For example, a Penang manufacturer who has run his business for over twenty years planned to apply for a subclass 188 business visa but kept postponing for family reasons. Now that his children are heading to university in Melbourne, he finds the 188 is no longer open to new applicants. What realistic options remain for business owners and investors like him?
What changed when the 188 and 132 closed?
The Business Innovation and Investment Program (BIIP) closed to new applications on31 July 2024, affecting the subclass 188 provisional streams (Business Innovation, Investor, Significant Investor and Entrepreneur) and the subclass 132 Business Talent visa. There is no direct replacement that grants a visa in exchange for a set investment. However,the subclass 888 permanent visa remains opento eligible existing 188 holders.
Option 1: the National Innovation visa (subclass 858)
The National Innovation visa is permanent, explicitly targets entrepreneurs and innovative investors, and has no fixed investment threshold. But it requires an internationally recognised record of exceptional and outstanding achievement and works by Expression of Interest and invitation, so it is competitive. A solid traditional business will not necessarily meet the standard; it is worth serious assessment where there is innovation, international reach and verifiable outcomes. State nomination can lift an EOI's priority but usually requires prior engagement with a state government department.
Option 2: establish or acquire an Australian business and use employer sponsorship
The Skills in Demand visa (subclass 482) replaced the TSS visa on 7 December 2024 and has Specialist Skills, Core Skills and Labour Agreement streams. After working for a sponsoring employer for the required period, holders may apply for permanent residence through the Employer Nomination Scheme (subclass 186). Income thresholds are indexed, so check the Department's current figures.
Many owners consider having their own Australian company sponsor them as an owner-employee. This can work, but the Department closely examines whether theposition is genuine: whether the business needs the role, whether it fits the size and nature of the business, or whether it was created mainly to obtain a visa. Scrutiny is usually greater where the nominee is a shareholder, director or relative of the owners. In practice:
- the business must be lawfully established and actively operating, and first approved as a Standard Business Sponsor;
- the role must match the occupation classification and the business's real operations, with market salary actually paid;
- Labour Market Testing must be done unless an exemption applies;
- acquiring a business with a trading history is often easier to justify than a newly created shell company;
- the nominee must meet work experience, English and occupation list requirements.
Are there still state options?
States no longer take new 188 nominations but still nominate eligible existing 188 holders for the 888. Victoria, New South Wales, Tasmania and other states offer nomination pathways for the National Innovation visa. State-nominated skilled visas (subclasses 190 and 491) are designed mainly for skilled occupations and generally do not suit business owners.
Existing 188 holders: moving to the 888
888 requirements depend on the stream and when you were nominated. In Victoria, for example, some Business Innovation cohorts must have lived in Victoria at least 46 weeks a year for the two years before applying, and must meet employment or turnover requirements in Victoria. The state advises that 888 nomination applications can be lodged up to three months before the 188 expires, and warns against leaving it to the last day or two. If your visa is nearing expiry and requirements are not met, assess options such as extension early.
Buying property and tax residency
According to the Australian Taxation Office (ATO), from 1 April 2025 to 30 June 2029 foreign persons, including temporary visa holders, are banned from buying established dwellings, with limited exceptions; new dwellings and vacant land generally require prior approval and a fee. For tax, temporary visa holders are usually temporary residents and need not declare most foreign income, but this can change once you become a permanent resident. Speak to an accountant before you arrive or transition to permanent residence.
Planning checklist
- Could my record meet the 858 exceptional achievement standard?
- If using sponsorship, can my Australian business show a genuine need for the role?
- Acquire an existing business or start new, and what evidence does each need?
- Already on a 188: am I on track for my 888 requirements and deadlines?
- Do my property plans comply with current foreign investment rules?
- Have I spoken to an accountant about tax residency and offshore assets?
Frequently asked questions
Will the 188 reopen?
There is currently no official indication that it will. Policy can change, so check the Department's latest announcements.
Can my own company sponsor me?
It can be considered, but the Department closely tests whether the role is genuine and needed. The business must be operating, the role must fit it, and market salary must be paid.
How much must I invest for the 858?
There is no fixed investment threshold; the key is an internationally recognised record of exceptional achievement and value to Australia.
Can I buy an established home to live in while on a 188?
According to the ATO, from 1 April 2025 to 30 June 2029 temporary visa holders generally cannot buy established dwellings, with limited exceptions. Check current rules before buying.
My 188 is expiring and I don't meet the 888 criteria. What now?
Get advice early to assess extension streams or other visa options before your status lapses.
Chua Tan Associates has practised in Melbourne since 1990. Our team includes two Law Institute of Victoria Accredited Specialists in Immigration Law, and we work in Mandarin, Cantonese and English. You can meet us in person at our Melbourne CBD office or by video from overseas. If you are a business owner or investor comparing pathways to Australia, call 03 9602 3988 or contact us online for an initial assessment.
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This article is general information only and is not legal advice.
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