188 Business and Investment Visa Australia – Updates 2024 – 188A visa & Signficant Investor
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The Australian Government announced that it will close the Business Innovation and Investment Program (BIIP) from July 2024 and replace it with the new National Innovation Visa. Follow this link for more details about the National Innovation Visa: https://www.workvisalawyers.com.au/services/national-innovation-visa.html
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📚 Content:
00:00 Introduction
00:36 Business and Investment Visa closed in 2023-24
01:09 Why did they close the Business 188 visa?
02:03 New Investor Visa opportunities coming from July 1, 2024
02:46 Get ready for the new visa
02:53 Global Talent Visa
🚨 RELEVANT ARTICLES
Global Talent Visa:
https://www.workvisalawyers.com.au/services/global-talent-distinguished-talent-visas/global-talent-independent-visa.html
New Migration Strategy:
https://www.workvisalawyers.com.au/news/all/australia-s-new-migration-strategy-announced.html
888 Business Innovation and Investment Visa: https://www.workvisalawyers.com.au/services/business-investment-migration/888.html
➡️ INFO
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Australian Business and Significant Investor Visas Subclass 188 Closed – New Visa Expected in 2024
The migration allocations for the year ending 30th of June 2024 have zero allocations for Business and Investor Visas. That signifies that there are no Business or Investor Visas available for this year, as illustrated in the chart below.
This means it will not be possible to get a state nomination for any of the four streams of the Business and Investor Visa Program.
The four streams of the Business Innovation and Investor Programme (BIIP) are:
Business Innovation stream
Investor stream
Significant Investor stream
Entrepreneur stream
Why did they close the Business 188 visa?
The Parkinsons’ Migration Review Final Report had several negative comments about the Business Innovation and Investor Programme. These negative comments included that the overall age of business Visa applicants is higher than other visas and that this could cause high medical expenses.
About the income point, we argue that this was based on accurate information that underestimated the range of income generated by Business Visa holders, including through their business and personal.
The migration review also recommends revisiting the allocation of places across the permanent skilled program. In particular, it suggests reconsidering the size and role of the BIIP, noting more positive outcomes from the Significant Investor Visa.
If you do not want to wait until new Business and Investor Visas are announced, you may consider the Global Talent Visa.
New Investor Visa opportunities coming from July 1, 2024
The Migration Review Final Report did mention some positive contributions by their Significant Investor Visa.
We expect a redeveloped version of the Significant Investor Visa to be introduced from 1 July 2024.
On page 66 of the report, there are suggestions that consideration should be given to whether the BIIP is retained as a substantial program: “We note that outcomes for the small Significant Investor stream have been stronger than for the remainder of the BIIP. If there is a desire to retain some element of the BIIP, consideration could be given to drawing on the relative strength of this stream in designing a niche investment visa product, much more sharply targeted to select migrants able to drive innovative investments or play a valuable role in the venture capital industry.”
It is expected that the new investor Visa will be similar to the current significant investor Visa and may require:
00,000 investment into a complying investment
Complying investments are yet to be determined by the federal government and may include a stipulated percentage of investment into venture capital.
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