The Business Innovation and Investment (Provisional) visa (subclass 188) and its permanent counterpart, the Business Innovation and Investment (Permanent) visa (subclass 888), form a two-stage pathway for high-net-worth individuals, business owners, entrepreneurs, and investors who want to operate a business, conduct investment activity, or undertake an entrepreneurial activity in Australia.

The subclass 188 is a provisional (temporary) visa that allows the holder to establish their business or investment activity in Australia. After meeting the requirements of their stream on the 188, the holder can apply for the permanent subclass 888. Most streams require state or territory nomination. For current eligibility requirements, investment thresholds, and complying investment frameworks, refer to the DHA subclass 188 page.

• Migration Regulations 1994 — Subclass 188 and 888 — the visa criteria for both the provisional and permanent visas
• DHA: Business Innovation and Investment (Provisional) visa (subclass 188) — immi.homeaffairs.gov.au/biip-188
• DHA: Business Innovation and Investment (Permanent) visa (subclass 888) — immi.homeaffairs.gov.au/biip-888

The two-stage structure

The standard pathway is:

1. Apply for and be granted the subclass 188 (provisional) — this requires state or territory nomination (for most streams), satisfying the relevant stream's financial and business/investment thresholds, and meeting points requirements
2. Conduct the required business, investment, or entrepreneurial activity in Australia for the required period
3. Apply for the subclass 888 (permanent) — demonstrating that the activities required under the 188 stream have been conducted

The 188 and 888 are both stream-based — the stream chosen at the 188 stage determines the requirements for the 888.

The streams

Business Innovation stream (188 and 888)

For persons who own or manage a business in Australia. Applicants must demonstrate a business track record (turnover, business assets, ownership stake) in their country of origin. On the 188 Business Innovation visa, the holder must establish and actively manage a new or existing business in Australia. For current turnover and asset thresholds, refer to the DHA Business Innovation stream page.

Investor stream (188 and 888)

For persons who invest a designated amount in state or territory government bonds. The minimum investment threshold is AUD $1.5 million in a designated investment — refer to the DHA Investor stream page for current requirements and designated investment types.

Significant Investor stream (188 and 888)

For high-net-worth individuals who invest at least AUD $5 million in complying significant investments. The complying investment framework specifies how the $5 million must be allocated — including requirements to hold certain proportions in venture capital and private equity, emerging companies, and other eligible managed funds. For the current complying investment framework, refer to the DHA Significant Investor stream page.

Entrepreneur stream (188 and 888)

For persons who have a funding agreement from an eligible venture capital firm, an entrepreneur programme facilitator, or a Commonwealth or state/territory government agency, to undertake an entrepreneurial activity in Australia. For current funding agreement requirements, refer to the DHA Entrepreneur stream page.

Extension streams

Both the Business Innovation Extension stream and the Significant Investor Extension stream allow holders of the relevant 188 stream to extend their provisional visa if they have not yet met the requirements to apply for the 888.

State and territory nomination

Most streams of the subclass 188 require the applicant to be nominated by an Australian state or territory government. Each state and territory has its own business migration program with its own criteria, thresholds, and priority sectors. Nomination is not guaranteed — states and territories assess applications against their own requirements. For information on state and territory nomination, refer to the relevant state/territory government business migration portal. An overview is available at the DHA 188 page.

Points test for Business Innovation stream

The Business Innovation stream uses a points test. Applicants must score enough points on the Business Innovation and Investment points table, which awards points for business and investment experience, net business assets, turnover, age, and English language ability. For the current points table, refer to the DHA points table page.

The Business Innovation and Investment program targets a very specific applicant profile — established business owners and high-net-worth investors rather than skilled workers. Investment thresholds and complying investment frameworks have been revised periodically. For current financial thresholds, points requirements, state nomination procedures, and visa application charges, refer to the DHA subclass 188 page and the relevant state/territory government business migration portal.