As was announced in the budget and as part of the migration strategy, from July the Provisional Business Innovation and Investment (Sc 188) visa is closing to new applications. The Department is considering a new talent and innovation visa that is scheduled to be available at the end of 2024.
Within the article, the Department have advised that they will process current Sc 188 visa applications in line with Government priorities and Migration Program planning levels. The Department will tighten the Sc 188 policy guidance to ensure that all business migrants coming to Australia have had a successful business career and will bring an economic benefit to Australia.
Holders of a Sc 188 visa who meet the criteria for the Permanent Business Innovation and Investment (Sc 888) visa can continue on this pathway after July 2024.
Holders of a Sc 188 visa in the Business Innovation stream or the Significant Investor stream, can still apply for the extension stream of the visa to allow more time to meet the requirements of the Sc 888 visa.
If you have an application in process and want to withdraw your application, refunds for the Sc 188 Visa Application Charge (VAC) will be available from September 2024. The Department will provide further information on the withdrawal and refund process in due course.
