Subclass 188 Business Innovation & Investment Visa: Complete Guide (2026)
Published 2026-02-14
Key Facts — Subclass 188 at a Glance
Visa type: Provisional (up to 5 years with pathway to permanent residency via Subclass 888). Application cost (2025–26): $6,240 (main applicant) for most streams; $9,455 for Significant Investor stream. Processing time: 12–30 months depending on stream. Requires state or territory nomination. Multiple streams available for business owners, investors, and entrepreneurs. Minimum investment ranges from $200,000 to $5 million depending on stream. Points test applies to Business Innovation and Investor streams (minimum 65 points on business points test). Age limit varies by stream: under 55 for most, no limit for Significant Investor and Premium Investor.
What is the Subclass 188 Visa?
The Subclass 188 Business Innovation and Investment (Provisional) visa is designed for experienced business people, investors, and entrepreneurs who want to establish or manage a business or investment activity in Australia. It is a provisional visa that leads to permanent residency through the Subclass 888 visa once you meet the business or investment requirements during the provisional period. The 188 is not a typical skilled migration visa — it targets people with significant business experience, net assets, or investment capital. The program has been reformed several times, most recently in July 2024 when the Government streamlined it from five streams to fewer active streams. The Significant Investor stream has been particularly popular with high-net-worth individuals.
Business Innovation Stream
The Business Innovation stream is for experienced business owners who want to establish, develop, or manage a new or existing business in Australia. Key requirements include: age under 55 (unless state waives this), score at least 65 points on the business points test (which assesses age, English, qualifications, business experience, personal and business assets, and turnover), have owned and managed a business with annual turnover of at least $750,000 for 2 of the last 4 years, have net business and personal assets of at least $1.25 million, and receive state or territory nomination. During the provisional period, you must actively manage a business in Australia. After meeting business activity benchmarks for 2 years, you can apply for the 888 permanent visa. This stream suits established business owners looking to expand into Australia or start a new venture.
Investor Stream
The Investor stream requires you to invest at least $2.5 million in an Australian state or territory government bond (a designated investment) for a minimum of 4 years. Key requirements include: age under 55 (unless state waives this), score at least 65 points on the business points test, have at least 3 years of direct investment or business management experience, have net assets of at least $2.5 million, and receive state or territory nomination. The investment is relatively low-risk since it is in government bonds, though returns are modest. After maintaining the investment for 4 years, you can apply for the 888 permanent visa. This stream is suited to people with significant assets who prefer a lower-risk, more passive pathway.
Significant Investor Stream (SIV)
The Significant Investor stream (SIV) is the most popular stream for high-net-worth applicants. It requires a complying investment of at least $5 million into a complying investment framework for at least 4 years. The $5 million must be invested in a specific mix: at least $500,000 in eligible Australian venture capital or growth private equity funds, at least $1.5 million in eligible managed funds that invest in emerging companies listed on the ASX, and a balancing investment of up to $3 million in managed funds investing in a range of eligible assets (including ASX-listed companies, eligible corporate bonds, real property, and annuities). No points test or age limit applies to the SIV. English is not required. You must receive state nomination and demonstrate that the funds are lawfully acquired and unencumbered. The higher application fee ($9,455) reflects the premium nature of this stream. After 4 years, you can apply for the 888 permanent visa.
State and Territory Nomination
All 188 streams require nomination by an Australian state or territory government. Each state runs its own nomination program with specific requirements and priorities. States are looking for business people who will contribute to their economy, create jobs, and invest in their region. Some states have additional requirements beyond the federal criteria — for example, minimum investment amounts may be higher, or they may prioritise certain industries. To apply for state nomination, you typically submit a separate application to the state with your business plan, financial evidence, and explanation of how your business or investment will benefit their economy. Popular states for business migration include NSW, Victoria, Queensland, and South Australia. Processing times for state nomination vary from 2–12 weeks. Some states have limited places and may close their programs once filled.
The Business Points Test
The Business Innovation and Investor streams use a separate business points test (not the same as the skilled migration points test). You need at least 65 points from: Age (up to 30 points — highest for 25–32), English ability (up to 10 points), Qualifications (up to 10 points), Business or investment experience (up to 15 points), Personal and business net assets (up to 15 points), Business turnover (up to 15 points), Innovation and business improvement (up to 15 points — patents, trademarks, joint ventures, export trade), and State nomination (10 points). Most applicants reach 65 points through a combination of business experience, assets, and turnover. The Significant Investor stream and Premium Investor stream do not require the points test.
Pathway to Permanent Residency via Subclass 888
The 188 visa is provisional. To obtain permanent residency, you must apply for the Subclass 888 Business Innovation and Investment (Permanent) visa after meeting the requirements of your stream during the provisional period. For Business Innovation: operate a business in Australia for at least 2 years with specified turnover, asset, and employment benchmarks. For Investor: maintain your $2.5 million designated investment for 4 years. For Significant Investor: maintain your $5 million complying investment for 4 years and demonstrate some business or investment involvement in Australia. The 888 application fee is $2,590 (main applicant). Processing times for the 888 are typically 12–24 months. Once granted, you have full permanent residency with no business conditions.
Costs Summary
Total costs for the 188 visa pathway are significant. Visa application fee: $6,240 (most streams) or $9,455 (SIV). Additional applicants: $3,120 each (18+), $1,565 each (under 18), or $4,730/$2,370 for SIV. State nomination fee: varies by state ($500–$1,500). Business plan preparation: $2,000–$10,000 depending on complexity. Accounting and asset valuation: $2,000–$5,000. Migration agent fees: $8,000–$20,000 (reflecting the complexity of business migration). Plus the investment itself: $200,000–$5 million depending on stream. Medical and police checks: $500–$1,500 for a family. 888 permanent visa fee (later): $2,590. This is not a budget migration pathway — it is designed for business people with substantial resources.
When to Use a Migration Agent
The 188 visa is one of the most complex Australian visas. The interaction between federal requirements, state nomination criteria, business planning, and investment compliance makes professional guidance essential for most applicants. A good migration agent will help you choose the right stream, identify the best state for nomination, prepare your business plan, navigate the points test, and plan the pathway to the 888. Many applicants also engage accountants and business advisors alongside their migration agent. Look for agents with specific business migration experience — this is a specialist area. Search our directory at /migration-agents and verify MARA registration at /tools/mara-check.
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