The Subclass 188 visa program will be permanently closed from July.
Existing visa holders can apply for extensions and transition to the Subclass 888 visa.
Refunds for withdrawn Subclass 188 applications will be available in September.
Australia is discontinuing its Business Innovation and Investment (Provisional) (Subclass 188) visa program, with no new allocations available starting in July.
Current visa applications will be processed until the end of the month, but no new applicants will be accepted after this period. This move is part of a broader shift in Australia‘s immigration strategy.
Transition and Future Opportunities Following the End of Subclass 188 Visa
Existing visa holders will have the chance to apply for an extension to transition to the Business Innovation and Investment (Permanent) (Subclass 888) visa. However, they will need to meet new, more stringent requirements to qualify. This includes proving a successful business career and demonstrating substantial economic contributions to Australia.
Additionally, the Australian government plans to introduce a new national innovation visa by the end of 2024, which will aim to attract and retain high-caliber talent and drive innovation. This new visa is expected to provide alternative pathways for business and investment migrants in the future.
For those affected by the program’s closure, refunds for the Subclass 188 application fees will be available starting in September for withdrawals. Keeping informed about these changes and new visa opportunities will be crucial for future planning.
“The Australian government is focusing on introducing a new national innovation visa by the end of 2024 to replace the existing Business Innovation and Investment program.”
