Australia’s Business Innovation and Investment Program (BIIP) to Close for New Applications

Under the Migration Amendment (Business Innovation and Investment Program Closure) Regulations 2024, the Business Innovation and Investment Program (BIIP) will stop accepting new visa applications as of 31 July 2024.

The specific impacts are as follows:

• Visa streams closed for application: Business Innovation, Investor, Significant Investor, and Entrepreneur streams of the Sc188 visa.

  
  

• Ongoing applications: Applications lodged before 31 July 2024 will continue to be processed under existing policy.

• Exceptions: Applicants who currently hold a Business Innovation or Significant Investor visa can still apply for extension streams. Family members can still apply for a dependent visa.

• Pathway to permanent residence: Sc188 visa holders can still apply for the permanent Subclass 888 visa.

This policy will commence on 19 July 2024.