PUBLISHED: 3 OCTOBER 2024
The Department of Home Affairs has permanently closed the Business Innovation and Investment Program (BIIP) to new applications as of 31 July 2024. Applications submitted before this date will continue to be processed by the Department of Home Affairs in line with Australian Government priorities and Migration Program planning levels. The Australian Government has reduced the number of visas that can be granted for the BIIP from 1,900 in 2023–24 to 1,000 in the 2024–25 permanent Migration Program.
Eligible for refunds:
- Visa applicants for the provisional (subclass 188) Business Innovation, Investor, Significant Investor, or Entrepreneur streams who withdraw on or after 31 July 2024.
- Visa applicants for the Business Talent (subclass 132) in the Significant Business History or Venture Capital Entrepreneur streams.
Not eligible for refunds:
- Refunds do not apply to Business Innovation or Significant Investor extension streams.
Ongoing processing:
- BIIP applications submitted before 31 July 2024 will continue to be processed.
- Subclass 188 visa holders who meet the criteria can still progress to the subclass 888 visa and will need to apply to the Victorian Government for subclass 888 visa nomination.
For full details on refunds, eligibility, and visa status implications for those in Australia, visit the Department of Home Affairs BIIP closure and refunds page.
Victorian visa nomination:
- The Victorian Government continues to provide visa nomination for the permanent (subclass 888) Business Innovation and Investment visa and extensions of the Business Innovation and Significant Investor visas.
- All Victorian visa nomination applications are free of charge.
For further information on the current Business visas, visit our Business and Investor visas page.