​As part of the Migration Strategy, the Australian Government had already announced that it would not provide any new allocations for the Business Innovation and Investment Program while a new talent and innovation visa was considered. The new National Innovation visa is likely to be available at the end of 2024.

The Business Innovation and Investment Program (BIIP) closed permanently to new applications on 31 July 2024. However, applications made before this date will continue to be processed. This is done in line with Government priorities and the Migration Program planning levels.

Refunds of the Business Innovation and Investment (subclass 188) Visa Application Charge (VAC) are available for applicants who withdraw their application on or after 31 July 2024.

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These refunds are only available for applications for the Business Innovation, Investor, Significant Investor or Entrepreneur streams. There is no standard time frame for processing a refund request.

These refunds are not available to applicants for the Business Innovation extension or Significant Investor extensions streams.

Refunds are also available for the Business Talent (subclass 132) VAC for Significant Business History or Venture Capital Entrepreneur stream applicants who withdraw their application on or after 31 July 2024.

Individuals are may be entitled to a refund of their Business Innovation and Investment (subclass 188) Visa Application Charge (VAC) for the Business Innovation, Investor, Significant Investor or Entrepreneur streams if they withdrew their application on or after 31 July 2024.

They may also be entitled to a refund of their Business Talent (subclass 132) Visa Application Charge for Significant Business History or Venture Capital Entrepreneur stream if they withdrew their application on or after 31 July 2024.

​​​​​The 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. The Department expects average processing times to increase.

If you are in Australia, the withdrawal of your visa application may impact your visa status.

If you hold a subclass 188 visa and meet the criteria for the Business Innovation and Investment (Permanent) (subclass 888) visa you can continue on this pathway after July 2024.

If you hold a subclass 188 visa in the Business Innovation stream or the Significant Investor stream you can still apply for the extension stream of the visa. This will give you more time to meet the requirements of the Business Innovation and Investment (Permanent) (subclass 888) visa.

How to get BIIP Refund

To withdraw your BIIP application you can do so through ImmiAccount.​ Once you have received a formal notification of your withdrawal you can then request a refund of the VAC by following these steps:

Login to your ImmiAccount.

From the ‘My Payments’ drop-down tab, select ‘Manage Payments’. If the payment status of your VAC ‘Credit’ or ‘Paid’ a refund can be requested.

From the actions menu, select the ‘Request Refund’ option. A new screen will display that allows you to begin your refund request.

From the drop down menu of reasons, choose ‘Voluntary withdrawal of BIIP application’.