The Australian government is halting the Australia Business Innovation Visa and Investment Program (BIIP) visa category as part of its new Migration Strategy. The 2024-25 permanent Migration Program will prioritize highly skilled individuals to foster a more robust economy, streamlining immigration laws accordingly.
Closure of the Australia Business Innovation Visa and Investment Program Visa
As part of this definitive change, the planning level for the BIIP has been reduced from 1,900 visas in 2023–24 to just 1,000 for the upcoming 2024–25 permanent Migration Program. The BIIP will permanently close in July 2024, with new applications for the Business Innovation and Investment (Provisional) (subclass 188) visa ceasing from that date.
Shalini Lambah, Chief Executive – India at Migrate World, DUDigital Global, comments, “While the investor Migrant Program attracts many businessmen and entrepreneurs from India, it is an extremely complex process. We believe it is not delivering for either the immigrants or the Government. A reorientation of the program was needed to address national challenges and facilitate better planning so they can attract the needed skills.”
Introduction of a New Talent and National Innovation Visa
As part of its updated strategy, the government has announced no further allocations to the BIIP. Instead, a new talent and National Innovation visa will be introduced by late 2024. Lambah notes that this new visa presents exciting opportunities for skilled professionals from India, particularly in sectors such as technology, industrial development, and agriculture.
“India being a country of youth and talent, this Innovation visa offers exciting opportunities for skilled professionals from India. The tech sector has been a major driver behind the influx of Indian immigrants, and this visa recognizes and capitalizes on their expertise,” she adds.
Economic Repercussions
The government’s Migration Review indicates that the BIIP has negatively impacted Australia’s economic outcomes. Studies from sources like the Treasury, Productivity Commission, and Grattan Institute support this conclusion. The policy will be restructured to ensure successful business careers for all business migrants entering Australia, thereby enhancing economic benefits.
For those currently holding a subclass 188 visa who meet relevant criteria, pathways to obtaining a Business Innovation and Investment (Permanent) (subclass 888) visa will remain available beyond July 2024.
