Understanding the Business Innovation and Investment Program (BIIP) Closure and Refund Process
The Business Innovation and Investment Program (BIIP), an integral part of Australia's migration pathway for business-minded individuals, officially closed to new applications on 31 July 2024. This decision aligns with government priorities and the migration program's revised planning levels. As a result, the number of visas available through the BIIP has been reduced from 1,900 in 2023–24 to 1,000 in the 2024–25 permanent migration program.
For those who submitted their applications before this date, the processing will continue, but it is important to note that the Department of Home Affairs has indicated an increase in average processing times due to these changes.
In the wake of these adjustments, the Department has introduced a refund mechanism for applicants who wish to withdraw their applications. This offers clarity on the refund process, which will be available to certain applicants who voluntarily withdraw their BIIP applications on or after 31 July 2024.
Refund Eligibility and Conditions
Refunds will be available to applicants for the following visa subclasses:
Business Innovation (subclass 188) for applicants in the Business Innovation, Investor, Significant Investor, or Entrepreneur streams.
Business Talent (subclass 132) for applicants in the Significant Business History or Venture Capital Entrepreneur streams.
Business Innovation (subclass 188) for applicants in the Business Innovation, Investor, Significant Investor, or Entrepreneur streams.
Business Talent (subclass 132) for applicants in the Significant Business History or Venture Capital Entrepreneur streams.
However, it is crucial to note that applicants for the Business Innovation Extension and Significant Investor Extension streams will not be eligible for a refund.
How to Request a Refund
For those eligible for a refund, the process is straightforward and can be done through the ImmiAccount portal. Here are the steps to request a refund:
Log into your ImmiAccount.
Navigate to the 'My Payments' section and select 'Manage Payments'.
If your Visa Application Charge (VAC) payment status is 'Credit' or 'Paid', you will be able to request a refund.
From the actions menu, select 'Request Refund'.
A new screen will appear, allowing you to initiate your refund request. From the drop-down menu, select ‘Voluntary withdrawal of BIIP application’ as the reason for your refund.
Processing Time for Refunds
It is important to note that there is no standard timeframe for the processing of refund requests. Each refund will be assessed individually in accordance with the relevant legal authority or administrative rules.
Implications for Applicants in Australia
For applicants already in Australia, the withdrawal of their application may impact their visa status. It is essential to understand the consequences of withdrawing your application before initiating the process. For further information, refer to the 'You want to withdraw your application' section on the Department’s website.
In conclusion, the closure of the BIIP and the introduction of the refund process reflect significant changes within Australia’s migration landscape. Applicants who wish to withdraw their applications are encouraged to follow the outlined process carefully to ensure a smooth refund experience. As always, it is advisable to stay informed and up-to-date with the latest guidelines issued by the Department of Home Affairs.
Contact Information
For more details or to start your Partner Visa application, please contact us:
Phone: +61 439 184 999
Website: visamigo.com.au
DISCLAIMER: Important notice for all our social media followers as well as website readers. Content shared here by Visamigo Lawyers and its affiliates is not to be considered as immigration or legal advice. It's intended for informational purposes only and should not be used as a substitute for professional guidance. This material offers general insights (accurate at the time of posting, subject to updates) and is not exhaustive. Prior to any application, it's recommended you consult an Australian Lawyer for personalised advice. Your journey matters, so ensure you're properly informed.
