188 — Business Innovation & Investment (Subclass 188)

Australia•Oceania

Closed

188 — Business Innovation & Investment (Subclass 188)

Investment PR PathwayThis visa can lead to permanent residency, the right to live and work here indefinitely without renewing your visa. Dependents Allowed

Closed to new applications — July 31, 2024

The Business Innovation and Investment Program (BIIP), which includes subclass 188, closed permanently to new applications on 31 July 2024. Applications lodged before that date will continue to be processed. Existing 188 holders can still apply for the Business Innovation extension and Significant Investor extension streams. No direct replacement visa has been announced.

At a Glance

Processing Time

Varies

Application Fee

16,560 – 24,465 AUD

varies by filing options

Stay Duration

5 years

Renewable

Dependents allowed

PR pathway

No job offer needed

Remote work not required

Apply Now Official Information

Living in Australia

Cost of Living

1% cheaper than United States

Avg SalaryA$67,200

Quality of Life

190/200

Full Country Guide

Overview

Provisional Australian visa for state-nominated business owners and investors; closed to new applications since 31 July 2024.

The Subclass 188 was Australia's provisional visa for business owners, investors, and entrepreneurs nominated by a state or territory. Four streams — Business Innovation, Investor, Significant Investor, and Entrepreneur — had stream-specific financial thresholds. Applicants needed a 65-point score and must be under 55.

Granted for up to 5 years with full work rights, it leads to permanent residence via the Subclass 888 if benchmarks are met. Dependants are included and may work without restriction. The BIIP closed to new primary applications on 31 July 2024; extension streams remain open for existing holders.

This visa is ideal for experienced business operators and investors who hold or held a 188 visa and seek a pathway to Australian permanent residence via the Subclass 888.

Fee Breakdown

Base application charge (Entrepreneur stream)6,765 AUD

Base application charge (Business Innovation & Investor streams)10,000 AUD

Base application charge (Significant Investor stream)14,670 AUD

Second instalment (for applicants without functional English)9,795 AUD

Stay & Extensions

Initial grant

5 years

Annual Cap & Quota

1,000 visas allocated for the 2024–25 Migration Program (down from 1,900 in 2023–24); closed to new primary applications from 31 July 2024. Extension streams remain available for existing holders.

Requirements

ELIGIBILITY REQUIREMENTS

Must be nominated by an Australian state or territory government agency.

Must submit an Expression of Interest (EOI) and be invited to apply.

Must be under 55 years of age (unless a waiver is granted by the nominating state/territory).

Must score at least 65 on the points test (for most streams).

Must meet health and character requirements.

Must sign the Australian Values Statement.

Must have no outstanding debts to the Australian government.

Must meet specific financial and business ownership thresholds depending on the chosen stream (Business Innovation, Investor, Significant Investor, or Entrepreneur).

KEY CRITERIA

Investment

2,500,000 EUR

REQUIRED DOCUMENTS

Valid passport.

Evidence of nomination by a state or territory government.

Expression of Interest (EOI) summary.

Financial statements (balance sheet, profit and loss) for the business (if applicable).

Evidence of business ownership and management (e.g., company extracts, share certificates, organizational charts).

Evidence of personal and business assets (e.g., bank statements, title deeds, valuation certificates).

Form 1139A (Statement of Assets and Liabilities Position).

English language proficiency test results.

Police clearance certificates from countries lived in for 12+ months in the last 10 years.

Health examination results.

Form 80 and Form 1221 (Personal particulars).

Relationship evidence (if including family members).

Advantages & Considerations

Key Benefits

Pathway to permanent residence via Subclass 888 once stream benchmarks are met
Up to 5 years of provisional residence with full work rights
Dependants included and may work and study without restriction
Four streams accommodate business owners, investors and entrepreneurs
State or territory nomination broadens regional options beyond federal channels
Existing holders retain access to Business Innovation and Significant Investor extension streams

Worth Knowing

Requires state or territory nomination via SkillSelect Expression of Interest
Stream-specific thresholds up to AUD 5 million for Significant Investor
Applicants must generally be under 55 unless a state grants an age waiver
Processing times expected to increase as the 2024–25 allocation was cut to 1,000 places
Closed to new primary applications since 31 July 2024 — no new BIIP lodgements accepted
Without state or territory nomination an application cannot be lodged

Application Process

Assess your eligibility: Determine which stream suits your situation

Prepare business plan: Develop detailed business or investment plan

Gather financial documents: Collect proof of funds and investment source

Create ImmiAccount: Register on immigration portal

Lodge visa application: Submit complete application with documents

Pay visa fee: Pay AUD 3,755 application fee

Await decision: Monitor application status

Application Forms

Go to application portal

Online application

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Verified Claims (29)

Last verified Jun 18, 2026

Annual Allocation

1,000 visas allocated for the 2024–25 Migration Program (down from 1,900 in 2023–24); closed to new …

immi.homeaffairs.gov.au

Application Steps

Assess your eligibility: Determine which stream suits your situation; Prepare business plan: Develop…

immi.homeaffairs.gov.au

Blockers

The Business Innovation and Investment Program (BIIP) closed permanently to new applications on 31 J…

immi.homeaffairs.gov.au

Dependent Visa

Included

immi.homeaffairs.gov.au

Discontinued

true

immi.homeaffairs.gov.au

Discontinued At

2024-07-31

immi.homeaffairs.gov.au

Discontinued Note

The Business Innovation and Investment Program (BIIP), which includes subclass 188, closed permanent…

immi.homeaffairs.gov.au

Fee Breakdown

Base application charge (Entrepreneur stream): 6765 AUD; Base application charge (Business Innovatio…

immi.homeaffairs.gov.au

Apply Now Official Information

Living in Australia

Cost of Living

1% cheaper than United States

Avg SalaryA$67,200

Quality of Life

190/200

Full Country Guide

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Overview

Provisional Australian visa for state-nominated business owners and investors; closed to new applications since 31 July 2024.

This visa is ideal for experienced business operators and investors who hold or held a 188 visa and seek a pathway to Australian permanent residence via the Subclass 888.

Requirements

ELIGIBILITY REQUIREMENTS

Must be nominated by an Australian state or territory government agency.

Must submit an Expression of Interest (EOI) and be invited to apply.

Must be under 55 years of age (unless a waiver is granted by the nominating state/territory).

Must score at least 65 on the points test (for most streams).

Must meet health and character requirements.

Must sign the Australian Values Statement.

Must have no outstanding debts to the Australian government.

Must meet specific financial and business ownership thresholds depending on the chosen stream (Business Innovation, Investor, Significant Investor, or Entrepreneur).

KEY CRITERIA

Investment

2,500,000 EUR

REQUIRED DOCUMENTS

Valid passport.

Evidence of nomination by a state or territory government.

Expression of Interest (EOI) summary.

Financial statements (balance sheet, profit and loss) for the business (if applicable).

Evidence of business ownership and management (e.g., company extracts, share certificates, organizational charts).

Evidence of personal and business assets (e.g., bank statements, title deeds, valuation certificates).

Form 1139A (Statement of Assets and Liabilities Position).

English language proficiency test results.

Police clearance certificates from countries lived in for 12+ months in the last 10 years.

Health examination results.

Form 80 and Form 1221 (Personal particulars).

Relationship evidence (if including family members).

Advantages & Considerations

Key Benefits

Pathway to permanent residence via Subclass 888 once stream benchmarks are met
Up to 5 years of provisional residence with full work rights
Dependants included and may work and study without restriction
Four streams accommodate business owners, investors and entrepreneurs
State or territory nomination broadens regional options beyond federal channels
Existing holders retain access to Business Innovation and Significant Investor extension streams

Worth Knowing

Requires state or territory nomination via SkillSelect Expression of Interest
Stream-specific thresholds up to AUD 5 million for Significant Investor
Applicants must generally be under 55 unless a state grants an age waiver
Processing times expected to increase as the 2024–25 allocation was cut to 1,000 places
Closed to new primary applications since 31 July 2024 — no new BIIP lodgements accepted
Without state or territory nomination an application cannot be lodged