Business Innovation and Investment (Provisional) Visa (subclass 188) (Closed) — Australia

The Business Innovation and Investment Program (BIIP) closed permanently to new applications on 31 July 2024. The Business Innovation, Investor, Significant Investor, and Entrepreneur streams of the subclass 188 visa can no longer be applied for. Its replacement — the National Innovation Visa (subclass 858) — launched on 6 December 2024 and targets a different, narrower group: globally recognised, exceptional achievers, not general business owners or investors. If you are researching Australian business or investment migration today, subclass 188 is not an option — read on for what changed and what you can still do.

What happened to the BIIP

The Migration Amendment (Business Innovation and Investment Program Closure) Regulations 2024 closed the Business Innovation, Investor, Significant Investor, and Entrepreneur streams of subclass 188 to applications made on or after 31 July 2024. The government cited the program's weak fiscal return and cut its Migration Program allocation from 1,900 places (2023–24) to 1,000 places (2024–25) as it wound the category down.

• Applications lodged before 31 July 2024 continue to be processed under the settings in place at the time.
• Applicants who withdraw an application made on or after 31 July 2024 can claim a refund of the Visa Application Charge.

What replaced it

The National Innovation Visa (subclass 858) launched on 6 December 2024, replacing both the Global Talent visa and the BIIP. Unlike subclass 188, it is invitation-only: you lodge an Expression of Interest, and if invited, you apply with a nomination from an eligible Australian individual, government agency, or organisation. There is no points test and no state or territory nomination of the kind subclass 188 used — see Home Affairs' official National Innovation visa page for current eligibility and priority sectors.

If you already hold a subclass 188 visa

Closure does not cancel existing visas. If you hold a subclass 188 visa, you keep your visa conditions and can still work toward the Business Innovation and Investment (Permanent) Visa (subclass 888) if you meet its requirements — that pathway was not closed by the 2024 changes, and provisional extension streams remain available to existing 188 holders who need more time to qualify for 888.

Position Among Other Visa Options

Subclass 188 is closed to new applications, so the requirements below apply only if you already hold a subclass 188 visa and are progressing to the subclass 888, or if your 188 application was lodged before 31 July 2024 and is still being processed. If you are a new applicant, these documents don't apply to you — review the invitation-only National Innovation Visa (subclass 858) instead.

You must lodge your application with the Department of Home Affairs (Home Affairs) and select the correct visa type and stream.

Submit documents only for the points you claim under the Points Test.

Provide clear copies of your identity documents and all supporting evidence for your business and assets.

Incomplete evidence often leads to delays.

Core documents include:

• Valid passport and identity documents
• Business ownership and management records
• Asset and financial documentation
• Evidence supporting each Points Test claim
• Form Form 80 (if requested)

You must attach evidence for any business management claims you make.

If you don’t provide supporting documents, Home Affairs may disregard those claims.

Only include documents relevant to your application.

Submitting insufficient documentation can delay processing.

If you later apply for the Business Innovation and Investment (Permanent) Visa (subclass 888), you must again provide supporting business evidence.

Other visas such as the Global Talent Visa (subclass 858), Distinguished Talent Visa (subclass 124), Temporary Work (Short Stay Specialist) Visa (subclass 400), and Temporary Activity Visa (subclass 408) have separate document requirements managed by Home Affairs.

You can no longer lodge a new subclass 188 application, so no new visa application charge applies to first-time applicants. The figures below describe the historical fee for applications lodged before the 31 July 2024 closure and remain relevant only to existing 188 holders progressing to subclass 888.

Historically, you paid the visa application charge when you lodged your Business Innovation visa (subclass 188) application through ImmiAccount.

If you didn’t pay the correct amount, Home Affairs wouldn’t process the application.

Home Affairs may update fees at any time.

Check the fee information provided by the Department of Home Affairs before you submit payment.

processing times vary based on your stream, the completeness of your documents, and your background checks.

Recently decided applications show a general timeframe of 12 to 24 months.

You may need to complete Form 80 if requested.

The processing times for this form differ by category and location.

Use the official visa processing times guide tool to review current estimates.

Home Affairs also publishes quarterly reports and processing priorities that affect business migration visas.

If you later apply for the Business Innovation and Investment (Permanent) Visa (subclass 888), expect a separate fee and processing period.

Other visas such as the Global Talent Visa (subclass 858), Distinguished Talent Visa (subclass 124), Temporary Work (Short Stay Specialist) Visa (subclass 400), and Temporary Activity Visa (subclass 408) have their own charges and timelines set by Home Affairs.

Small mistakes can delay or end your Business Innovation visa (subclass 188) application.

Some errors lead to refusal and can affect future applications with the Department of Home Affairs.

Do not hide criminal history.

Home Affairs requires full disclosure of all charges and convictions, including spent convictions and pending matters.

If you omit information, the omission itself can trigger refusal.

Disclose all international travel.

List every trip, including travel to conflict‑affected or sensitive regions.

Check your passport stamps and travel records before submitting Form Form 80.

Incomplete travel history can delay security checks and pause processing.

Ensure your forms match exactly.

Cross‑check Form 80 and Form 1221 line by line.

Employment history, addresses, and travel dates must be identical.

Inconsistencies raise credibility concerns and slow assessment.

Avoid false or misleading information.

Answer every question truthfully and support your claims with evidence.

False statements can result in refusal, cancellation, and future bans.

Errors at the subclass 188 stage can also affect your pathway to the Business Innovation and Investment (Permanent) Visa (subclass 888).

If you are considering alternatives such as the Global Talent Visa (subclass 858), Distinguished Talent Visa (subclass 124), Temporary Work (Short Stay Specialist) Visa (subclass 400), or Temporary Activity Visa (subclass 408), apply under the correct category from the start.

This section applies only if you already hold a subclass 188 visa — the EOI, nomination, and asset steps below describe the process as it existed before the 31 July 2024 closure, and no longer apply to new applicants.

If you hold a valid subclass 188 visa, you can keep working toward the requirements of your original stream while your visa remains valid.

If you want to remain in Australia longer than your subclass 188 visa allows, you must apply for a new visa through the Department of Home Affairs before your current visa ends — most commonly the Business Innovation and Investment (Permanent) Visa (subclass 888), if you meet its requirements, or a provisional extension stream if you need more time.

You cannot extend the subclass 188 automatically, and you cannot lodge a brand-new subclass 188 application under any stream.

How the Historical (Pre-Closure) Process Worked

Before 31 July 2024, subclass 188 applicants had to:

• Submit an Expression of Interest (EOI) before receiving an invitation.
• Obtain nomination from an Australian State or Territory government agency.
• Maintain the required net business and personal assets of at least A$1.25 million (if invited to apply on or after 1 July 2021).

Home Affairs may still request additional documentation, including Form Form 80, to assess your background if you are progressing toward subclass 888.

The table below clarifies how the closed subclass 188 differs from other Australian visa options you may consider:

The Australian Border Force manages entry at the border.

Home Affairs processes and decides your visa application.

These steps describe the historical subclass 188 process and are relevant only if you already hold a subclass 188 visa and are progressing toward the subclass 888, or if you lodged before the 31 July 2024 closure. New applicants cannot follow these steps — instead, review the invitation-only National Innovation Visa (subclass 858): you submit an Expression of Interest, wait for an invitation, and if invited, apply with a nomination from an eligible Australian individual, government agency, or organisation.

1. Submit a valid Expression of Interest (EOI).

An invalid or missing EOI will prevent you from progressing.

1. Gather financial evidence.

If you were invited on or after 1 July 2021, you must show net assets of at least AUD 1.25 million.

1. Complete required forms accurately.

Inconsistent or incomplete forms delay processing.

1. Pay the correct visa application charge.

Home Affairs will not process your application without full payment.

1. Upload supporting documents and lodge your application.

Key Forms and Documents

Cross-check all personal history details carefully.

Form 80 and Form 1221 often overlap and must match exactly.

You must prove your identity and provide truthful information.

Incorrect or missing details can stop processing.

Keep police certificates current.

If processing exceeds 12 months, you may need updated certificates.

If your long-term goal is permanent residence, you may later apply for the Business Innovation and Investment (Permanent) Visa (subclass 888).

Other pathways, such as the Global Talent Visa (subclass 858) or Distinguished Talent Visa (subclass 124), operate under separate criteria.

Subclass 188 no longer accepts new applications.

The criteria below applied to applications lodged before the 31 July 2024 closure and remain relevant only to applicants already in the pipeline or progressing to subclass 888 — not to anyone applying today.

You had to meet the points threshold and receive an invitation from the Department of Home Affairs before applying.

Home Affairs would not assess an application that did not meet these threshold requirements.

Core Criteria

You must:

• Score at least 65 points on the points test
• Receive an invitation to apply
• Provide business financial statements for the specified fiscal years
• Ensure financial statements are prepared in accordance with International Accounting Standards
• Submit complete and accurate documentation

Home Affairs may refuse your application if you submit incomplete or inaccurate financial records.

Financial Documentation Standards

You should review all financial documents carefully before submission.

Errors or omissions can affect your eligibility.

Home Affairs may also request supporting information such as Form Form 80 during processing.

If you later seek permanent residence through the Business Innovation and Investment (Permanent) Visa (subclass 888), you must continue to meet relevant requirements at that stage.

Other visas, such as the Global Talent Visa (subclass 858), Distinguished Talent Visa (subclass 124), Temporary Work (Short Stay Specialist) Visa (subclass 400), and Temporary Activity Visa (subclass 408), have separate criteria and do not replace the subclass 188 eligibility standards.

Note: subclass 188 is closed to new applications (since 31 July 2024). This guidance applies to existing 188 holders moving to subclass 888, or to prospective applicants for the invitation-only National Innovation Visa (subclass 858) who want to confirm they meet its exceptional-achievement criteria before submitting an Expression of Interest.

If you're unsure about your eligibility, it's time to get professional advice. The Business Innovation visa (subclass 188) sets strict rules for age, business ownership, and turnover.

Applicants must be under 55, unless a State or Territory certifies that your business brings exceptional economic benefit. If you think you might qualify for this exemption, consult an expert before you claim it.

Financial evidence must meet formal standards. You'll need:

• A complete set of business financial statements
• Statements prepared by an independent accountant
• Compliance with International Accounting Standards
• Proper uploads through your ImmiAccount with the Department of Home Affairs

Incomplete or inconsistent records can cause trouble. A migration professional or accountant can help you fix these before you submit anything.

Form Form 80 is a common stumbling block. You have to list every address, job, education period, and trip from the past 10 years.

ASIO reviews Form 80 for background checks. If your disclosures are inaccurate or incomplete, your application may be delayed.

If you're planning a long-term migration strategy, get advice early. Moving from subclass 188 to the Business Innovation and Investment (Permanent) Visa (subclass 888) takes careful planning from the start.

Some applicants are better suited to the Global Talent Visa (subclass 858) or Distinguished Talent Visa (subclass 124). Confirm this at the outset. For short-term specialist work, review whether the Temporary Work (Short Stay Specialist) Visa (subclass 400) or Temporary Activity Visa (subclass 408) fits your needs before applying.

Note: the assessment criteria below applied to subclass 188 applications lodged before the 31 July 2024 closure and to the subclass 888 pathway. They do not apply to the National Innovation Visa (subclass 858), which assesses candidates on invitation and exceptional achievement rather than business assets or turnover.

The Department of Home Affairs assesses legacy and 888-pathway applications against business, asset, and documentation requirements. You must meet each rule when invited to apply and again when you lodge your application through ImmiAccount.

Home Affairs checks your eligibility based on:

• Functional English, or payment of the second instalment charge
• At least 4 years of business experience in the 5 years before invitation
• Evidence of ownership and active management involvement
• Proof of asset ownership for the two fiscal years before invitation
• Copies of the biographical pages of your current passport
• Completion of the application in English

Failure to submit the application in English often leads to refusal. If any documents are in another language, certified translations are required.

You must submit your application online in ImmiAccount after receiving an invitation.

If you later seek permanent residence through the Business Innovation and Investment (Permanent) Visa (subclass 888), Home Affairs will check your compliance with business requirements again.

Other visas—like the Global Talent Visa (subclass 858), Distinguished Talent Visa (subclass 124), Temporary Work (Short Stay Specialist) Visa (subclass 400), or Temporary Activity Visa (subclass 408)—use different assessment rules. They don't replace the business evidence required for subclass 188.