The 2024-25 permanent Migration Program will be streamlined to prioritize highly skilled individuals, fostering a more robust economy.
The Australian government is sidelining the Business Innovation and Investment Program (BIIP) visa category.
The BIIP will be permanently closed in July 2024, and new applications for the Business Innovation and Investment (Provisional) (subclass 188) visa will no longer be accepted.
“India being a country of youth and talent this Innovation visa offers exciting opportunities for skilled professionals from India.
While the Business Innovation & Investment visa program is no longer in place, there’s optimism for its return with revamped programs tailored to attract top businesses from India,” adds Shalini.
Australia is redefining its immigration laws through the implementation of its Migration Strategy. The 2024-25 permanent Migration Program will be streamlined to prioritize highly skilled individuals, fostering a more robust economy.
The Australian government is sidelining the Business Innovation and Investment Program (BIIP) visa category. The Government had reduced the planning level for the BIIP from 1,900 visas in 2023–24 to 1,000 visas for the 2024–25 permanent Migration Program. The BIIP will be permanently closed in July 2024, and new applications for the Business Innovation and Investment (Provisional) (subclass 188) visa will no longer be accepted.
Shalini Lambah, Chief Executive – India, Migrate World, DUDigital Global says, “While the investor Migrant Program attracts a lot of businessmen and entrepreneurs from India, it is an extremely complex process and we believe is not delivering for either the immigrants or the Government. To get the migration system working a reorientation of the program was needed to address their national challenges and to build better planning in the system so they can get the skills they needed.”
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As part of the Migration Strategy, the government announced that no further allocations would be made to the BIIP and in its place a new talent and National Innovation visa was being developed which will be available at the end of 2024.
“India being a country of youth and talent this Innovation visa offers exciting opportunities for skilled professionals from India. The tech sector has been a major driver behind the influx of Indian immigrants, and this visa recognizes and capitalizes on their expertise along with that of Industrial and Agricultural Development. While the Business Innovation & Investment visa program is no longer in place, there’s optimism for its return with revamped programs tailored to attract top businesses from India,” adds Shalini.
The Migration Review found that the BIIP is causing Australia to suffer from poor economic outcomes, supported by studies from the Treasury, Productivity Commission, and Grattan Institute. The BIIP policy will be restructured to guarantee successful business careers for all business migrants entering Australia, thereby enhancing the country’s economic benefits.
Those who hold a subclass 188 visa and meet the relevant criteria for the grant of the Business Innovation and Investment (Permanent) (subclass 888) visa will still be able to continue on this pathway after July 2024.
