The Australian Government’s decision to close the Business Innovation and Investment Program (BIIP) on 31 July 2024 has disrupted the migration plans of many business owners and entrepreneurs. This change has compelled prospective migrants to explore alternative pathways, such as self-sponsorship under the Subclass 482 (Skills in Demand) visa and small business owner Subclass 491 visas.
Both alternatives demand investment, legal compliance, and a clear understanding of visa criteria. Engaging a professional migration agent or legal advisor is strongly recommended to increase your chances of success. Book a consultation to evaluate your visa options and pathways here.
The BIIP, introduced in 2012, was a central pillar in attracting business talent to Australia. Over 100,000 migrants benefited from it, with a heavy presence of applicants from countries like China, Iran, and Hong Kong. It required applicants to show:
Despite its initial success, criticism mounted over time. Key concerns included:
A 2023 review estimated BIIP migrants’ lifetime economic contribution at only $600,000—far below the $1.6 million for the average Australian. In response, the government pivoted towards a skills-focused migration strategy, launching the Skills in Demand visa and other reforms.
The Subclass 482 visa allows employers to sponsor skilled workers, including the possibility of self-sponsorship—though this route is fraught with complexity. The Department of Home Affairs closely examines these applications due to potential misuse.
To qualify, you must show:
Key Challenge: Proving the role is genuine and not just a means to secure residency is particularly difficult when the business owner is the nominee.
Other hurdles include demonstrating:
Migration advice is essential before pursuing this path, as the risk of refusal is high.
The Skilled Work Regional (Provisional) visa – Subclass 491 offers an alternative for small business owners operating in regional Australia. It is usually an option if you are already in Australia on a 485 graduate visa (or other temporary work visas i.e 408, 417 and 462) which allows you full time work rights so that you have the freedom to satisfy one of the below.
Various states have developed tailored programs with distinct requirements:
To qualify under the ACT’s program:
Ineligible businesses include rideshare, sub-tenancy, courier services, and re-used businesses.
Financial Criteria:
With the BIIP no longer an option, aspiring migrant entrepreneurs must adapt to a new migration landscape. While the Subclass 482 (self-sponsorship) and Subclass 491 (regional small business owner) pathways are viable, they demand careful planning, strategic investment, and thorough legal guidance.
For those who are committed and well-prepared, Australia remains an option for innovation and business success.
Advantages
Risks and Challenges
Considerations for Migrating Business Owners
Key Risks:
Related:
The post Visa options for business owners now that 188 visa is closed appeared first on Australian Migration Agents and Immigration Lawyers Melbourne | VisaEnvoy.
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