The Australian Government has announced updates to the Business Innovation and Investment Program (BIIP) visa category for the 2024–25 Migration Program. The planning level for BIIP visas has been adjusted to 1,000 places, down from 1,900 in 2023–24.
This change aims to better align the program with the government’s economic and investment priorities, ensuring that it effectively meets Australia’s evolving needs. An announcement was made by the Government that it would not provide any new allocations for the BIIP while a new talent and innovation visa was considered.
This new visa called the National Innovation Visa as part of its 2024–25 Migration Program. This new visa category is designed to attract highly skilled innovators, entrepreneurs, and tech specialists to contribute to Australia’s growing innovation ecosystem.
The visa aims to foster cutting-edge developments, support the creation of high-tech jobs, and drive economic growth by bringing in top global talent in key sectors. Specific details about the number of places and application criteria for the National Innovation Visa will be outlined in the forthcoming guidelines from the Department of Home Affairs.
Business Innovation and Investment Program (BIIP) Closure Announcement
The BIIP will be permanently closed from July 2024, and new applications for the Business Innovation and Investment (Provisional) (subclass 188) visa will no longer be accepted.
Applications for the subclass 188 BIIP visa that have already been lodged will continue to be processed according to government priorities and the Migration Program planning levels.
Holders of a subclass 188 visa who meet the relevant criteria for the Business Innovation and Investment (Permanent) (subclass 888) visa will still be able to pursue this pathway after July 2024.
Source: Department of Home Affairs