188 Business Innovation and Investment (Provisional) visa (subclass 188) – Business Innovation stream

At a Glance

Item	Details
Visa name	Business Innovation stream, subclass 188
Status	Closed to new applications
Closure date	31 July 2024
Existing applications	Continue to be processed
Stay	Up to 5 years
Cost	From AUD12,505
Apply timing	Invitation required within 60 days
Location to apply	In or outside Australia
Work rights	Work in Australia
Business rights	Operate Australian business
Study	Study in Australia
Medicare	Not stated in the source
Health insurance	Recommended; healthcare costs personally payable
Travel facility	Multiple entry while valid
Permanent residence	Possible via subclass 888
Citizenship	Not stated in the source
Family sponsorship	Eligible family members permitted
Visa record	Digital visa linked to passport
Key eligibility	State nomination and 65 points

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Purpose

This provisional visa was for people with business skills who want to operate a new or existing business in Australia.

The Business Innovation stream closed to new applications on 31 July 2024. Applications made before that date will continue to be processed. Applicants who withdrew on or after that date may be eligible for a Visa Application Charge refund.

Stay and travel

The visa starts on the grant date.

• Invited on or after 1 July 2021: up to 5 years.
• Applied after 1 July 2015; invited before 1 July 2021: up to 4 years and 3 months.
• Applied before 1 July 2015: up to 4 years.

It is a multiple-entry visa. You may leave and return to Australia as often as you wish while it is valid. Time outside Australia does not extend the visa.

To stay longer, you must apply for another visa. If eligible, you may apply for:

• the Business Innovation and Investment (Permanent) visa (subclass 888), Business Innovation stream; or
• the Business Innovation Extension stream, which may allow stay up to 7 years from grant of the original Business Innovation stream visa.

Eligibility

You must have submitted an Expression of Interest (EOI), received State or Territory nomination, and then received an invitation to apply.

You must:

• be nominated by an Australian State or Territory government agency;
• ensure the nominating agency does not withdraw its nomination after application;
• score at least 65 points on the points test;
• have a successful business career and genuine desire to continuously own and manage an Australian business;
• be under 55 when invited, unless a State or Territory considers your business of exceptional economic benefit;
• have no history of unacceptable business or investment activities;
• meet health and character requirements;
• sign the Australian Values Statement if aged 18 or over;
• have repaid Australian Government debts, or have an approved repayment arrangement; and
• satisfy immigration-history requirements.

A previous visa cancellation or refusal may affect eligibility.

Business ownership and turnover

For 2 of the 4 fiscal years immediately before invitation, you must have owned an interest in one or two businesses with annual turnover of at least:

• AUD500,000 in each relevant year, if invited before 1 July 2021; or
• AUD750,000 in each relevant year, if invited on or after 1 July 2021.

You must have owned at least:

• 51% of a business worth less than AUD400,000 annual turnover;
• 30% of a business with AUD400,000 or more annual turnover; or
• 10% of a publicly listed company.

If your business provided professional, technical or trade services, you must have spent less than half your time providing those services rather than generally managing the business.

Assets

At invitation, you and/or your partner must have legally acquired net business and personal assets of at least:

• AUD1.25 million if invited on or after 1 July 2021; or
• AUD800,000 if invited before 1 July 2021.

The assets must be available to transfer to Australia within 2 years after visa grant.

English

Applicants aged 18 or over must have at least functional English or pay a second Visa Application Charge instalment when requested.

Rights

With this visa, you can:

• stay in Australia while the visa is valid;
• operate a new or existing Australian business;
• work and study in Australia;
• travel in and out of Australia multiple times;
• bring eligible family members;
• attend free Adult Migrant English Program classes, if eligible; and
• apply for permanent residence through subclass 888, if eligible.

Obligations and conditions

You and included family members must comply with visa conditions and Australian laws.

You must genuinely commit to:

• maintaining a substantial ownership interest in an Australian business; and
• participating in its day-to-day management and decision-making.

Your business must do at least one of the following:

• add commercial activity and competitiveness to Australia’s economy;
• develop international market links;
• employ people in Australia;
• export Australian goods;
• introduce new or improved technology; or
• produce goods or services otherwise imported into Australia.

You must comply with Australian workplace laws when operating your business. The Department may survey you about your Australian business activities.

Health insurance

Health insurance is recommended. You are personally liable for healthcare costs in Australia. Reciprocal healthcare arrangements may apply for some countries.

Family provisions

You can add dependent children before a decision is made, provided they meet health and character requirements where applicable.

A spouse or de facto partner not included in the original combined application may apply later as a subsequent entrant. The main applicant must first be granted the subclass 188 visa. The subsequent entrant must apply online through ImmiAccount and pay an application charge.

For children under 18, provide parental consent from any person with legal authority who is not migrating with the child, or provide relevant court orders or legal evidence.

A child aged 18 to under 23 must be dependent on you or your partner. A child aged 23 or over must be unable to support themselves because of physical or cognitive limitations and be dependent.

Cost

The Visa Application Charge starts from AUD12,505 for the main applicant. Limited concessions may apply.

Applicants aged 18 or over with less than functional English must pay a second instalment if requested:

• main applicant: AUD9,795;
• family member: AUD4,890.

Other possible costs include health examinations, police certificates and biometrics.

From 1 July 2026, a lower visa cost applies to eligible citizens of specified Pacific Island countries and Timor-Leste who lodge a valid application. Eligibility is identified through the passport used in ImmiAccount.

Documents

Provide clear colour scans or photographs of all documents. Translate non-English documents into English and include both the original and translation. Documents do not need certification.

Key evidence includes:

• current passport identity pages for all applicants;
• national identity cards and name-change evidence, if applicable;
• business career and intended Australian business activities;
• business registration, ownership and management evidence;
• financial statements prepared by an independent accountant to International Accounting Standards;
• evidence of business turnover;
• Form 1139A Statement of Assets and Liabilities Position;
• evidence of each asset, liability, ownership and value;
• evidence supporting points-test claims;
• functional English evidence, or a statement agreeing to pay the second instalment;
• Form 80 and police certificates for applicants aged 16 or over;
• military records, if applicable; and
• relationship, dependency and parental-responsibility evidence for family members.

Police certificates are required from every country where an applicant aged 16 or over has spent a total of 12 months or more during the last 10 years.

Application steps

1. Submit an EOI through SkillSelect. An EOI is not a visa application and has no charge.
2. Seek nomination by a State or Territory government agency.
3. Receive an invitation through SkillSelect.
4. Apply online through ImmiAccount within 60 calendar days of invitation.
5. Pay the correct application charge and upload supporting documents.
6. Complete health examinations, biometrics or further information requests if required.
7. Pay any second instalment charge when invoiced.

You may be in or outside Australia when applying and when a decision is made, but not in immigration clearance.

Important warnings

• You cannot make changes to your EOI after receiving an invitation.
• An EOI does not provide a bridging visa or allow you to remain in Australia lawfully.
• If you receive two invitations without applying, your EOI will be removed.
• If no invitation is received within 2 years, the EOI expires.
• Do not apply unless you can prove your EOI claims, points score and all eligibility criteria.
• Provide true and accurate information and promptly notify the Department of changes to contact details, passport, relationship status, a child’s birth, or withdrawal intentions.
• If applying in Australia, do not cancel your current visa. This may make you unlawful and ineligible for a Bridging Visa A.
• Australian visas are digital. Check visa details and conditions through VEVO.