Last reviewed: October 2026.
For more than a decade, the Business Innovation and Investment Program — the subclass 188 provisional visa leading to the 888 permanent visa — was the standard route for business owners and investors from Singapore, Malaysia and Indonesia. It is now closed to new applicants. Many families are still being told by agents overseas that an investment or property purchase will secure residency. It will not.
There is still a path for most business families. It is simply different, and choosing the right one needs careful advice.
What closed, and what remains
The Business Innovation and Investment Program (188) closed to new applicants on 31 July 2024, including the investor and significant investor streams.
The related business owner and investor permanent visas (subclasses 890, 891, 892 and 893) closed to new applications on 22 March 2025.
Existing 188 holders can still apply for the 888 permanent visa if they meet their stream’s requirements. If you hold a 188, protect your eligibility and keep records of your business or investment activity.
Australia has no “golden visa”. Buying property does not give any visa rights.
The main pathways now
1. National Innovation Visa (subclass 858). A permanent visa for people with an internationally recognised record of exceptional achievement, including in business and entrepreneurship. It is invitation-only: you lodge an expression of interest, Home Affairs ranks it by priority group, and you need a nominator of national standing in Australia. It suits founders and leaders with a genuine track record. It is not an investment visa, and many expressions of interest are not invited.
2. Transferring into your own Australian business. If your group sets up or acquires an Australian company, that company can sponsor key staff — potentially including family members — under the Skills in Demand (subclass 482) visa, with later pathways to permanent residence. Intra-corporate transfers from a Singapore, Malaysian or Indonesian parent company may be exempt from labour market testing under trade agreements. Sponsoring an owner or relative requires the role to be genuine and the business to be operating. See our guide on transferring executives to Australia.
3. Skilled migration. Points-tested visas (subclasses 189, 190 and 491) suit younger family members with qualifications and experience in occupations Australia needs. State nomination can open regional pathways.
4. Family and study pathways. Partner and parent visas, and student visas leading to graduate work rights, are often the realistic route for the next generation, with the family’s business interests following.
Choosing the right strategy
The right pathway depends on the age, qualifications, achievements and English of each family member, and on how the family’s business will actually operate in Australia. A common and effective plan is to establish a genuine Australian business, transfer a key family member in to run it, and build the case for permanent residence from there. Done well, this also positions the family’s Australian assets for the succession issues in our guide on family business succession.
The firm has two Accredited Specialists in Immigration Law. We handle complex business and employer-sponsored applications, refusals and tribunal reviews, and work in English, Mandarin and Cantonese.
Frequently asked questions
Can I still apply for the 188 investor visa? No. It closed to new applicants on 31 July 2024. Existing 188 holders can still apply for the 888.
Can I get Australian residency by buying property or investing? No. There is currently no investment-based visa open to new applicants.
Is the National Innovation Visa suitable for business owners? For some. It requires an internationally recognised record of exceptional achievement, not just a successful business. An honest assessment before lodging an expression of interest saves time and money.
My family owns a company in Malaysia. Can we move a family member to Australia through it? Possibly, if the group establishes a genuine Australian operation that can sponsor the role. Advice is needed on structure and timing.
Contact us. Book an initial consultation with our immigration team for an assessment of your family’s options.
Related reading: Transferring executives to an Australian subsidiary (read the guide); FIRB approval guide (read the guide).
This article is general information only and is not immigration advice. Visa rules change frequently; information is as at October 2026.
Sources: Widen — business migration options after the BIIP closure · Migration Tasmania — National Innovation Visa · Wise — Australian business visa closures
Justin Chua (蔡智勋), lawyer and mediator, Chua Tan Associates, Melbourne. General information only, not legal advice.
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