Australian State Victoria's Visa Closure: Important Updates & Implications

As of 31 July 2024, the Department of Home Affairs has officially closed the Business Innovation and Investment Program (BIIP) to new applications. This move marks a significant shift in Australia's immigration landscape, impacting both current and prospective applicants.

Program Closure and Ongoing Application Processing

While new applications are no longer being accepted under the BIIP, the Department of Home Affairs has confirmed that applications submitted before the 31 July 2024 deadline will continue to be processed. These applications will be evaluated based on government priorities and Migration Program planning levels. However, it's important to note that the number of visas granted under the BIIP has been reduced from 1,900 in 2023–24 to just 1,000 in 2024–25, reflecting a more selective approach moving forward.

Refund Eligibility

Refunds are available under specific conditions, which offer some relief to applicants. Those eligible for refunds include:

• Provisional (subclass 188) visa applicants in the Business Innovation, Investor, Significant Investor, or Entrepreneur streams who choose to withdraw their application on or after 31 July 2024.
• Applicants under the Business Talent (subclass 132) visa in the Significant Business History or Venture Capital Entrepreneur streams.

However, it's important to consider that not all applicants are eligible for refunds. For example:

• Those in the Business Innovation or Significant Investor extension streams will not qualify for refunds, which may be a downside for those who had hoped to recover some of their costs.

Pathway for Subclass 888 Visa Holders

For current visa holders, there is still a pathway forward. Individuals holding a subclass 188 visa can continue progressing to the subclass 888 visa if they meet the criteria. However, this progression requires them to apply for nomination from the Victorian Government for the subclass 888 visa. While this offers continuity for existing applicants, it adds another layer of steps, which could be seen as a pro for those already embedded in the system but a con for those seeking a more straightforward process.

Victorian Visa Nomination Updates

The Victorian Government will continue offering visa nomination services for permanent (subclass 888) Business Innovation and Investment visas and extensions of the Business Innovation and Significant Investor visas. As an added benefit, all Victorian visa nomination applications remain free of charge, which is an attractive feature for applicants.

The closure of the BIIP marks a significant shift in Australia’s migration policies, introducing both challenges and opportunities for current applicants. While ongoing applications will be processed, and some refunds are available, the reduced visa quotas and exclusion of certain refund eligibility highlight the importance of reviewing individual circumstances closely.

For more details on refunds, eligibility, and implications for your visa status, it's recommended to visit the Department of Home Affairs page dedicated to the BIIP closure and refunds.