Victoria Government will close Business Innovation and Investment (Provisional) visa (subclass 188) nomination program by May 2021
On 20 April 2021, Victoria Government announced to close the nomination program for Business Innovation and Investment (subclass 188) Visa. Previously, the Victoria Government has closed Business Talent (subclass 132) Visa on 1 April 2021 following an announcement from the Department of Home Affairs that it will close the Business Talent visa on 1 July 2021.
What does the announcement mean for you?
What is Business Innovation and Investment (Provisional) Visa (subclass 188)?
Business Innovation and Investment (subclass 188) visa allows you to own and manage a business in Australia. It includes conducting Business and investment activity in Australia or undertaking entrepreneurial activity in Australia. It has five streams, namely:
- Business Innovation stream;
- Investor stream;
- Significant Investor stream;
- Business Innovation Extension stream;
- Significant Investor Extension stream;
- Premium Investor stream;
- Entrepreneur stream.
To be eligible for this visa, you must submit an Expression of Interest (EOI) in SkillSelect. Then, you must be nominated by a State or Territory Government agency or Austrade and be invited to apply for the visa.
April 2021 Update for Visa 188 Nomination Program in Victoria
On 20 April 2021, the Victoria Government announced to close the Business Innovation and Investment (subclass 188) Visa 2020-21 Nomination Program. The Victorian Government’s Skilled and Business Migration Program will not accept new nomination applications for Visa 188 after Monday, 31 May 2021 at 5 PM (AEST).
The Victorian Government needs four calendar weeks to process Visa 188 Business Innovation stream and one calendar week for the Visa 188 Significant Investor stream.
If you seek Victorian nomination under Visa 188, you must submit your application, including your applications that are currently in draft, through the Live In Melbourne portal before 5 PM (AEST) Monday, 31 May 2021.
Reason Victoria Government to close Visa 188 Nomination Program
The closure of the Visa 188 Nomination Program aims to ensure that the Government can assess all submitted Visa 188 nomination applications. The Victoria Government needs to assess all the nomination applications before the Department of Home Affairs changes the requirements of Visa 188 on 1 July 2021.
What does this mean for you?
With the update, if you wish to get an invitation from the Victorian Government, you still have one month left to submit your nomination for Visa 188. Additionally, it is possible for the Department of Home Affairs to change the requirement for Visa 188 on 01 July 2021. If you do not submit your application before 31 May 2021, you might face new requirements, which might require you to start the nomination application from the beginning.
So, it is best to submit your nomination as soon as possible before the Victorian Government closes its Visa 188 nomination program on 31 May 2021.
Still not sure how it will affect you? Speak to us!
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