worker (Temporary) – Diplomatic or Consular)
• Subclass 771 (Transit)
• Subclass 995 (Diplomatic Temporary) – primary visa holders only

6. Graduate Visa Age Limit

Applicants looking to apply for a Graduate Visa must be 35 or under, with exemptions for Masters by research, PhDs, Hong Kong, and British Overseas passport holders up to 50 years old.

Some alternatives for those 36 or older include the 407 Training Visa, Partner Visa, another Student Visa, or an Employer-sponsored Visa. However, applicants will need to ensure they are eligible for these visas.

Please, contact us if you are 36 or over to discuss your visa options.

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7. High-Income Threshold Increase

The Fair Work High-Income Threshold (FWHIT) has increased from $167,500 to $175,000. This means Global Talent applicants must have a minimum annual salary of $175,000 to apply.

8. Visa Closures

• The Skilled – Recognised Graduate 476 visa has permanently closed
• The Business and Investment visa has also closed

The National Innovation Visa is planned to replace the Business and the Global Talent Visa. It is expected to come into place at the end of 2024.

You can read more about the National Innovation Visa here.

9. Work and Holiday Visa Updates

Philippines Passport Holders

Philippines Passport Holders can now apply for a 462 Work and Holiday Visa with 200 places available. To be eligible, applicants must hold tertiary qualifications or have successfully completed at least 2 years of undergraduate study or post-secondary education and be 30 years or under.

UK Passport Holders

UK Passport Holders can now be granted up to three Working Holiday Subclass 417 visas without having to meet any specified work requirements. This is expected to lead to significant interest from young people from the UK, offering a work visa for up to three years in sunny Australia without the need to do agricultural work.

10. Health and Medical Changes

There have also been changes to the health and medical requirements including:

• An Increase in the Threshold for Medical Costs from $51,000 to $86,000.
• Mandatory Hepatitis B Testing for residents from high-risk countries, who are aged 15 and older.

11. Workplace Justice Visa Stream of the 408

A new visa has been introduced for employees who may have been exploited by their employer to stay and work. The employee will need a certificate stating there has been workplace exploitation. More details will be provided on this visa soon.

This was a summary of the main news in Australian immigration for the new financial year, July 2024. If you need assistance with applying for an Australian visa, please contact us.

You can book an appointment online or call us at (+61) 8 8351 9956.

Our team of experienced Immigration Lawyers and Migration Agents look forward to assisting you with your visa application.

Based in Adelaide, South Australia, we provide Australian immigration advice to people and businesses from all over the world.

Book an Appointment

Sources: 

https://immi.homeaffairs.gov.au/news-media/archive/article?itemId=1211

https://immi.homeaffairs.gov.au/news-media/archive/article?itemId=1205

https://budget.gov.au/content/bp1/index.htm

https://immi.homeaffairs.gov.au/visas/getting-a-visa/visa-listing/temporary-graduate-485/changes

https://immi.homeaffairs.gov.au/news-media/archive/article?itemId=1209

https://immi.homeaffairs.gov.au/news-media/archive/article?itemId=1213

https://immi.homeaffairs.gov.au/programs-subsite/migration-strategy/Documents/migration-strategy.pdf

https://immi.homeaffairs.gov.au/visas/getting-a-visa/fees-and-charges/current-visa-pricing

https://www.afr.com/politics/federal/queensland-to-cop-skilled-migrant-cut-amid-boost-to-smaller-states-20240701-p5jq6j

https://www.fwc.gov.au/high-income-threshold

https://immi.homeaffairs.gov.au/visas/getting-a-visa/visa-listing/repealed-visas/skilled-recognised-graduate-visa-subclass-476

https://www.legislation.gov.au/F2024L00768/latest/text

https://immi.homeaffairs.gov.au/visas/getting-a-visa/visa-listing/work-holiday-462

https://immi.homeaffairs.gov.au/what-we-do/whm-program/latest-news/arrangements-uk-passport-holders

https://immi.homeaffairs.gov.au/help-support/meeting-our-requirements/health/protecting-health-care-and-community-services

https://immi.homeaffairs.gov.au/help-support/meeting-our-requirements/health/what-health-examinations-you-need

As stated in the budget papers, "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." 

If you already lodged a Subclass 188 or Subclass 132 visa, the applications would continue to be processed in line with the planning levels.

2023 Migration Strategy confirmed that the government is lack of interest in current BIIP and it has reduced the BIIP allocation to 1,500 for financial year 2023-2024, a further 500 places will be reduced and bring down the total allocation to 1000 for 2024-2025.

Until 30 June 2022, the number of subclass 188 application on hand was 20,459.

         https://www.homeaffairs.gov.au/access-and-accountability/freedom-of-information/disclosure-logs/2023

If, in the last 2 years, the Department was managed to clear the backlog and reduced the on hand applications to $15,000, it will take 10 to 15 years to finalise all the applications -- based on the allocations we get for this year and next year (1,500 and 1,000).

The Department will also “tighten” its policy to determine how the legislative is interpreted and applied, leading to a higher number of applications refused.

Therefore, the government has also announced an option for applicants to cease processing of a BIIP application with a refund of the visa application charges. This will be available from September 2024.

In the future, successful and talented business owner and investor may also have a chance to get a visa from Australia through the National Innovation Visa Program. We will have more updates coming by the end of 2024.

Subclass 188 visa holders will still be able to apply for the permanent visa subclass 888 visa after July 2024, subject to meeting all eligibility criteria. If eligible, they may apply under the provisional extension stream if they need additional time to meet the permanent BIIP visa requirements.

How can Work Visa Lawyers help?

Work Visa Lawyers can help you with your Business Visa. 

Our team of experienced Immigration Lawyers and Migration Agents look forward to assisting you with your Australian visa or appeal.

Contact us on (+61) 08 8351 9956 or This email address is being protected from spambots. You need JavaScript enabled to view it.

Book an appointment with one of our experienced Immigration Lawyers and Registered Migration Agents here.

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

On 22 January 2023, an Australian newspaper, The Australian, published an article entitled, “Quiet chop for ‘golden visa’ scheme”.

The Australian article by Stephen Rice contains inaccuracies. This is article aims to set out the facts and correct the misinformation contained in The Australian article.

Has the Labor Government axed the Business Innovation and Investment Program (BIIP) visa?

 No, the Australian Government has not axed the BIIP visas.

Migration Review and Migration Strategy

A review of the Australian migration system was conducted in 2022-2023, and the Migration Report (the ‘Report’) was released on 21 March 2023.

One of the possible reform directions arrived at by the reviewers is “Better target permanent skilled visas to maximise economic outcomes and remain internationally competitive”.  One of the measures identified to support the possible reform directions is to:

Revisit the allocation of places across the permanent skilled program. In particular, reconsider the size and role of the Business Innovation and Investment Program (BIIP), noting more positive outcomes from the Significant Investor Visa. Consider how to manage the allocation of places to state and territory nominated and regional visas, including possible consolidation of these programs.  ^[1]

During her address to the National Press Club on 27 April 2023, the Minister for Home Affairs, The Hon Clare O’Neil MP, was asked whether the business investment visa subclass 188 A, B, C be removed in the future.  The Hon Minister replied that, “We haven’t said that we will abolish those programs. What we have said is that they need a radical restructure as part of the work that we’re doing and I think this needs to be folded into the broader conversation about highly skilled people who we see as creating the future jobs for Australians and now how we manage them in. It’s not just about what’s called BIV and SIV. This is just the world of acronyms that I live in! It is not just about BIV and SIV. It is about the whole question of that, really quite – drivers of economic growth and how we should think about bringing those people into our country.” ^[2]

Australia’s Migration Strategy was released to the public in December 2023. This Migration Strategy is based on the findings of the Migration Review. The Strategy notes that:

The Migration Review flagged the opportunity to draw on the relative strength of the Significant Investor stream to design a visa product more sharply targeted to select migrants who can drive innovative investments in sectors of national importance or play a valuable role in the venture capital industry.

The Migration Strategy further mentions as an area for future reform:

A new Talent and Innovation visa could create a single, streamlined pathway to attract relatively small numbers of highly talented migrants to Australia, such as high performing entrepreneurs, major investors and global researchers.

As a result of the review, or the current financial year (2023-2024), the Australian government has reduced the allocations for the BIIP program (see Figure 1) and has not allocated these places to any Australian state or territory in order to process the applications on hand.

There has been no ‘axing’ just a pause while the review of the program is being conducted. All indicators point to the fact that the Government will be continue offering visa to highly talented migrants to Australia, such as high performing entrepreneurs, major investors.

Does the business visa program make up a quarter of Australia’s migration allocations?

The first sentence of the article states that “[a] business visa program which makes up a quarter of all the nation’s migration allocations has been quietly axed by Labor ….”   The truth is that in 2022-2023, the Business Innovation and Investment Program (BIIP) was allocated 5,000 places out of 195,000, or 2.56% and for this financial year, 1,900 places out of 190,000 places or 1%. Hardly “a quarter”. 

The migration allocations for the year ending 30th of June 2024 have zero allocations for Business and Investor Visas. That signifies that there are no Business or Investor Visas available for this year, as illustrated in the chart below.

This means it will not be possible to get a state nomination for any of the four streams of the Business and Investor Visa Program. 

The four streams of the Business Innovation and Investor Programme (BIIP) are:

• Business Innovation stream
• Investor stream
• Significant Investor stream
• Entrepreneur stream

 Why did they close the Business 188 visa?

The Parkinsons’ Migration Review Final Report had several negative comments about the Business Innovation and Investor Programme. These negative comments included that the overall age of business Visa applicants is higher than other visas and that this could cause high medical expenses. Further, there were comments that 188 Visa holders had low incomes while in Australia.

In relation to the income point, we argue that this was based on accurate information that underestimated the range of income generated by Business Visa holders, including through their business and personal. 

The migration review also recommends revisiting the allocation of places across the permanent skilled program. In particular, it suggests reconsidering the size and role of the Business Innovation and Investment Program (BIIP), noting more positive outcomes from the Significant Investor Visa.

Other visa options

If you do not want to wait until new Business and Investor Visas are announced, you may consider the Global Talent Visa. 

To learn more about the Global Talent Visa and to explore your immigration options, please visit: https://www.workvisalawyers.com.au/services/global-talent-distinguished-talent-visas/global-talent-independent-visa.html

New Investor Visa opportunities coming from July 1, 2024

The Migration Review Final Report did mention some positive contributions by their Significant Investor Visa and suggests consideration be given to whether the BIIP is retained as a substantial program.

We expect a redeveloped version of the Significant Investor Visa to be introduced from 1 July 2024. 

On page 66 of the report, there are suggestions that consideration should be given to whether the BIIP is retained as a substantial program: “We note that outcomes for the small Significant Investor stream have been stronger than for the remainder of the BIIP. If there is a desire to retain some element of the BIIP, consideration could be given to drawing on the relative strength of this stream in designing a niche investment visa product, much more sharply targeted to select migrants able to drive innovative investments or play a valuable role in the venture capital industry.”

It is expected that the new investor Visa will be similar to the current significant investor Visa and may require: 

• $5000,000 investment into a complying investment
• Complying investments are yet to be determined by the federal government and may include a stipulated percentage of investment into venture capital.

If you intend to invest in Australia, we can help you find the best Australian business visa options. Our team of experienced Immigration Lawyers and Migration Agents looks forward to assisting you. If you are interested in a Significant Investor Visa for Australia, please contact us.

Sources:

https://immi.homeaffairs.gov.au/what-we-do/migration-program-planning-levels

https://www.homeaffairs.gov.au/reports-and-publications/reviews-and-inquiries/departmental-reviews/migration-system-for-australias-future

https://www.homeaffairs.gov.au/reports-and-pubs/files/review-migration-system-final-report.pdf

 How can Work Visa Lawyers help?

If you need help with this visa, Work Visa Lawyers can assist you.

Work Visa Lawyers is highly experienced in all parts of an employer-sponsored visa application process. We can assist with all aspects of the application and will provide an eligibility assessment before advising you to proceed with a visa application.

Based in Adelaide South Australia, we provide Australian Immigration advice to people and businesses from all over the world. You can book an appointment online or call us at (+61) 8 8351 9956.