The Australian government announced that they will not provide any new allocations for the business innovation and investment (provisional) (subclass 188) visa and will close the program permanently in July.

Key Points:

• Officials will continue to process visa applications in line with government priorities and migration planning levels until the end of the month.
• Visa holders in the business innovation or the significant investor stream can still apply for a visa extension to allow for more time to transfer to the business innovation and investment (permanent) (subclass 888) visa. Secondary visa holders that are members of the family unit of the ‘primary’ applicant who hold a subclass 188 visa or have been granted a further subclass 188 visa are also able to apply.
• The subclass 888 visa allows holders to stay permanently, provided that applicants meet the forthcoming tightened policy guidance that must demonstrate that business migrants have had a successful business career and will bring an economic benefit to Australia.

Additional Information: As part of the Migration Strategy, the government announced that it will discontinue the business innovation and investment program as a new talent and innovation visa is being considered and a new national innovation visa is expected to be available at the end of 2024.

BAL Analysis: Refunds for the subclass 188 visa application charge will be available in September if an applicant decides to withdraw their application. BAL will provide updates as information becomes available.

This alert has been provided by the BAL Global Practice Group. 

Copyright © 2024 Berry Appleman & Leiden LLP. All rights reserved. Reprinting or digital redistribution to the public is permitted only with the express written permission of Berry Appleman & Leiden LLP. For inquiries, please contact copyright@bal.com.