Updates about the Business Innovation and Investment Program for 2023-2024

The 188A visa is available to applicants who are nominated by an Australian State or Territory The 188A visa is designed for individuals seeking to own and manage a business in Australia. To qualify for this visa, applicants must be nominated by an Australian State or Territory government and meet the points test. The process begins by submitting an Expression of Interest (EOI) through the SkillSelect system.

 This visa offers a 5-year temporary stay for business ownership. Once an applicant has established ownership in an Australian business, they can pursue permanent residence through the Business Innovation & Investment (Residence) Subclass 888 visa. Additionally, it’s possible to extend the 188A visa for 2 years after holding it for 3 years, granting a total of 6 years from the original visa’s grant date.

The Federal Government has announced the following updates:

  • The planning level for the Business Innovation and Investment Program (BIIP) has been reduced from 5,000 visas in 2022-23 to 1,900 visas for the 2023-24 Migration Program.

  • The Department will continue to process all valid BIIP visa applications, in line with annual allocations made under the Migration Program planning levels and in line with processing priorities.

Written by Ross Ahmadzai

13 Oct, 2023

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