Australia's Changes to the Business Innovation & Investment Visa Program

The Australian Government has announced that starting from July 2024, new applications for the Business Innovation and Investment (Provisional) (subclass 188) visa will no longer be accepted. Consequently, the Victorian Government is also unable to accept new applications for Victorian nomination under this visa category.

Pathways for Existing Visa Holders

For those already holding a subclass 188 visa, the pathway to the Business Innovation and Investment (Permanent) (subclass 888) visa remains available, provided they meet the relevant criteria. Specifically:

• Subclass 188 Visa Holders: Current holders of the subclass 188 visa who meet the necessary conditions can still transition to the subclass 888 visa.
• Extension Stream: Individuals holding a subclass 188 visa in the Business Innovation stream or the Significant Investor stream can apply for an extension if they need additional time to fulfill the requirements for the permanent subclass 888 visa.

Ongoing Victorian Nomination Applications

The Victorian Government continues to accept applications for:

• 188 Extension Stream (subclass 188): Applicants can apply for the extension stream of the subclass 188 visa.
• All Streams of the Business Innovation and Investment (Permanent) Visa (subclass 888): This includes all streams under the subclass 888 visa.

Those who have applied for, or currently hold, a Business Innovation and Investment Program visa in any stream can find detailed information regarding their business and investment obligations on the relevant subclass 888 stream page.

This change marks a significant shift in Australia's approach to business migration, focusing on ensuring that existing visa holders have clear pathways to permanent residency while managing the intake of new applicants. For more details on specific requirements and updates, it's advisable to regularly check the official government resources or consult with migration experts.