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AustraliaInvestment and businessThe programme is closed

Business visa 188 (closed) in Australia

The Business Innovation and Investment visa is an Australian temporary visa for entrepreneurs, investors and business owners which opened a route to permanent residence through a separate visa for existing holders. The Department of Home Affairs has stopped accepting new applications under this programme: it now concerns only those who lodged their papers before the closure and holders of the visa moving to permanent status.

Source: Department of Home Affairs — Business Innovation and Investment visa (subclass 188)

Who can still obtain it

The department of home affairs closed new applications for this visa on 31 July 2024. What follows is who the programme still means something for.

An application is already lodged

  • Subclass 188 and 132 applications lodged before 31 July 2024 continue to be assessed by the department
  • Assessment follows the priorities of Ministerial Direction 114, which took effect on 12 February 2025

You already hold a subclass 188 visa

  • The holder of a provisional visa can apply for the permanent subclass 888 visa if they meet the conditions of their stream
  • For the Business Innovation stream certain holders of a subclass 444 visa or a subclass 457 visa also qualify

Business Innovation stream — the criteria, for reference

  • Invitations were not issued to applicants aged 55 and over — apart from a separate invitation from a state or territory
  • You had to score at least 65 points on the department's points system
  • The net assets of the business and the applicant's personal funds (or those of the applicant and partner together) — at least 800,000 Australian dollars where the invitation was issued before 1 July 2021 and at least 1.25 million where it was issued later
  • The annual turnover of the business the applicant owned — at least 500,000 Australian dollars in each of two years where the invitation was issued before 1 July 2021 and at least 750,000 where it was issued later

What it costs

Second instalment of the visa charge — main applicant (Business Innovation stream)9 795 AUD
Second instalment of the visa charge — accompanying family member+4 890 AUD

Documents to gather

For those whose subclass 188 or 132 applications are still being assessed, the department requests a set of documents under the Business Innovation stream rules that applied on the day the programme closed.

  • Colour copies of the pages of a valid passport with the photograph and personal details — for the applicant and every family member in the application
  • A birth certificate or family book naming both parents — for every dependent child
  • Form 47a with the details of a dependent family member — for dependants aged 18 and over
  • Police certificates from every country where the applicant has spent 12 months or more over the last 10 years since turning 16
  • A military service book or discharge papers — if the applicant has served in the armed forces of any country
  • Documents on business ownership and net assets — bank statements, confirmation of the ownership share, turnover reports
  • A statement of functional English or agreement to pay the second instalment of the visa charge
  • A signed Australian Values Statement — for applicants aged 18 and over

How the process runs

After 31 July 2024 no new application can be lodged. Below is what happens to applications already lodged and how to withdraw one with a refund of the charge.

  1. 1

    The application stays in the queue

    The Department of Home Affairs assesses subclass 188 and 132 applications lodged before the programme closed, taking account of the planning levels of the permanent migration programme and the priorities of Ministerial Direction 114.

  2. 2

    The decision to withdraw

    If the applicant decides not to wait for a decision, they lodge a request to withdraw the application through their ImmiAccount.

  3. 3

    Confirmation of the withdrawal

    Once officially notified of the withdrawal, the applicant can request a refund of the visa charge in the same place, in ImmiAccount.

  4. 4

    Arranging the refund of the charge

    In the My Payments section the applicant opens Manage Payments, checks the status of the payment — it has to be Credit or Paid — selects Request Refund and gives the reason “voluntary withdrawal of a BIIP application”. There is no standard time for assessing a refund: the department assesses each request individually against the applicable legal grounds.

Who you can bring with you

The rules for family members in the application apply to those whose papers the department is still assessing, and to visa holders preparing the move to the permanent subclass 888 visa.

Partner
Included in the application as an accompanying family member; has to pass the character check and, if the department requests it, the health check
Dependent children under 18
Can be added to the application at any point before the visa is decided; a birth certificate or family book naming both parents is needed
Dependants aged 18 and over
Form 47a evidencing dependent status is lodged in addition; separate conditions apply to children aged 23 or close to that age
Family members who are not going to Australia
They have to meet the character requirements and, at the department's request, the health requirements as well; otherwise the main applicant will not be granted the visa

Renewal and the grace period

The subclass 188 visa is temporary: it allows you to stay in Australia for no longer than five years. A current visa holder can apply for the permanent subclass 888 visa if they meet the conditions of their stream. For the Business Innovation stream certain holders of a subclass 444 visa or a subclass 457 visa invited on particular terms also qualify.

Frequently asked questions about Business visa 188 (closed)

Can a subclass 188 Business Innovation and Investment visa application still be lodged?
No. The Department of Home Affairs closed new applications under this programme on 31 July 2024. Only applications lodged before that date are being assessed.
Under what rules are applications lodged before the programme closed assessed?
Under the priorities of Ministerial Direction 114, which took effect on 12 February 2025 and covers applications under subclass 188 (closed in July 2024) and subclass 132 (closed in July 2021).
How do you get the visa charge back if you decide to withdraw the application?
Through ImmiAccount: first lodge a request to withdraw the application, then, once official confirmation is received, open My Payments, find the payment and submit a Request Refund with the reason “voluntary withdrawal of a BIIP application”. A refund is available if the application was withdrawn on 31 July 2024 or later.
Which streams qualify for a refund of the visa charge?
The Business Innovation, Investor, Significant Investor and Entrepreneur streams of the subclass 188 visa, and the Significant Business History and Venture Capital Entrepreneur streams of the subclass 132 visa. No refund is provided for the extension streams — Business Innovation Extension and Significant Investor Extension.
What should a subclass 188 visa holder who wants to stay in Australia permanently do?
Apply for the permanent subclass 888 visa, if the conditions of their stream are met. For the Business Innovation stream certain holders of subclass 444 and 457 visas also qualify.
What was the second instalment of the visa charge under the Business Innovation stream?
9,795 Australian dollars for the main applicant and 4,890 for each accompanying family member — according to the archived page of the stream. The department worked out the first instalment individually through the Visa Pricing Estimator.
Is there an open programme now to replace the closed Business Innovation and Investment visa?
There is no direct replacement. For applicants with internationally recognised outstanding achievement in a profession, sport, the arts or in academia and research the permanent National Innovation visa, subclass 858, is available.

Other ways to move to Australia

Every route in one list — migration programmes: Australia.

The terms and the amounts are checked against official sources — the link sits under each section.Last checked on: 7 August 2026.