The Business Innovation and Investment Program (BIIP) is Australia's primary migration pathway for business people and investors. It operates through two visa subclasses: the subclass 188 (provisional) and the subclass 888 (permanent). The program is designed to attract businesspeople, investors, and entrepreneurs who can contribute to economic growth in Australia.

The BIIP has been significantly scaled back in recent years, with the annual allocation reduced to 1,000 visas in the 2024–25 migration program year. Current visa planning levels and any changes to the program are published by DHA at immi.homeaffairs.gov.au.

• Migration Regulations 1994, Schedule 2 — Subclasses 188 and 888 criteria
• DHA: BIIP page — immi.homeaffairs.gov.au/visas/subclass-188

Program structure

The BIIP operates on a two-stage model:

1. Stage 1 — Subclass 188 provisional visa: The applicant obtains a provisional visa to come to Australia and establish or manage a business, invest, or undertake entrepreneurial activity. The subclass 188 has a maximum validity of 5 years for most streams. During this period, the holder must meet the ongoing business or investment obligations for their stream.
2. Stage 2 — Subclass 888 permanent visa: After spending the required period on the subclass 188 and meeting the criteria for their stream, the holder may apply for the subclass 888 permanent residence visa.

Streams

The BIIP has five streams, each with different requirements:

• Business Innovation stream: For established business owners who want to own and manage a new or existing business in Australia. Requires a business turnover history, net business assets, and a business innovation points score.
• Investor stream: For applicants who want to make a designated investment of at least AUD 1.5 million in a complying investment in Australia and maintain business or investment activity.
• Significant Investor stream: For applicants investing at least AUD 5 million in complying investments. The Significant Investor stream has specific portfolio requirements, including investments in venture capital and private equity, emerging companies, and other eligible investments.
• Entrepreneur stream: For applicants with a record of outstanding entrepreneurial activity, or who are undertaking a startup activity in Australia with funding from a specified source.
• Premium Investor stream: The highest-tier stream, requiring a minimum investment of AUD 15 million in complying investments.

Investment thresholds and complying investment rules are subject to change. Refer to the DHA subclass 188 page for current requirements.

State and territory nomination

Most BIIP streams require nomination by an Australian state or territory government. Each state and territory has its own nomination criteria, application process, and requirements — these vary significantly and are independent of the federal visa criteria. Applicants must be nominated by a state or territory before they can be invited to apply for the subclass 188.

Expression of Interest

Applicants must submit an Expression of Interest (EOI) through SkillSelect. BIIP EOIs are ranked and scored. State and territory governments select candidates to nominate from the EOI pool.

The BIIP has been subject to ongoing reform. The program's allocation has been reduced significantly from prior years as the Australian Government focuses on skills-based and humanitarian migration. Practitioners advising business migration clients should check the current planning levels and any policy changes before lodging applications.

The subclass 132 (Business Talent — Significant Business History) visa provides an alternative direct permanent residence pathway for high-calibre business people. Information on all business visas is available at immi.homeaffairs.gov.au/visas-for-innovation.