188 Visa – Discontinued

What Has Happened to the 188 Visa?

As part of Australia’s recent immigration reforms, the 188 Visa and the entire Business Innovation and Investment Program (BIIP) have been closed to new applicants since 1 July 2024. The Australian government decided to end the BIIP, citing the need to focus on a more targeted and productive immigration system that aligns better with Australia’s economic and social objectives.

What Program Was the 188 Visa Part Of?

The 188 Visa was a key component of the Business Innovation and Investment Program (BIIP). The BIIP aimed to attract high-net-worth individuals, entrepreneurs, and investors to stimulate innovation, business growth, and foreign investment in Australia.

The 188 Visa was part of Australia’s Business Innovation and Investment Program (BIIP), designed to encourage high-net-worth individuals and entrepreneurs to contribute to the country’s economic growth. This provisional visa allowed individuals to either invest or start a business in Australia. It offered a pathway to permanent residency through the subclass 888 visa, provided certain conditions were met.

The 188 Visa was divided into several streams, each targeting different types of applicants:

• Business Innovation Stream (188A): For business owners and entrepreneurs looking to establish a business in Australia.
• Investor Stream (188B): For those willing to invest at least AUD 1.5 million in an Australian state or territory.
• Significant Investor Stream (188C): For investors contributing AUD 5 million into Australian investments.
• Premium Investor Stream (188D): For ultra-high-net-worth individuals making an AUD 15 million investment.
• Entrepreneur Stream (188E): For those with a funding agreement from a third party to carry out entrepreneurial activities in Australia.

What Should 188 Visa Applicants and Holders Do Now?

For 188 visa Applicants:

• If you applied for a 188 Visa before 1 July 2024, your application will still be processed under the rules that were in place at the time of your application. You should continue to monitor your application status and respond to any requests from the Department of Home Affairs.

For 188 Visa Holders:

• If you already hold a 188 Visa, you can continue to operate under the conditions of your visa. You are still eligible to apply for permanent residency through the subclass 888 Visa, provided you meet the required conditions for your specific stream (such as investment or business operation criteria)

• Pathway to Permanent Residency: If you hold a subclass 188 visa and meet the criteria for the Business Innovation and Investment (Permanent) (subclass 888) visa, you can continue on this pathway even after July 2024. This allows you to apply for permanent residency as initially intended.

• Extension Stream Option: If you hold a subclass 188 visa in the Business Innovation or Significant Investor streams, you can still apply for the extension stream of the visa. This extension provides additional time to meet the requirements for the subclass 888 visa, offering a pathway to permanent residency.

• Refunds for Visa Application Charges (VAC): Refunds for the subclass 188 Visa Application Charge (VAC) will be available from September 2024 for those who wish to withdraw their application. The Department of Home Affairs will provide further details on when and how to request a refund closer to this date.

What Visa will Replace the BIIP?

The Australian government is developing the National Innovation Visa to replace the Business Innovation and Investment Program (BIIP). This is  expected to be more focused on highly skilled migrants, entrepreneurs, and innovators.

The new visa program is expected to be launched in late Q4 of 2024. It is anticipated that the replacement program will align more closely with Australia’s current economic priorities, such as advanced manufacturing, clean energy, and digital innovation.