Titanic Turnaround: BIIP Applicants, Your Lifeboats Have Arrived

Henry Fan
Hong Kong

Applicants for Australian investment immigration await their Godot, uncertain of what the future holds. After my previous article, industry practitioners raised concerns about the dim outlook I presented. Today, I bring some positive news.

On May 14, 2024, the Australian government announced the permanent closure of the Business Innovation and Investment Program (BIIP) as of July 2024. This includes the 188 visas (encompassing the 188A, 188B, and 188C streams).

The BIIP category became history. The government’s May announcement clearly demonstrated an unfriendly stance towards investment immigration.

Three weeks after my previous article, Australian Home Affairs sent over 300 emails to my team. These emails provided guidance on proceeding with applicants at different stages. This communication reflects the stability and reliability of the Australian immigration authorities, which I appreciate.

With these emails, I can respond to recent doubts and provide sincere replies to applicants.

Applicants awaiting review of the Business Innovation and Investment (Provisional) 188 visa class

The Australian government officially declared that it would continue to process applications for a Business Innovation and Investment (Provisional) (subclass 188) visa in line with government priorities and the migration program planning levels.

This also applies to all dependent family members included in the application.

What this means:

1. The only way applicants (or, in this specific case, their families) could have gotten a refund before September 2024 is if the applicant passed away. Only specific circumstances, such as immigration system errors, unsuccessful nominations, or incorrect application submissions, warrant a refund request.
2. Starting from September 2024, applicants who wish to withdraw their visa applications will receive refunds for their visa application fees, regardless of the reason. The Australian Department of Home Affairs’ official website will publish details on refund applications in the coming months.
3. These applicants have secured the final opportunity for BIIP. This offers the simplest way to start a business or invest to obtain an Australian permanent residency permit, with no future substitutes. The relaxed restrictions on refunding visa application fees offer a friendly option, but I suggest applicants wait patiently. Withdrawing eliminates the chance to reconsider.

Holders of the Business Innovation and Investment (Provisional) 188 visa class

The Australian government officially stated that the closure of the BIIP does not affect current holders of a Business Innovation and Investment (Provisional) (subclass 188) visa.

This applies to both the visa holder and their dependents. Applicants can still submit applications for additional family members as subsequent entrants, as well as the Business Innovation and Investment (Permanent) (subclass 888) visa.

What this means:

1. Applicants in this category must meet the requirements for transitioning from the 188 visa to a green card by completing their business startups, investments, and residency requirements, and then submit an application for the 888 green card. Approval will grant them Australian permanent residency status.
2. The review process for Australian investment immigration green cards has become faster, as the current processing time is around two months. The BIIP closure has not made the trend stricter. Applicants who meet the requirements can obtain approval. To further reduce processing time, applicants can prepare a clean criminal record in advance.

The shutdown of Australian Business Immigrant Investor routes does not affect applicants waiting for audits at any stage. By following the requirements and completing each application stage, applicants can secure an Australian green card.