In July 2024, the Australian Department of Home Affairs officially announced the permanent closure of the Business Innovation and Investment Program (BIIP), including all subclass 188 business investment visas. The Subclass 132 permanent residency visa has also been permanently discontinued.

While no new applications for subclass 188 and 132 visas are being accepted, the Department is still processing applications submitted before the cutoff date. However, with limited quotas and high competition, processing times are expected to be lengthy. For the 2024–25 financial year, only 1,000 places have been allocated for business visas. From 31 July 2024, applicants also have the option to withdraw their applications and request a refund of the visa application charge.

If you are currently waiting for your 188 visa to be processed,we recommend staying patient and keeping in close contact with your registered migration agent. Working with a professional and experienced migration team may improve your chances of being among the limited 1,000 applicants to receive approval.

If you are still hoping to migrate to Australia through a business migration pathway, please note that this pathway is no longer available. We strongly advise you to start exploring alternative migration options as soon as possible.

If your 188 visa is important to your future but you no longer wish to wait indefinitely, it may be time to consider a Plan B. Contact Kingway’s experienced migration consultants for a personalised pathway tailored to your needs.