October 5, 2024
Australian Business Visas have long supported entrepreneurs, investors, and business owners in establishing and expanding their ventures in Australia. With the closure of Subclass 188 on 31 July 2024, business migration now follows a different route. Applicants who submitted their Subclass 188 visa before the deadline will still be processed, but those seeking new opportunities must explore alternative pathways.
The National Innovation Visa (Subclass 858) has emerged as the primary option for business migration. Unlike Subclass 188, it prioritizes exceptional talent, industry impact, and innovation over financial investment. This shift reflects Australia’s focus on attracting high-caliber entrepreneurs and investors who can drive economic progress.
The Business Innovation and Investment Program (BIIP) closed on 31 July 2024, but applications submitted before this date will still be processed. If you applied under the Business Innovation, Investor, Significant Investor, or Entrepreneur streams and withdrew your application on or after the date of closure, you may be eligible for a refund of the visa application charge (VAC).
The Australian Business Visa (Subclass 188), part of the Business Innovation and Investment Program (BIIP), was a provisional visa designed for business owners, investors, and entrepreneurs seeking to establish or expand businesses in Australia. This visa enabled foreign entrepreneurs to own and manage businesses, make qualifying investments, or engage in innovative business activities, contributing to the Australian economy.
The Business Visa (Subclass 188) allowed individuals with business expertise and investment capital to operate in Australia temporarily, with the potential to obtain permanent residency through Subclass 888. It provided a structured pathway for skilled entrepreneurs and investors to settle in Australia and contribute to economic growth.
The Subclass 188 visa had multiple streams catering to different business profiles, which are explained in the table below
| Stream | Key Requirements | Investment Requirement | Stay | Cost (AUD) |
| Business Innovation Stream | Evidence of new or existing business ownership in Australia. | No specific investment amount, but must meet asset requirements. | Up to 5 years | 9,710 |
| Investor Stream | Invest AUD1.5 million in an Australian State or Territory. | At least AUD2.5 million. | Up to 5 years | 9,710 |
| Significant Investor Stream | Invest at least AUD5 million in complying with significant investments in Australia | At least AUD5 million. | Up to 5 years | 14,240 |
| Business Innovation Extension Stream | Must have a business innovation stream visa for at least 3 years. | As specified in Business Innovation Stream. No additional investment required. | Up to 6, 7 or 8 years | 1,170 |
| Significant Investor Extension Stream | – Must have a significant investor stream visa for at least 3 years. – Should not have more than one subclass 188 visa. | As specified in Significant Investor Stream. No additional investment required. | Extend stay for up to 4 years | 1,170 |
| Premium Investor Stream | – Invest AUD15 million in Australian investments and/or philanthropic contributions. – Must be nominated by Austrade. | At least AUD15 million. | 4 years and 3 months | 9,455 |
| Entrepreneur Stream | Funding agreement with a third party to carry out entrepreneurial activities. | Must have a funding agreement with a third party to carry out entrepreneurial activities. | Up to 5 years | 6,570 |
Note: All 188 visas required the applicant to be nominated by an Australian State or Territory government agency or Austrade.
As of 31 July 2024, the Australian Business Visa (Subclass 188) program has officially closed to new applications. The Australian Government ceased accepting new applications for this visa as part of its broader migration reform strategy. Instead, it has shifted its focus to attracting high-caliber entrepreneurs and investors through alternative visa pathways, such as the National Innovation Visa (Subclass 858) and the Global Talent Visa (Subclass 858 – GTI), which prioritize innovation, investment, and economic impact.
If you applied for the Subclass 188 visa before 31 July 2024, your application will still be processed under the previous rules. However, due to the program’s closure, applicants may experience delays as the Australian Government reassesses migration priorities and processing timelines.
The Department of Home Affairs has stated that existing applications will not be canceled, but processing times may vary depending on assessment backlogs and policy adjustments. Refunds are available for applicants of the Business Innovation, Investor, Significant Investor, or Entrepreneur streams who withdraw their applications on or after 31 July 2024. However, refunds are not applicable for extension streams.
Yes, Subclass 188 visa holders can still transition to the Subclass 888 permanent visa, provided they meet the eligibility criteria. To qualify, applicants must hold an active Subclass 188 visa, have met the business or investment requirements of their stream, and have complied with residency obligations.
Despite the closure of new applications, policy changes have not affected the transition process for existing visa holders. To ensure a smooth transition, applicants should maintain detailed records of their business activities, investments, and residency periods and apply for Subclass 888 before their Subclass 188 visa expires.
The National Innovation Visa (Subclass 858) is an alternative pathway for individuals with exceptional talent in entrepreneurship, innovation, and investment. Unlike the Subclass 188 visa, which required specific business investments, the NIV focuses on high-caliber individuals who have made significant contributions to their industry and can drive innovation in Australia. This visa offers a direct pathway to permanent residency, making it an attractive option for top-tier entrepreneurs and innovators.
Key Eligibility Criteria:
As of 2025, Subclass 188 applications submitted before 31 July 2024 are still being processed, but timelines may vary due to policy changes and administrative backlogs. Applicants should stay updated through the Department of Home Affairs for any processing delays or adjustments.
Subclass 188 holders can still transition to Subclass 888 (permanent residency) if they meet the required conditions, including maintaining business operations, fulfilling investment obligations, and meeting residency requirements. Keeping detailed records of financial performance and business activities will help ensure a smooth transition.
While Subclass 188 applications cannot be modified, applicants may withdraw and apply for alternative visas, such as the National Innovation Visa (Subclass 858) or Global Talent Visa, if they meet the eligibility criteria. Entrepreneurs and investors should carefully assess alternative pathways that align with their business and investment goals.
Since the Business Visa (Subclass 188) closed on 31 July 2024, new applicants must explore alternative pathways. Unlike Subclass 188, which required specific business investments and led to Subclass 888 (PR), the National Innovation Visa (Subclass 858) (NIV) is now the primary option for entrepreneurs and investors. It focuses on global talent and innovation rather than financial investment, offering a direct pathway to permanent residency based on achievements and contributions.
For those who haven’t applied for a business visa, several alternative pathways remain available, including
Each pathway has specific eligibility requirements, so it’s essential to assess which visa best aligns with your business experience, investment capacity, or professional expertise before proceeding with an application.
Former Subclass 188 applicants may qualify for the National Innovation Visa (NIV) (Subclass 858) if they can demonstrate exceptional contributions to business, investment, or innovation.
To strengthen an application, candidates should provide evidence of industry recognition, such as awards, patents, or leadership roles, and showcase their impact on economic growth, technological advancement, or business success. Strong financial records, endorsements from recognized industry bodies, and a clear track record of innovation can further improve eligibility.
Ensuring a well-documented application with measurable achievements will increase the chances of a successful transition to the NIV.
StudyCo specializes in business migration, providing expert guidance to Subclass 188 holders and new applicants seeking alternative pathways like the National Innovation Visa (NIV) (Subclass 858). With extensive experience in visa applications and business documentation, StudyCo ensures applicants meet eligibility criteria and submit strong, well-prepared applications.
How StudyCo Assists Applicants:
Expert support in preparing and submitting a successful NIV application.
Assistance in compiling proof of achievements, financial success, and industry recognition.
Helping eligible applicants transition smoothly to Subclass 888 or alternative visas.
Tailored advice for business owners exploring skilled migration or employer-sponsored visas
StudyCo offers free consultations to help applicants navigate the migration process confidently. Book a consultation today to explore your best pathway to Australian residency.
If you applied before 31 July 2024, your Subclass 188 application will still be processed under the existing rules. Processing times may vary due to policy changes and administrative backlogs.
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