Australia: Closing of the Business Innovation and Investment Subclass

Key Points  

• Australia will close the Business Innovation and Investment subclass 188 visa on 31 July 2024 

Update on Business Innovation and Investment Subclass 188 Visa Closure 

The Australian government will close the Business Innovation and Investment subclass 188 visa (BIIP), designed for business owners and investors. Applications for the Business Innovation, Investor, Significant Investor and Entrepreneur streams must be submitted by 31 July 2024. After this date, these streams will be closed to new applications. Existing applications filed before 31 July 2024 will still be processed. The following applications will continue to be accepted:  

• Business Innovation Extension and Significant Investor Extension for current Subclass 188 visa holders 

• Applications for satisfying secondary criteria for the Subclass 188 visa 

• Applications for the permanent Subclass 888 visa are filed by Subclass 188 visa holders, including those granted before 31 July 2024. 

Looking Ahead  

Continue to check the government of Australia’s website and Envoy Global’s website for the latest updates and information.