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Business Visa Australia Update: Removal and Its Impact to You


The “Golden Ticket” Business Visa Australia is Scrapped

The Business Visa Australia update in January 2024 brought a significant change. The Minister of Home Affairs, Claire O’Neil, announced the removal of the visa from the migration program. This decision will impact the subclass 188 Visa application and potentially the 888 subclass Visa Australia. This development necessitates immediate attention and action from those considering migration to Australia.

The Minister found that the visa program does not provide what the country and economy need. The big concern within the Government is that the visa actually costs the Government on average for every person and has a negative lifetime effect on the federal budget.

We have summarised the details of the Business Visa Australia closure below for better understanding.

Business Visa Australia Update – 12 June 2024

The Australian Government officially announced the close of the Business Innovation and Investment Program (BIIP) in July 2024. The Government will not accept new applications for Business Visa Australia (subclass 188) from July 2024. However, they will continue processing the application submitted before July 2024 based on the latest Migration Planning Levels.

Suppose you have a subclass 188 visa and complete the requirements for a Business Visa Australia (Permanent) (subclass 888). In that case, you may continue on this pathway after July 2024.

You are also still eligible to apply for the extension stream of the visa if you currently possess a subclass 188 visa in the Business Innovation or Significant Investor streams. With this, you will have additional time to fulfil the prerequisites for the Business Visa Australia (Permanent) (subclass 888).

If you wish to withdraw your application, reimbursements for the subclass 188 Visa Application Charge (VAC) will be made starting in September 2024. When they become available, the department will provide further details on when to withdraw and how to request a refund.

The Australian Government’s Big Concerns Over the Business Visa Australia

The Minister of Home Affairs, Claire O’Neil, stated that Business Visa Australia costs the Government on average for every person and has a detrimental lifetime effect on the federal budget.

People who come to Australia under this visa program usually arrive at quite a late stage of their lives, often at the end of their business careers, and come to settle down and retire, which is not a productive use of the Australian migration system.

Hence, the Government sees no reason to keep the visa program in the migration system.

Read more: Covid-19 Pandemic Concession is Officially Ended

The “Golden Ticket” Visa 888 Australia is Scrapped

What are the available options left?

Considering the recent updates, you may still be able to continue your journey with Business Visa Australia, especially if you currently hold a temporary Business Visa (subclass 188).

However, considering that the Government will not accept new temporary Business Visa (subclass 188) applications, it might be best to look for other visa options. You may consider one of the following visa options, each offering unique opportunities and benefits, to begin your migration journey to Australia:

Skilled Visa Point Test (subclass 189/subclass 190/subclass 491) 

The Australian Skilled Visa with a point test allows you to live and work in Australia permanently. To be eligible for the visa, you must score at least 65 points in your Expression of Interest application. Also, depending on the visa subclass, you may be required to meet additional requirements set by the Australian state or territory government.

Learn more about the Skilled Visa here

Employer Sponsorship Based Work Visa (subclass 482/subclass 494/subclass 186)

The next visa option you may consider is the Employer Sponsorship Work Visa. The visa requires a potential sponsorship from an eligible business in Australia. Other than that, you must have an occupation listed on the relevant Skilled Occupation List.

You can find the details of Employer Sponsorship Work Visa here

Otherwise, try our new tool, Instant Australian Visa Recommendation, to find the best visa option.

What Possibly Happens Next?

While the Government found that the Business Visa Australia program does not provide what the country needs, the visa will be officially closed in July 2024, beginning with its temporary visa program. There’s a high possibility that the permanent Business Visa program will also be closed once all temporary Business Visa holders get their permanent residency.

It considers the New Migration Program, which is expected to launch this year. It also looks at a targeted talent and innovation visa with a streamlined pathway for attracting highly skilled migrants to Australia, including entrepreneurs, investors, and global researchers, to drive growth in important national sectors.

It would be best to discuss your next option with us, the professionals in migration programs who have been assisting thousands of successful migrants to Australia:

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Looking for professional assistance to find the best way to migrate to Australia? ONE derland Consulting is ready to assist you

At ONEderland Consulting, our visa specialists are ready to guide you through the changes, including the Business Visa Australia update. With a 98% success rate and a reputation as one of Australia’s most highly recommended migration agents, we are here to help you find the best visa option for your situation. Don’t navigate these changes alone – trust the professionals.

We are complex visa specialists. As registered Australian migration agents with the Migration Agents Registration Authority (MARA), we are regulated in our professional practice and bound by the profession’s Code of Conduct issued by the MARA.

Ready to take the next step in your migration journey? Contact us at ONEderland Consulting. Our team members are professional, multilingual, and ready to assist you. Contact us via email at [email protected] or phone at 1300 827 159. You can also book your consultation online, backed by our 100% Money Back Guarantee Program. We’re here to help you navigate these changes and find the best visa option for you.

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