Subclass 188 – Business Innovation and Investment (Provisional) Visa

This visa is designed for individuals who wish to own and manage a business, conduct investment activity, or undertake entrepreneurial ventures in Australia.

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Basic Eligibility

To apply, you must:

• Submit an Expression of Interest (EOI) through SkillSelect.

• Be nominated by a State or Territory government agency or Austrade.

• Receive an invitation to apply for the visa.

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Important Notice: Program Closure

The Business Innovation and Investment Program (BIIP) officially closed on 31 July 2024.
Applications lodged before this date will continue to be processed.

If you withdrew your application on or after 31 July 2024, you may be eligible for a refund of the Visa Application Charge (VAC) for the Business Innovation, Investor, Significant Investor or Entrepreneur streams.
Visit the Department of Home Affairs website for details on BIIP closure and refunds.

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Available Streams Under Subclass 188

1. Business Innovation Stream

For individuals with business skills who want to operate a new or existing business in Australia.

• Stay Period: Up to 5 years

• Cost: From AUD 9,710

• Requirements:

  • Must manage a business in Australia.

  • Must be nominated by a State or Territory government agency.

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2. Investor Stream

For those who are willing to invest at least AUD 2.5 million in Australian investments and maintain business or investment activity.

• Stay Period: Up to 5 years

• Cost: From AUD 9,710

• Requirements:

  • Invest a minimum of AUD 2.5 million (previous threshold AUD 1.5 million may still apply for earlier applications).

  • Must be nominated by a State or Territory government agency.

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3. Significant Investor Stream

For applicants who invest at least AUD 5 million in complying significant investments.

• Stay Period: Up to 5 years

• Cost: From AUD 14,240

• Requirements:

  • Minimum AUD 5 million investment in complying Australian assets.

  • Nomination required from a State or Territory government agency or Austrade.

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4. Business Innovation Extension Stream

For existing holders of the 188 visa in the Business Innovation stream to extend their stay.

• Stay Period: Total stay can be extended up to 6, 7, or 8 years from the original visa grant date.

• Cost: From AUD 1,170

• Requirements:

  • Must currently hold a Subclass 188 visa (Business Innovation stream).

  • Held the visa for at least 3 years.

  • Only one extension visa can be granted.

  • Nomination from a State or Territory government agency required.

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5. Significant Investor Extension Stream

Allows Significant Investor stream visa holders to extend their stay for up to 4 additional years.

• Stay Period: Up to 8 years total from the original grant date

• Cost: From AUD 1,170

• Requirements:

  • Must have held a Subclass 188 Significant Investor stream visa for at least 3 years.

  • Only one Significant Investor Extension visa may be granted.

  • Nomination required from a State or Territory government agency or Austrade.

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6. Premium Investor Stream

Designed for individuals nominated by Austrade who are prepared to invest at least AUD 15 million in Australian investments or philanthropy.

• Stay Period: 4 years and 3 months

• Cost: From AUD 9,455

• Requirements:

  • Investment of AUD 15 million in eligible Australian investments or philanthropic contributions.

  • Must be nominated by Austrade.

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7. Entrepreneur Stream

Tailored for startup and early-stage entrepreneurs who have State or Territory endorsement to develop their innovative ideas.

• Stay Period: Up to 5 years

• Cost: From AUD 6,570

• Requirements:

  • Must have a funding agreement with a third party.

  • Must be nominated by a State or Territory government agency.

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Processing Times

Processing times vary and are dependent on individual circumstances. For an estimate, please refer to the visa processing time guide tool on the Department of Home Affairs website.