Business and Investment Visas - Closed for new applicants.

[Steve Elliott]

Late last week Registered Migration Agents were advised that there will be no allocations of places for Business and Investment visas for this financial year (ending June 30 2024). Thus in effect the program is closed until further notice. If and when the program does re-open, it is highly likely the program will have undergone an overhaul, with potentially some streams discontinued and others, changed in terms of eligibility criteria and conditions. This is unfortunate for many aspiring applicants as this was potentially the only possible pathway to PR. For a very small minority of candidates with a track record of career and or business achievement in specific sectors, a Global Talent Visa might be a worth considering, but will be out of reach for most.  

Lodged valid sc188 applications will continue to be processed as will the permanent 888. 

This is an unfortunate state of affairs at it conveys a message that Australia is not interested in attracting skilled business owners and investors. This will simply result in Austalia missing out as these talented individuals explore other options!

In the meantime, the priority rightly remains on attracting skilled talent to address Australia's skills shortage. It's just a shame both pathways can't be open and operating side by side.

[Parley]

408 Visa being abolished too from midnight tomorrow