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Subclass 188

Business Innovation and Investment (Provisional) visa

The Business Innovation and Investment Program (BIIP) is closed as of 31 July 2024. Applications made before this date will still be processed. You may be entitled to a refund of your Business Innovation and Investment (subclass 188) Visa Application Charge (VAC) for the Business Innovation, Investor, Significant Investor or Entrepreneur streams if you withdrew your application on or after 31 July 2024.

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What Is the Subclass 188 Visa?

The Business Innovation and Investment (Provisional) visa — commonly called the EB-188 visa or Subclass 188 — is a provisional visa designed for successful business owners, investors, and entrepreneurs who want to come to Australia, invest their money, run a business, and help grow the Australian economy.

It falls under the Business Skills (Provisional) Class EB and is the only subclass within that category.

This visa works as a two-step pathway: it is a temporary visa first, after which holders can work toward permanent residency in Australia through the EC-888 Business Innovation and Investment (Permanent) visa, once they have successfully established a business or maintained their investment in Australia.

Objectives of the Business Innovation and Investment Program

The Australian Government designed this program with clear goals in mind. The program is intended to:

  • Bring in the maximum number of successful business migrants who will actively participate in Australian business and investment life.
  • Spread business migration more evenly across Australia — including into regional and lower-growth areas that need economic development.
  • Give qualifying migrants a clear and straightforward pathway to permanent residency after they establish a business while living temporarily in Australia.
  • Ensure that only the most financially strong and well-supported applicants gain access to the permanent Business Talent visa — everyone else must go through the provisional visa route first, and may only apply for permanent residency after successfully maintaining their investment or getting into business in Australia.

Who is this program for? The program is open to three main types of applicants: business owners or part-owners, senior executives who want to take an ownership stake in an Australian business, and experienced investors willing to commit significant funds to approved Australian investments.

The Six Streams of the EB-188 Visa

The Subclass 188 Business Innovation and Investment visa has six separate streams, each designed for a different type of business person or investor:

Business Innovation Stream

For existing business owners wanting to establish or buy a business in Australia.

Investor Stream

For experienced investors with a proven track record of managing eligible investments.

Significant Investor Stream

For high-net-worth individuals committing at least AUD 5 million.

Premium Investor Stream

For the most elite investors committing at least AUD 15 million, available by direct government invitation only.

Business Innovation Extension Stream

Exclusively for people who already hold a Business Innovation stream visa and want to extend their stay.

Significant Investor Extension Stream

Exclusively for people who already hold a Significant Investor stream visa (or no more than one Significant Investor Extension stream visa) and want to extend.

Pathway to Permanent Residency

The primary visa holder — the main applicant who satisfies the EB-188 primary criteria — may eventually apply for the EC-888 Business Innovation and Investment (Permanent) visa after meeting the required business or investment milestones in Australia.

Important Note for Family Members:

Family members (secondary applicants) granted a visa in the Significant Investor, Significant Investor Extension, or Premium Investor streams generally cannot apply for permanent residency in their own right.

The exception is if the primary visa holder has passed away, or if the primary holder and secondary holder are no longer in a spouse or de-facto partner relationship. This restriction does not apply to secondary applicants in the Business Innovation, Business Innovation Extension, or Investor streams.

The Business Innovation and Investment Visa, commonly referred to as the 188 visa or business innovation and investment visa, was a key pathway for international entrepreneurs and investors to contribute to Australia's economy. Designed for those with proven business skills, the 188 Australian visa allowed holders to own, manage, or invest in businesses . However, as of July 31, 2024, the entire Business Innovation and Investment Program (BIIP) is closed to new applications, per the Australian Department of Home Affairs. This closure affects all streams, including subclass 188A, but pre-closure applications are still being processed.

If you're researching business visa Australia options, note that refunds for the Visa Application Charge (VAC) are available for withdrawals on or after the closure date. For those seeking similar opportunities, the new National Innovation Visa (subclass 858) has taken its place, targeting exceptional talent in innovation-driven fields. Ready to explore migration alternatives? Consult a registered migration agent today for personalized advice.

Key Features and Benefits of the 188 Visa

Before its closure, the 188 visa offered a provisional stay of up to 5 years, with extensions available in certain streams. It enabled visa holders to:

  • Operate a new or existing business in Australia.
  • Conduct investment activities meeting specific thresholds.
  • Include family members, who could work and study.
  • Transition to permanent residency via the subclass 888 visa after fulfilling requirements like business turnover and residency.

This business visa Australia option was invitation-only, requiring an Expression of Interest (EOI) through SkillSelect and nomination by a state, territory, or Austrade. The visa's structure emphasized economic contribution, with over 10,000 applications processed annually in peak years, according to historical Department data.

Key Facts and Figures Details
Visa Type Provisional (Temporary)
Stay Duration Up to 5 years (extensions up to 8 years in some streams)
Annual Applications (Pre-Closure) Approximately 7,000–10,000
Pathway to Permanent Subclass 888 after 2–3 years of business activity
Closure Date 31 July 2024
Replacement Visa National Innovation Visa (Subclass 858)


These figures highlight the visa's popularity among high-net-worth individuals from Asia and Europe.

Eligible Investment & Qualifying Business Criteria

The Three Core Investor Stream Requirements

There are three key investment-related requirements for the Investor stream that you must meet to qualify:

Clause 188.243(1)

Requires at least 3 cumulative years of direct involvement in managing one or more qualifying businesses or eligible investments.

Clause 188.245

Requires net assets of at least AUD 2,250,000 (this figure can include the legally owned assets of your spouse or de-facto partner).

Clause 188.244(b)(ii)

Requires direct involvement in managing eligible investments for at least 1 of the 5 fiscal years immediately before application, with those investments having a total net value of at least AUD 1,500,000.

Rules for Eligible Investments

Ownership of Eligible Investments

By definition, the applicant must own the eligible investment — this reflects the policy intention that the Investor stream is for people who take on real financial risk and reward.

An investment may be owned solely by the applicant, solely by their spouse or de-facto partner, or jointly by both. If an investment is only partly owned, only the portion held by the applicant and/or their spouse or de-facto partner can be counted. If there is no written evidence of the exact portion owned, an equal share may be assumed if part-ownership can otherwise be demonstrated.

Purpose of the Investment

An eligible investment must be an asset owned specifically for the purpose of generating a return — through income (such as interest, dividends, royalties, or rent) or capital appreciation.

Note: Assets held purely for personal use, such as the family home, are excluded by definition and cannot be counted.

Net Value Only

Only the net value of an eligible investment counts towards your requirement threshold.

Any loans or liabilities taken out to purchase an investment asset must be fully deducted from its total value before it can be legally included in your calculations.

Management of Eligible Investments & Qualifying Businesses

Overview and Requirements

Under clause 188.244(b), you must have had direct involvement in managing qualifying businesses or eligible investments. The success or failure of those businesses or investments is not relevant to satisfying this specific criterion.

Ownership Requirements:

Qualifying Business: You and/or your spouse or de-facto partner must have held an ownership interest of at least 10% of the total value of the business.

Eligible Investments: They must have been fully owned by you and/or your spouse or de-facto partner.

The Relevant 3 Years

The required 3 years of experience is cumulative — it does not need to be 3 consecutive years, full fiscal years, or even whole years at a time. It can span multiple qualifying businesses or eligible investments across your career history.

Note: The 1 year of direct and continuous management required under clause 188.243(1) can count toward this cumulative 3-year requirement.

If Experience Is in a Qualifying Business

If your 3 years of experience relates to managing a qualifying business, you should demonstrate that your skills had a direct influence on how the business operated and that you exercised real responsibilities, including:

  • Decision-making authority
  • Responsibility for employees
  • Control over significant expenditure

Documentation requirements here are less extensive than for the separate ongoing management criterion, but officers will still review your overall business and investment career.

If Experience Is in Eligible Investments

If your 3 years of experience relates to managing eligible investments, you should demonstrate that you actively made key decisions about:

  • Evaluating new investments
  • Selecting which assets to pursue
  • Purchasing and selling investments

Officers will carefully consider your career résumé and your Statement of Management Activity for at least 1 year within the past 5.

Management of Qualifying Businesses

Ongoing Direct Involvement

Under clause 188.244(a)(i), your involvement in managing the qualifying business must have been direct and continuous throughout the prescribed 1-year period — not just occasional.

You should demonstrate that you exercised responsibilities such as decision-making authority, responsibility for staff, or control over significant expenditure, that this responsibility was exercised on a continuous, ongoing basis throughout the full prescribed period, and that your skills were fundamental to or directly influenced the operation of the business.

Ownership Interest in a Qualifying Business

Under 188.244(a)(ii), you must have maintained direct management involvement in a qualifying business in which you and/or your spouse or de-facto partner held an ownership interest of at least 10% of the total value of the business.

Non-Qualifying Businesses

A business in which you have a financial interest but which does not meet the legislative definition of a qualifying business may still satisfy the regulatory definition of an eligible investment for 188.244(b) purposes. The process for establishing ownership interest and its value is the same as for qualifying businesses.

Management of Eligible Investments

What Active Management Means

Under policy, managing eligible investments means being involved in key decisions about evaluating, selecting, purchasing, and selling investments.

To demonstrate this, your Statement of Management Activity should explain the source of funds for new investments, how you evaluated and selected investments, what returns were achieved, why assets were sold, and how proceeds were reinvested or used.

Evidence of Active Investment Management

All claims must be supported by documents submitted at the time of application, demonstrating direct and continuous involvement throughout the year. Acceptable evidence includes:

  • Business ownership: proof of performance monitoring or active management involvement
  • Loans to businesses: terms, interest rate records, and repayment history
  • Cash on deposit: evidence of monitoring interest rates against alternative investments
  • Stocks and bonds: evidence of performance evaluation against other potential investments
  • Real estate: yield statements, cash flow records, and maintenance/improvement records
  • Gold and silver bullion: at least two independent valuations per year

Ineligible Investment Products

Residential property (as discussed above) and standard superannuation products managed by third parties are strictly excluded from eligible investment calculations.

Ownership and Minimum Net Value

Ownership Requirements

While the primary applicant must have managed the eligible investments, ownership may be held by the applicant alone, their spouse or de-facto partner alone, or jointly by both.

Evidencing Minimum Net Value

You must demonstrate to the assessing officer that you held eligible investment assets with a total net value of at least AUD 1,500,000 for at least 1 of the 5 fiscal years before your application.

Required evidence includes proof of your ownership share, the net value of investments at that time, and confirmation of active management. Only assets genuinely managed by the applicant will be counted.

Total Net Assets

Purpose of the Net Asset Requirement

Under clause 188.245, the policy intention is to ensure you have enough assets to fund your designated investment, cover the costs of settling in Australia, and finance any additional business or investment activity you wish to undertake in Australia before your designated investment matures.

Legal Title

All assets claimed must be legally and personally owned. However, assets beyond the amount needed for the designated investment do not need to have been built up through eligible investment or qualifying business activity.

Assessing Total Net Assets

In most cases, completing the Statement of Assets and Liabilities Position (SALP) form is sufficient to demonstrate this requirement. Total net assets means all net eligible investment assets plus all other net assets — net business assets are not restricted to qualifying businesses for this calculation.

Eligible Assets

Valuing Non-Cash Assets

All non-cash assets must be given a realistic sale value before inclusion. Acceptable evidence includes asset register entries, insurance records, loan documents, receipts, invoices, and formal valuations.

Note: If a claimed value appears inflated, officers may verify it against independent sources and request an explanation or independent valuation.

Other Assets

Other assets are those not already counted as eligible investments — such as the family home, cars, jewellery, and third-party managed superannuation products.

Only the accessible portion of superannuation during the 2 fiscal years before application can be counted.

Liabilities to Be Deducted

All liabilities must be deducted from asset values to arrive at net worth. This strictly includes loans used to acquire assets and any outstanding tax assessments.

Transferability (Clause 188.247)

Assets must be available for transfer to Australia within 2 years of visa grant. Because designated investment funds are locked in for 4 years, applicants should ensure they have sufficient separate funds available to cover settlement costs and business or investment activities in Australia.

Management Skills

The Management Skill Criterion

Under 188.243(1), you must demonstrate a high level of management skill in relation to your eligible investment or qualifying business activity.

The purpose of this criterion is twofold: to link management skill directly to the qualifying investment or business activity, and to allow closer examination of claims where there is any doubt about whether that standard has genuinely been met.

Specific Visa Streams & Requirements

Significant Investor Stream

You must receive a written invitation and apply within 60 days. A fresh complying significant investment of at least AUD 5,000,000 is required, structured as follows:

  • Minimum AUD 500,000 in VCPE funds (commitment required within 12 months of visa grant)
  • Minimum AUD 1,500,000 in managed funds investing in emerging Australian companies
  • Remaining AUD 3,000,000 in the above or other approved complying investments

Rules & Compliance:

  • Investments must be managed by an AFS-licensed manager in Australia, independent of the applicant.
  • Funds must be unencumbered, lawfully acquired, and cannot be used as loan security. Gifts/inheritances are acceptable if properly documented.
  • Once AUD 5M is evidenced at decision, subsequent market fluctuations are irrelevant; however, continuous holding must be demonstrated for the EC-888 permanent visa. You must genuinely intend to hold it for at least 4 years (Form 1413D required).
  • Switching investments is permitted within a strict 30-day window. Exceeding this breaches condition 8557.
  • For the permanent EC-888 visa, the primary applicant needs 40 days per year in Australia, or their spouse 180 days per year.

Business Innovation Extension Stream

Only existing Business Innovation stream visa holders may apply, having held the visa for at least 3 years (without previously holding more than one EB-188 visa). State/Territory nomination is required.

  • Extension visa runs for 6 years from original grant.
  • No age limit applies.
  • Must have held ownership in 1 or more actively operating main businesses in Australia for the 2 years prior.
  • Family members must satisfy health PIC 4007.

Significant Investor Extension Stream

Applicants must hold a Significant Investor stream visa for at least 3 years, or currently hold one Extension visa (only one extension permitted). Nomination by a State/Territory or Austrade is required.

  • Extension is 6 years from grant (or 8 years from original SIV grant if extension already held).
  • Must demonstrate continuous compliance with investment criteria.
  • Form 1412 required, Condition 8557 applies.

Premium Investor Stream

Available only by direct government invitation through Austrade (unsolicited applications not accepted). Targets elite investors committing at least AUD 15,000,000.

Options include ASX-listed assets, government/corporate bonds, commercial real estate, and approved philanthropic donations.

No residency requirement, and permanent residency can be applied for after just 12 months.

Entrepreneur Stream

A written invitation is required and you must apply within 60 days. You must be under 55 at the date of invitation (exceptional economic benefit exemption applies).

Requires competent English (188.281(3)), a complying entrepreneur activity endorsed by a State/Territory government agency, and sufficient additional assets for settlement.

EB-188 Primary Applicant Common Criteria

Neither you nor your spouse or de-facto partner may have a history of business or investment activity not generally acceptable in Australia.

Your nomination must remain active and unwithdrawn at the time of decision (withdrawal must be made in writing by the nominating body). You must submit a declaration via Form 1139 acknowledging Government requirements, including obligations around address notification and the consequences of early withdrawal from a designated investment.

The "One Fails, All Fail" Rule

Under the 'one fails, all fail' rule, the primary applicant cannot be granted a visa if any family unit member — applicant or not — fails to meet the required public interest criteria, or if granting a visa to a minor would prejudice another person's custody rights. All applying family members must also satisfy the applicable special return criteria under Schedule 5.

Administration & Compliance Guidelines

Records Management

All records created as part of processing EB-188 visa applications must be managed in accordance with the Records Management Policy Statement (TI-1094). All records must be saved in TRIM RM8 and, where required, in OurPeople.

Statement of Expectation and Compliance

All APS employees must comply with lawful directions contained in procedural instruction documents. Non-compliance may constitute a breach of the APS Code of Conduct, with sanctions up to and including termination of employment under the Public Service Act 1999.

Contractors and consultants are equally bound under the Secretary's Professional Standards Direction (Australian Border Force Act 2015), with non-compliance potentially resulting in termination of engagement or other contractual action.

Accountability and Responsibility

Role Responsibility
Director, Innovation and Cultural Activity Policy Ensures policy information is accurately provided.
Director, GSM and BIIP Ensures visa processing is correct and in line with procedural instructions.
Acting Director, Skilled Migration Program Management Ensures this procedural instruction remains current and accurate.
Records Management Ensures all records are saved in accordance with the Records Management Policy Statement in TRIM RM8.

Streams of the 188 Visa: Focus on Subclass 188A

The 188 visa featured multiple streams tailored to different profiles. The most searched, subclass 188A (Business Innovation stream), targeted experienced business owners. Other streams included Investor (AUD 2.5 million investment), Significant Investor (AUD 5 million), Premium Investor (AUD 15 million), and Entrepreneur.

For subclass 188A, eligibility hinged on a points test, with a minimum score of 65 required. Points were awarded across categories like age, English proficiency, qualifications, assets, and business experience.

188 Visa Requirements for Subclass 188A

To qualify for the business innovation and investment visa in this stream, you must meet the following baseline criteria:

  • Age: Under 55 (exceptions exist for exceptional economic benefit).
  • Assets: Net business and personal assets of at least AUD 1.25 million (for invitations post-July 2021).
  • Business Turnover: At least AUD 750,000 annually in 2 of the last 4 fiscal years.
  • Ownership: At least 30% in a business (51% if publicly listed).
  • English: Vocational level (IELTS 5.0 overall) for 5 points; proficient (IELTS 7.0) for 10 points.
  • Points Test: Assessed at the time of invitation.

Points Test Breakdown

Here is a breakdown of the points table for assessing credibility and eligibility:

Category Criteria Points
Age 25–32 years 30
33–39 years 25
English Vocational 5
Proficient 10
Qualifications Bachelor in business, science, or technology (Australian or recognized) 10
Assets AUD 1.25M+ 5
AUD 2.75M+ 35
Turnover AUD 750K+ 5
AUD 2.25M+ 35
Business Experience 4+ years in the last 5 years 10
Innovation Qualifiers Patent registered 15
Export trade 50%+ 15

Source: Australian Department of Home Affairs points table.

Meeting these 188 visa requirements ensured nomination and invitation. Processing times averaged 29-32 months, with application costs starting at AUD 10,000.

Application Process: Step-by-Step Guide

Although closed, understanding the process provides value for those with pending applications or exploring alternatives.

  1. Submit EOI Via SkillSelect, detailing your business background.
  2. Secure Nomination From a state/territory (e.g., NSW or Victoria) based on your proposed business plan.
  3. Receive Invitation Lodge application within 60 days.
  4. Provide Evidence Business financials, asset proofs, English tests.
  5. Health and Character Checks Mandatory for all applicants.
  6. Pay VAC And await decision.
Actionable Advice for Today

For actionable steps today, withdraw pending 188 applications for refunds and pivot to the subclass 858 visa, which prioritizes innovators in tech, research, and entrepreneurship.

Frequently Asked Questions (FAQs)

What is the 188 visa?

The Business Innovation and Investment (subclass 188) visa was a temporary visa for business owners and investors; it closed to new applications on 31 July 2024.

Is the 188 visa still available?

No, the 188 visa program is closed to new applications since July 2024.

What replaced the 188 visa?

The National Innovation Visa (subclass 858) replaced it as a permanent visa for exceptional innovators and entrepreneurs.

What are the main 188 visa requirements?

Minimum 65 points, AUD 1.25M+ assets, AUD 750K+ annual business turnover, and state nomination (for the Business Innovation stream).

Can I still apply for the 188 visa?

No new applications are accepted; only pre-closure applications are still being processed.

How much did the 188 visa cost?

The main applicant fee started at around AUD 10,000 (plus extra for family members).

Does the 188 visa lead to permanent residency?

Yes, it provided a pathway to the permanent subclass 888 visa after meeting business requirements.

Further Reading & Related Resources

Explore these detailed guides to dive deeper into specific requirements, evidence gathering, and rules for your Subclass 188 and 888 Visa journey.

How to Apply for the Subclass 888 Visa

Learn the step-by-step process to successfully transition from your provisional 188 visa to Australian permanent residency.

Read Full Guide →

Business Innovation Stream Eligibility

A detailed breakdown of the points test, business turnover, and ownership requirements specifically for the Innovation stream.

Read Full Guide →

Investor Stream Requirements

A complete guide to the precise investment thresholds, management experience, and points needed for the Investor stream.

Read Full Guide →

Eligible Investment Evidence Guide

Discover exactly what financial documents, records, and proof officers look for when assessing your active investment activity.

Read Full Guide →

Asset Source & Investment Process

How to legally prove the legitimate source of your funds and successfully transfer your designated investments to Australia.

Read Full Guide →

Adding Family Members & Dependants

Rules for including your spouse and children in your application, health requirements, and secondary applicant conditions.

Read Full Guide →

Grant Rules & Visa Conditions

Understand your first entry dates, validity periods, and the strict conditions attached to your 188 visa grant.

Read Full Guide →

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