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

At a Glance

Item	Details
Visa name	Significant Investor stream, subclass 188
Visa type	Provisional visa
New applications	Closed 31 July 2024
Pending applications	Pre-closure applications still processed
Stay	Up to 5 years
Cost	From AUD18,335
Invitation deadline	60 calendar days
Key investment	At least AUD5 million
Nomination	State, Territory, or Austrade
Work rights	Work in Australia
Study	Study in Australia
Investment activity	Permitted in Australia
Medicare	Not stated in the source
Health insurance	Recommended
Travel facility	Multiple entry while valid
Family sponsorship	Eligible family members allowed
Permanent residence	Possible through subclass 888
Citizenship	Not stated in the source
Visa record	Digital visa linked to passport
Visa label	No passport label
Application location	In or outside Australia
Decision location	In or outside Australia
Processing times	Use processing time guide

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Purpose

The Significant Investor stream was a provisional visa for people undertaking qualifying investment activity in Australia.

This stream closed to new applications on 31 July 2024. Applications lodged 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.

Eligibility

You must have:

• Submitted an Expression of Interest (EOI) through SkillSelect.
• Been nominated by an Australian State or Territory government agency or Austrade.
• Received an invitation to apply.
• A nominator that does not withdraw its nomination after application.
• A genuine intention to live in the nominating State or Territory.
• No history, for you or your partner, of unacceptable business or investment activities.
• Met health and character requirements.
• Signed an Australian Values Statement if aged 18 or over.
• No unpaid Australian Government debt, unless an approved repayment arrangement exists.
• A satisfactory immigration history; previous refusal or cancellation may affect eligibility.

Invitation and EOI

• An EOI is not a visa application and is free.
• An EOI does not grant a Bridging visa.
• Invitations could be issued within two years of EOI submission.
• You had 60 calendar days to apply after invitation; this period was not extended.
• You could not change an EOI after receiving an invitation.
• After two unused invitations, the EOI was removed from SkillSelect.
• An EOI expired after two years if no invitation was issued.

Investment Requirement

You must make and continuously hold a complying significant investment of at least AUD5 million for the life of the provisional visa.

Do not make the investment before lodging the application or before being invited in writing to make it. The Department usually allows 70 days after the written investment invitation.

Invited on or after 1 July 2021

The AUD5 million investment must include:

Investment category	Minimum amount
Venture capital and growth private equity funds	AUD1 million
Approved managed funds investing in emerging ASX companies	AUD1.5 million
Balancing investment in managed funds	AUD2.5 million

Invited before 1 July 2021

The AUD5 million investment must include:

Investment category	Minimum amount
Venture capital and growth private equity funds	AUD500,000
Approved managed funds investing in emerging ASX companies	AUD1.5 million
Balancing investment in managed funds	AUD3 million

Investment Rules

• Direct residential real-estate investment is prohibited.
• Indirect residential-property investment through managed funds is strictly limited.
• Investments cannot be used as security or collateral for a loan.
• Investment rules applying when you applied continue for the visa duration.
• You may switch complying investments if reinvestment occurs within 30 days.
• Reinvested funds must be at least equal to withdrawn funds.
• Withdrawals from venture capital or emerging-company investments must be reinvested in that category.
• Income from Australian investments may be taxable in Australia.

Stay and Permanent Residence

The visa starts on the grant date.

• Up to 5 years: invited on or after 1 July 2021.
• Up to 4 years and 3 months: applied after 1 July 2015 and invited before 1 July 2021.
• 4 years: applied before 1 July 2015.

You must apply for another visa to remain longer.

Eligible holders may apply for the Business Innovation and Investment (Permanent) visa (subclass 888), Significant Investor stream.

For subclass 888 eligibility, either:

• You must live in Australia for at least 40 days each year during the provisional visa; or
• Your spouse or de facto partner must live in Australia for at least 180 days each year.

The days do not need to be consecutive.

A maximum of two Significant Investor Extension stream visas may be granted. Extensions may allow travel, entry and stay up to seven years, then up to nine years, from the original visa grant date.

Cost

The Visa Application Charge starts from AUD18,335 for the main applicant. Charges also apply for each accompanying family member.

Applicants aged 18 or over without functional English may need to pay a second instalment when requested:

Applicant	Second instalment
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. Family eligibility is based on the primary applicant's eligible passport.

Rights and Conditions

With this visa, you can:

• Stay in Australia while the visa remains valid.
• Undertake investment activity in Australia.
• Work and study in Australia.
• Travel to and from Australia any number of times while valid.
• Bring eligible family members.
• Attend free Adult Migrant English Program classes, if eligible.
• Apply for permanent residence through subclass 888, if eligible.

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

You must:

• Maintain the complying significant investment continuously.
• Have a genuine and realistic commitment to investment activity in Australia after the visa ends.
• Comply with Australian workplace laws.
• Notify the Department of changes to contact details, passport, relationship status, or a child's birth.

Health Insurance

The Department recommends adequate health insurance. You are personally liable for healthcare costs in Australia.

Some countries have reciprocal healthcare agreements with Australia.

Family Members

You may include eligible family members.

• Dependent children may be added before a decision is made.
• Included family members must meet health and character requirements where applicable.
• Non-migrating family members must meet character requirements and may need health checks.
• A spouse or de facto partner not included at initial lodgement may apply later as a subsequent entrant.
• A subsequent entrant visa can only be granted after the main applicant's visa is granted.
• Subsequent entrants apply online in ImmiAccount and pay an application charge.

Dependent Children

A child aged over 18 but under 23 must be dependent on you or your partner.

A child aged 23 or over must be dependent because of physical or cognitive limitations preventing self-support.

A child turning 18 during processing must remain dependent to qualify.

For a child under 18 migrating without a person with legal responsibility, provide:

• Form 1229 or a statutory declaration of consent; or
• A court order or home-country legal authority permitting migration.

Required Documents

Provide clear colour scans or photographs. Non-English documents must be translated into English. Certification is not required.

Identity

For each applicant:

• Passport identity and validity pages.
• National identity card, if available.
• Evidence of name changes, if applicable.

Investment and Assets

Provide:

• Form 1139A Statement of Assets and Liabilities Position, dated within three months before invitation.
• Evidence of ownership and value of all declared assets and liabilities.
• A list of proposed complying investments and amounts.
• A signed declaration of lawful sources of funds.
• Evidence supporting the source-of-funds declaration.
• Evidence tracing investment funds from approved assets to each investment.

Asset evidence may include bank statements, property titles and valuations, loan documents, share certificates, financial statements, business ownership records, trust deeds, tax records, gift deeds, wills, and investment records.

After making the investment, provide:

• Evidence of each fund transfer.
• Form 1413D for each investment component, signed by the responsible fund manager.

English

Applicants aged 18 or over must provide evidence of functional English or state their intention to pay the second instalment charge.

Character

Applicants aged 16 or over must provide:

• Form 80 Personal particulars.
• Police certificates from each country where they spent a total of 12 months or more during the previous 10 years since turning 16.
• Military records or discharge papers, if applicable.

Family Evidence

Provide relevant evidence including:

• Marriage certificate; or
• Evidence of at least 12 months of de facto relationship.
• Birth certificates, family book, or adoption documents for children.
• Form 47a and financial-dependency evidence for dependent adult children.
• Medical evidence for dependent children aged 23 or over.

How to Apply

1. Submit an EOI through SkillSelect.
2. Obtain nomination from a State, Territory, or Austrade.
3. Receive an invitation to apply.
4. Gather evidence supporting EOI claims and all eligibility criteria.
5. Apply online through ImmiAccount within 60 days.
6. Pay the correct Visa Application Charge.
7. Upload supporting documents to ImmiAccount for applications lodged from 13 November 2021.
8. Complete health examinations or biometrics if requested.
9. Make the complying investment only after written Departmental invitation.
10. Provide investment evidence and required declarations.

You can apply and receive a decision either inside or outside Australia, but not while in immigration clearance.

Important Warnings

• An EOI is not a visa application and does not provide a Bridging visa.
• Do not make the complying investment before being invited in writing.
• The Department cannot process an application until the correct charge is paid.
• Incomplete, incorrect, or unverifiable information may delay processing.
• If you are in Australia, keep a valid visa while the application is processed.
• Do not cancel your current visa; doing so may make you unlawful and ineligible for a Bridging visa A.
• A Bridging visa A ceases when you leave Australia. Apply for a Bridging visa B or make other return arrangements before travel.
• The application charge is not refunded if the application is refused.

Travel and Visa Record

This is a multiple-entry visa. You may leave and re-enter Australia while it remains valid. Time outside Australia does not extend the visa period.

Australian visas are digital. No label is placed in your passport. Your visa record is linked to your passport and can be checked through VEVO.