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

At a Glance

Item	Details
Visa name	Investor stream, subclass 188
Status	Closed to new applications
Closure date	31 July 2024
Visa type	Provisional
Stay	Up to 5 years
Cost	From AUD12,505
Eligibility timing	Applications lodged before closure processed
Work rights	Work permitted
Study	Study permitted
Medicare	Not stated in the source
Travel facility	Multiple entry while valid
Citizenship	Not stated in the source
Permanent residence	May apply for subclass 888
Family sponsorship	Eligible family members allowed
Visa record	Digital visa linked to passport
Key requirement	State or Territory nomination
Points test	At least 65 points

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Purpose

The Investor stream was for investors who make and maintain a required Australian investment and undertake business or investment activity in Australia.

This stream closed to new applications on 31 July 2024. Applications made before that date will continue to be processed.

If you withdrew an application on or after 31 July 2024, a Visa Application Charge refund is available.

Stay and travel

The visa is valid from the grant date and allows multiple entry.

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

Time spent outside Australia does not extend the visa.

To stay longer, you must apply for another visa. Eligible holders may apply for the Business Innovation and Investment (Permanent) visa (subclass 888) Investor stream.

Eligibility

You must have:

• Submitted an Expression of Interest (EOI), received State or Territory nomination, and been invited to apply.
• At least 65 points on the points test.
• At least 3 years’ experience managing qualifying businesses or eligible investments.
• A successful record of eligible investment or qualifying business activity.
• High-level management skill in that activity.
• A genuine intention to live at least 2 years in the relevant State or Territory.
• No history of unacceptable business or investment activities.
• Met health and character requirements.
• Signed an Australian Values Statement if aged 18 or older.
• No unpaid Australian Government debt, unless repayment arrangements are approved.

You generally could not receive an invitation at age 55 or older, unless the nominating State or Territory determined the investment would provide exceptional economic benefit.

Business, investment and asset requirements

For at least 1 of the 5 fiscal years immediately before invitation, you must have directly managed either:

• A qualifying business in which you, your partner, or both held at least 10%; or
• Eligible investments held by you, your partner, or both.

If invited on or after 1 July 2021

You must have:

• Managed eligible investments of at least AUD2.5 million.
• Net business and personal assets of at least AUD2.5 million for the 2 fiscal years before invitation.
• Lawfully acquired assets available for transfer to Australia within 2 years of visa grant.
• Made a complying significant investment of at least AUD2.5 million after applying, when invited in writing.

The AUD2.5 million investment must include:

Investment category	Minimum amount
Venture capital and growth private equity funds	AUD500,000
Approved managed funds in emerging companies	AUD750,000
Balancing investment in managed funds	AUD1.25 million

Direct investment in residential real estate is prohibited. Indirect residential property investment through managed funds is strictly limited.

You must not use the investments as security or collateral for a loan.

If invited before 1 July 2021

You must have:

• Managed eligible investments of at least AUD1.5 million.
• Net business and personal assets of at least AUD2.25 million for the 2 fiscal years before invitation.
• Made a designated investment of at least AUD1.5 million in the nominating State or Territory.

The designated investment must be in your name, or jointly with your partner, and made from unencumbered funds generated from qualifying businesses or eligible investments.

Rights

With this visa, you can:

• Stay in Australia while the visa remains valid.
• Undertake business and investment activity.
• Work and study in Australia.
• Travel to and from Australia without limit while valid.
• Bring eligible family members.
• Attend free Adult Migrant English Program classes, if eligible.
• Apply for permanent residence through subclass 888, if eligible.

Conditions and obligations

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

You must:

• Maintain the required investment.
• Comply with Australian workplace laws.
• Pay Australian tax on investment income where required.
• Notify the Department of relevant changes, including passport, contact details, relationship status, and a child’s birth.

Maintaining the investment

Invited on or after 1 July 2021

You must hold complying significant investments continuously for the full provisional visa period.

You may switch investments only where the withdrawn funds are reinvested in complying significant investments within 30 days, and the amount reinvested is at least the amount withdrawn.

Specific reinvestment rules apply to venture capital, emerging company and balancing investments.

Invited before 1 July 2021

For subclass 888 eligibility, you must maintain the designated investment in an Australian State or Territory for at least 4 years.

You must genuinely intend to reside for at least 2 years in the State or Territory where you made the designated investment application.

English, health and character

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

Second instalment charges:

Applicant	Charge
Main applicant	AUD9,795
Family member	AUD4,890

You and applying family members must meet health requirements. Family members not travelling to Australia may also need to meet health requirements.

Applicants aged 16 or older must meet character requirements. Other family members may also be asked to meet them.

Cost

The visa charge starts from AUD12,505 for the main applicant. Additional charges apply for family members.

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

From 1 July 2026, eligible citizens of specified Pacific Island countries and Timor-Leste may receive a lower visa application charge. Eligibility is identified through the valid passport used in ImmiAccount.

Family provisions

You could add dependent children to the application before a decision is made, subject to health and character requirements.

A spouse or de facto partner not included in the original combined application may apply later as a subsequent entrant. The main applicant’s visa must be granted before a subsequent entrant visa can be granted.

Dependent children aged over 18 generally must:

• Be under 23 and dependent on you or your partner; or
• Be unable to earn a living because of physical or cognitive limitations, and dependent.

Children aged 23 or older require medical evidence of dependency due to disability.

For a child under 18, consent or other evidence of parental responsibility may be required.

Required evidence

Provide documents supporting all EOI claims and visa criteria, including:

• Current passport identity pages for each applicant.
• National identity card, if held.
• Name-change evidence, where relevant.
• Proposed Australian business or investment intentions.
• Form 1139A Statement of Assets and Liabilities Position.
• Evidence of asset ownership, value and liabilities.
• Bank statements, property titles and valuations, loan documents, investment records, and business financial statements.
• Evidence that assets were lawfully acquired.
• Source-of-funds declaration and supporting evidence.
• Evidence of business or investment ownership and management.
• Points-test evidence for claims made.
• English-language evidence, where applicable.
• Police certificates and Form 80.
• Military service records, if applicable.
• Partner, child and dependency evidence, where applicable.

Non-English documents must be translated into English. Upload both original and translated documents. Documents do not need certification.

Application steps

1. Submit an EOI through SkillSelect.
2. Obtain nomination from a State or Territory government agency.
3. Receive an invitation to apply.
4. Apply online through ImmiAccount within 60 calendar days of invitation.
5. Pay the correct visa charge.
6. Upload supporting documents in ImmiAccount.
7. Complete health examinations or biometrics if requested.
8. Make the required investment only when invited in writing.
9. Provide investment transaction evidence and required declarations.
10. Pay any second instalment when invoiced.

An EOI is not a visa application, does not create a bridging visa, and had no charge.

Important warnings

• New applications closed on 31 July 2024.
• Do not make a complying significant investment before lodging the application or receiving written instructions.
• The State or Territory nomination must not be withdrawn after application.
• You must prove claims made in the EOI.
• You have 60 calendar days to apply after invitation; this period is not extended.
• An EOI expires if no invitation is received within 2 years.
• After two invitations without an application, the EOI is removed.
• Keep a valid visa while in Australia during processing.
• Do not cancel your current visa if relying on a Bridging visa A.
• Visa conditions and entitlements can be checked through VEVO.