The Business Innovation and Investment visa (Subclass 188) is a provisional visa designed for business owners, investors and entrepreneurs who want to own and manage a business in Australia, conduct business and investment activity, or undertake entrepreneurial ventures.
This visa is part of Australia's Business Innovation and Investment Program (BIIP) and includes multiple streams tailored to different types of business and investment experience. Applicants must be nominated by an Australian state or territory government and meet specific financial and business criteria.
The Subclass 188 is a provisional visa valid for up to five years. Holders who meet the required benchmarks during the provisional period may be eligible to transition to the permanent Business Innovation and Investment visa (Subclass 888).
Who is this permit for?
This visa is for experienced business owners and investors who can show they've successfully managed or owned a business and want to continue doing that in Australia. The right stream depends on your business background and how much you're able to invest.
You have a successful business career with demonstrable ownership or management experience
You meet the financial thresholds for your chosen stream (business turnover, net assets or investment amounts)
You are under 55 years of age (unless a state or territory grants an exemption)
You have been nominated by an Australian state or territory government
You score a minimum of 65 points on the business innovation and investment points test (applicable to the Business Innovation stream)
You have a genuine intention to own and manage a business or maintain a qualifying investment in Australia
You meet health and character requirements
Common reasons for rejection
Financial thresholds not met: Each stream has strict financial requirements. The Business Innovation stream requires a minimum business turnover of AUD 750,000 and net assets of at least AUD 1,250,000. The Investor stream requires a designated investment of AUD 2,500,000. Falling short of these thresholds, even marginally, will result in refusal.
Business ownership not sufficiently demonstrated: Applicants must prove genuine ownership and active management of a business, not merely employment in a business. Minority shareholdings, passive investments or businesses owned by family members where the applicant had no active management role will not satisfy this requirement.
State or territory nomination refused: Nomination is mandatory and each state has its own criteria, priority sectors and application processes. Applying to a state whose economic priorities do not align with your business profile, or failing to demonstrate genuine intent to operate in that state, frequently results in nomination refusal.
Provisional benchmarks not met (affects 888 pathway): This is a downstream risk rather than an initial refusal ground, but it is critical. Holders who do not operate a qualifying business, maintain investments, or meet employment and turnover benchmarks during the provisional period will be refused the permanent Subclass 888 visa.
Age limit exceeded: Most streams require applicants to be under 55 at the time of invitation. Unless a state or territory grants an age waiver on the basis of exceptional economic benefit, exceeding this age limit is a direct refusal ground.
Health or character requirements not met: All applicants and included family members must satisfy Australia's health and character requirements. Undisclosed criminal history, incomplete police clearances or significant health conditions are common grounds for refusal.
Application process
1. Initial Assessment and Stream Selection
We review your business history, net assets, turnover and investment portfolio to determine which stream of the Subclass 188 is most suitable for your circumstances.
2. State or Territory Nomination
A nomination application is submitted to the relevant Australian state or territory government. Each state has its own criteria and priority sectors, and nomination approval is required before the visa application can proceed.
3. Expression of Interest (EOI)
An EOI is submitted through SkillSelect outlining your business and financial profile. Once nominated, you will receive an invitation to apply for the visa.
4. Visa Application Preparation
We compile and prepare the full application including business ownership records, financial statements, tax returns, asset valuations and evidence of business activity.
5. Visa Application Lodgement
The complete application is submitted with all supporting documentation, including identity documents, police clearances and health examinations.
6. Processing and Decision
The Department of Home Affairs assesses your application. Additional information or interviews may be requested. Once approved, your provisional visa is granted.
7. Provisional Period and Pathway to Permanent Residency
During the provisional period, you must meet the requirements of your stream (such as operating a business or maintaining investments). Once benchmarks are met, you may apply for the permanent Subclass 888 visa.
Key considerations
The Subclass 188 has several streams, each with distinct eligibility criteria. The most common are the Business Innovation stream, the Investor stream and the Significant Investor stream.
The Business Innovation stream requires a minimum business turnover of AUD 750,000 and net business and personal assets of at least AUD 1,250,000.
The Investor stream requires a designated investment of at least AUD 2,500,000 in an Australian state or territory government bond for a minimum of four years.
The Significant Investor stream requires a complying investment of at least AUD 5,000,000 in approved investment categories, with no points test or age limit.
State or territory nomination is mandatory. Each jurisdiction has its own nomination criteria and may prioritise applicants who intend to establish businesses in specific sectors or regions.
Provisional visa holders must comply with the conditions of their stream during the provisional period to remain eligible for permanent residency.
Business plans, financial records and investment documentation must be thoroughly prepared and verifiable.
Changes to program rules, financial thresholds and complying investment requirements can occur. It is important to confirm current requirements at the time of application.
Costs
The cost of a Subclass 188 application varies by stream and depends on the complexity of the business or investment structures involved. Government fees differ between streams.
Government Visa Fee (Primary, Business Innovation): AUD 6,085+
Government Visa Fee (Primary, Significant Investor): AUD 9,455+
State/Territory Nomination Fee: Varies by state
Business Valuations and Audits: AUD 2,000 - 10,000+
Health Examinations: AUD 300 - 600 per person
Police Clearances: AUD 50 - 200 per country
Professional Service Fees: Contact for quote
Exact costs depend on the stream selected, individual circumstances, family composition and complexity of business or investment structures. Government fees are subject to change.
Processing timeframes
Timeframes vary depending on the stream, the complexity of the business or investment documentation and the state or territory nomination process.
State/Territory Nomination: 4 - 12 weeks
EOI to Invitation: 2 - 8 weeks (after nomination)
Visa Application to Decision: 12 - 24 months
Provisional Period: Up to 5 years
Total to Provisional Visa Grant: 6 - 18 months
Job offer requirements
A job offer from an Australian employer is not required for the Subclass 188 visa. This visa is designed for applicants who will own and manage their own business or make qualifying investments in Australia.
Applicants in the Business Innovation stream are expected to establish or acquire a business in Australia and take an active role in its day-to-day management.
New World Immigration can assist with business establishment planning, introductions to relevant professional networks and guidance on meeting the business benchmarks required during the provisional period.
How to apply — step by step
1. Identify the most suitable stream
Review the Business Innovation stream (for business owners), the Investor stream (AUD 2.5M government bond investment) and the Significant Investor stream (AUD 5M complying investment). Each has different financial thresholds, points requirements and obligations during the provisional period.
2. Compile your business and financial documentation
Gather audited financial statements, tax returns for the past four years, business ownership evidence, asset valuations and evidence of business turnover. All documentation must be independently verifiable. This is the most documentation-heavy stage of the process.
3. Apply for state or territory nomination
Submit a nomination application to the Australian state or territory whose economic priorities best match your business profile. Research each state's requirements carefully, many prioritise specific sectors or regional investment.
4. Submit an Expression of Interest (EOI)
Lodge an EOI through SkillSelect with your business and financial profile. Once nominated by a state or territory, you will receive an invitation to apply for the visa.
5. Complete health examinations and police clearances
Arrange health examinations with an approved panel physician and obtain police clearances from all countries where you have lived for 12 months or more in the past 10 years.
6. Lodge the visa application
Submit the complete application through ImmiAccount with all business documentation, financial evidence, nomination confirmation, identity documents and health and character results.
7. Meet provisional period benchmarks
Once the provisional visa is granted, you must actively operate your business or maintain qualifying investments in the nominating state. Keep thorough records of business activity, turnover, employment and financials, you will need these for the Subclass 888 permanent visa application.
Quick tips
State nomination is the most common bottleneck. Research each state's requirements thoroughly before applying, some publish their selection criteria publicly, others do not.
Financial documentation must be independently audited or certified. Self-prepared accounts carry little weight and may trigger additional scrutiny.
The Significant Investor stream (AUD 5M) has no age limit and no points test, if you qualify financially, it is often the most streamlined pathway.
Moving to a different state after visa grant requires a new nomination. Factor your intended location into the initial state selection decision.
Begin planning for the Subclass 888 from day one of the provisional period. Record-keeping, business registration, payroll and turnover evidence must be maintained throughout.
Business plans must be detailed, credible and based on realistic market analysis for the Australian context. Generic or overly optimistic plans are a common reason for nomination refusal.
Currency and asset valuations must be converted to AUD at an approved exchange rate and verified at the time of application, not at the time of EOI submission.
Documents needed
Valid passport for all applicants
State or territory nomination confirmation
Audited financial statements for the past 4 years
Tax returns and tax assessments for the past 4 years
Business ownership evidence (share register, ASIC records or equivalent)
Asset valuations and bank statements evidencing net assets
Business activity evidence (contracts, invoices, staff records)
Business plan for the proposed Australian business
Police clearances from every country of residence (12+ months in past 10 years)
Health examination results from an approved panel physician
Birth certificates for all applicants
Marriage certificate or de facto relationship evidence (if applicable)
English language test results (if claiming English language points)
Frequently asked questions
What are the main streams of the Subclass 188?
The main streams are the Business Innovation stream (for business owners), the Investor stream (for those making a designated investment in government bonds) and the Significant Investor stream (for high-value investors making complying investments of AUD 5 million or more). There are additional streams for entrepreneurs and premium investors, though these are less commonly used.
Is there a points test for all streams?
No. The points test applies to the Business Innovation stream and the Investor stream. The Significant Investor stream and Entrepreneur stream do not require a points test. Points are assessed on factors such as age, English ability, qualifications, business experience and financial assets.
Do I need to live in a specific state or territory?
Yes. You must live and conduct your business or investment activity in the state or territory that nominated you. Relocating to a different state may require a new nomination.
Can I include my family in the application?
Yes. You can include your spouse or de facto partner and dependent children in your visa application. Additional visa fees apply for each secondary applicant.
What happens after the provisional period?
If you meet the benchmarks for your stream during the provisional period (such as business turnover, employment creation or maintaining qualifying investments), you may be eligible to apply for the permanent Business Innovation and Investment visa (Subclass 888).
Is there an age limit?
For most streams, you must be under 55 years of age at the time of invitation. However, a state or territory may grant an age exemption if your proposal is considered to provide exceptional economic benefit. The Significant Investor stream has no age requirement.
Can I buy an existing business in Australia?
Yes. Under the Business Innovation stream, you may acquire an existing business or establish a new one. The business must meet the relevant turnover and ownership benchmarks during the provisional period.
What is a complying investment for the Significant Investor stream?
Complying investments must be allocated across prescribed categories, including Australian venture capital and private equity funds, eligible managed funds and a balancing investment. Residential property and direct investment in residential real estate are not qualifying investments.
Get expert help
If you are a business owner, investor or entrepreneur considering establishing a business or investment presence in Australia, the Subclass 188 may provide a structured pathway.
Our team can assess your business and financial profile, recommend the most appropriate stream and guide you through the nomination and application process from start to finish.