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Business Innovation and Investment (188) Visa: Closed to New Applicants

What happened

The Business Innovation and Investment Program (BIIP) closed to new applicants on 31 July 2024. No new subclass 188 applications can be lodged in any stream: Business Innovation, Investor, Significant Investor or Entrepreneur.

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Already hold a 188 visa?

Your pathway to permanent residence is still open. If you meet the requirements of your stream, you can apply for the Business Innovation and Investment (Permanent) subclass 888 visa. You will generally need a nomination from a state or territory government, which are still assessing 888 nominations.

If you hold a Business Innovation or Significant Investor stream 188 visa and need more time to meet the 888 requirements, you may be able to apply for an extension.

Applied for a 188 but not yet decided?

Remaining 188 applications are still being processed. If you would rather withdraw, you can apply for a refund of your visa application charge.

Options for business owners and investors now

NB: Obtaining a visa for the specific purposes of business migration can be time-consuming and complex. It is therefore critical that individuals seeking to apply for an Australian visa for business identify the business visa category that gives them the best chance of having a visa granted.

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Contact us today for a commitment free briefing with our Registered Migration Agents in Melbourne to find more about your visa options.