Australia's Business Innovation and Investment Program (BIIP), including the Business Innovation and Investment (Provisional) visa (subclass 188) and the Business Talent visa (subclass 132), permanently closed to new applications on 31 July 2024. People who want to move to Australia to start a business, invest or run a business now need to find a suitable pathway in other visa categories, mainly the National Innovation visa (subclass 858) introduced in December 2024, employer-sponsored visas and state-nominated skilled visas. Those who already hold a 188 visa can still apply for a permanent 888 visa under the existing rules.
Legal framework
Australia's visa system is governed by the Migration Act 1958 (Cth) and the Migration Regulations 1994 (Cth). Eligibility, invitation processes and processing priorities for each visa are also shaped by Ministerial Directions and Home Affairs policy. Business and investor visas have more complex criteria than most and have changed often in recent years, so check the current law before applying.
Since the BIIP closed
Applications already lodged and current 188 visa holders
Home Affairs will continue to process 188 and 132 applications lodged before 31 July 2024, subject to annual Migration Program planning levels and processing priorities for skilled visas. People granted a 188 visa can apply for the Business Innovation and Investment (Permanent) visa (subclass 888) once they meet the residence, business or investment requirements of their stream and obtain state or territory nomination. An 888 application needs substantial evidence of business activity, assets and residence, so allow plenty of time to prepare before the 188 visa expires.
National Innovation visa (subclass 858)
The National Innovation visa was introduced in December 2024, replacing the Global Talent visa program. It is a permanent visa for people with an internationally recognised record of exceptional and outstanding achievement in their field, including entrepreneurs, investors, researchers and high achievers in areas such as the arts and sport. Applicants must first lodge an Expression of Interest and be invited by Home Affairs before applying, and need a nominator: an Australian individual or organisation with a national reputation in the same field. There is no investment requirement, and the bar is considerably higher than under the old BIIP.
Other pathways to consider
Using your own business to sponsor yourself or family members needs close attention to sponsor obligations, market salary rates and whether the position is genuine. Home Affairs looks closely at these arrangements.
Common misconceptions
- Relying on out-of-date information and assuming the 188 or 132 visas are still open.
- Treating the 858 visa as a substitute for investor migration and overlooking its high bar for personal achievement and international recognition.
- Incomplete explanations of the source of funds, or evidence of overseas assets and income that doesn't match what was declared.
- 188 visa holders not meeting the 888 visa business or residence requirements in time.
- In business sponsorship arrangements, the business's operations or the genuineness of the position not standing up to scrutiny.
Documents you will usually need
- identity and family documents, including passports and birth and marriage certificates, with accredited translations of anything not in English;
- business ownership and trading records, financial statements and tax documents;
- evidence of personal and family assets, and of the lawful source of funds;
- for an 858 visa, evidence of internationally recognised achievement, such as awards, patents, publications, media coverage, major accomplishments and references;
- police certificates and health examination results.
How we help
Two of our lawyers are Accredited Specialists in Immigration Law (Law Institute of Victoria). We can assess your background and your business, explain which visa pathways are currently open to you, help prepare an 888 visa application, and advise on the commercial and compliance issues in business sponsorship arrangements. If cross-border assets, a family business or estate planning are also involved, we can help with those too. For more information, see Australian immigration law services.
Frequently asked questions
Can I still apply for the Australian 188 Business Innovation and Investment visa?
No. The Business Innovation and Investment Program (BIIP) has closed and no longer accepts new 188 or 132 visa applications. Home Affairs will continue to process applications lodged before 31 July 2024, subject to annual Migration Program planning. Current 188 visa holders still need to meet the business or residence requirements for an 888 visa.
With investor migration closed, what options do business owners and investors have?
The main options are the National Innovation visa (subclass 858), the Skills in Demand visa (subclass 482), the Employer Nomination Scheme (subclass 186), and the state-nominated (subclass 190) and regional (subclass 491) skilled visas. The right pathway depends on your achievements, skills assessment, business and family circumstances, so start with an overall assessment.
Can the 858 National Innovation visa replace investor migration?
Not really. The 858 visa was introduced in December 2024 to replace the Global Talent visa program. It focuses on the applicant's personal achievements and international recognition, not the amount invested. Applicants usually need evidence such as awards, patents, publications, media coverage, major accomplishments and references, and the bar is high.
Can my own Australian company sponsor me?
It is possible, but Home Affairs looks closely at these arrangements. If your own business sponsors you or a family member, pay close attention to sponsor obligations, market salary rates and whether the position is genuine, and the business's actual operations must stand up to scrutiny. Before setting up or buying a business, check whether the business and the position can meet the sponsorship requirements.
Chua Tan Associates has practised in Melbourne since 1990, acting for clients in Australia and overseas in English, Mandarin and Cantonese. For a confidential consultation, call +61 3 9602 3988 or email chuatan@tpg.com.au. This article is general information only and is not legal advice.
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