Many business owners and investors planning to migrate to Australia are still researching the Subclass 188 visa. That visa is no longer available to new applicants. The Business Innovation and Investment Program (BIIP), which underpinned the Subclass 188, closed permanently to new applications on 31 July 2024. If the BIIP was your intended pathway, read the Business Innovation and Investment Visa as a PR pathway guide for context on how the program worked, then come back here for what has replaced it.
For a broader overview of where the Australia business and investor visa sits within the full migration picture, the Australia PR pathways: a comprehensive guide covers every route available. This article focuses specifically on what exists for business owners and investors in 2026 after the BIIP closure.
Last updated: April 2026
The Business Innovation and Investment Program Closed in July 2024
A 2023 government review found that the overall economic contribution of some BIIP visa holders fell short of expectations. The Department of Home Affairs (DHA) also identified program integrity concerns among a segment of applicants. On the basis of those findings, the Australian Government closed the BIIP, and the Subclass 188 was shut to new applications on 31 July 2024, per DHA’s official BIIP closure notice on immi.homeaffairs.gov.au.
If you submitted a valid Subclass 188 application before 31 July 2024, your application continues to be assessed under the criteria that applied at the time. The closure only affects new applications lodged on or after that date. For everyone else, the Subclass 188 is no longer an entry point.
If You Already Hold a Subclass 188 Visa, Your PR Pathway Still Exists
The BIIP closure does not affect existing Subclass 188 holders. The Subclass 888 (Business Innovation and Investment permanent visa) remains open to those who already hold a valid Subclass 188 and meet the stream-specific conditions. The requirements for transitioning to the Subclass 888 depend on which stream your provisional visa was granted under:
| Stream | What You Must Demonstrate for Subclass 888 |
|---|---|
| Business Innovation | Owned and operated a business in Australia for at least 2 years |
| Investor | Maintained a designated investment of AUD 1,500,000 for at least 4 years |
| Significant Investor | Maintained complying investments of AUD 5,000,000 for at least 4 years |
| Premium Investor | Maintained complying investments of AUD 15,000,000 for at least 1 year |
State or territory government nomination is also required for the Subclass 888 in most streams. One thing RACC sees repeatedly: holders who let their provisional visa approach expiry without formally assessing their Subclass 888 readiness. That delay costs people their PR pathway. If you hold a Subclass 188, confirm your timeline and eligibility with a migration agent well before your visa expires.
Unsure which pathway applies to your situation? Book a paid consultation with RACC Indonesia to assess your eligibility under the current framework before your options narrow.
The Main Replacement: National Innovation Visa (Subclass 858)
What the Subclass 858 Is
The National Innovation Visa (Subclass 858), launched on 6 December 2024, replaced both the BIIP and the Global Talent Visa. It is a permanent residency visa with no age limit, no English language requirement, and no points test. DHA must invite you before you can apply. To be considered, you submit an Expression of Interest (EOI) through DHA’s online system outlining your achievements and their relevance to Australia’s future prosperity.
The Subclass 858 is not an investment pathway. Capital alone does not qualify you. This is the most important distinction from the BIIP, and the one most applicants miss.
Who Qualifies for the Subclass 858
The Subclass 858 targets established and emerging leaders with internationally recognised records of exceptional achievement across science, technology, engineering, arts, sports, academia, and business. DHA assesses applicants on the strength of their personal achievements, not on the size of their balance sheet.
A business owner who has built a company with demonstrable international impact, received recognised industry recognition, or contributed meaningfully to innovation in a priority sector may qualify. A business owner whose primary credential is financial capital, without verifiable exceptional achievement to support it, is unlikely to receive an invitation from DHA.
Subclass 132 (Business Talent Visa): Direct PR for High-Value Business Owners
The Subclass 132 Business Talent visa remains open to new applicants as of April 2026. It is a permanent residency visa with no provisional stage required, which is a meaningful advantage. Two streams are available:
- Significant Business History Stream: For business owners with net assets of at least AUD 1,500,000 and annual business turnover of at least AUD 3,000,000 in at least two of the four fiscal years before nomination. State or territory government nomination is required.
- Venture Capital Entrepreneur Stream: For entrepreneurs who have secured at least AUD 1,000,000 in funding from an Australian venture capital firm that is a member of the Australian Investment Council. State or territory nomination is required.
The Subclass 132 grants permanent residency directly, without the years of provisional visa holding that the old BIIP pathway required. The tradeoff is that the thresholds are specific and state governments assess nominations selectively, often prioritising businesses whose activity aligns with their regional economic development priorities. Turnover and assets are assessed on documented evidence, not projections.
Other Pathways Worth Considering
Skills in Demand Visa (Subclass 482) and Employer Nomination (Subclass 186)
Business owners who can establish or acquire a company in Australia and structure their own employment within it may access how employer sponsorship leads to PR in Australia through the employer nomination route. The company nominates the business owner as an employee in a skilled occupation, the Subclass 482 (Skills in Demand) provides the temporary stage, and the Subclass 186 Employer Nomination Scheme visa provides the pathway to permanent residency.
DHA requires the nominated role to be genuine and the salary to meet the Temporary Skilled Migration Income Threshold (TSMIT), currently AUD 73,150 per year plus superannuation. This route requires careful structuring, but for business owners who do not meet the Subclass 132 thresholds or the Subclass 858 achievement criteria, it is a legitimate option that RACC assesses regularly.
Subclass 491 Skilled Work Regional Visa
For business owners whose occupation also appears on Australia’s skilled occupation lists and who are genuinely willing to live and work in a regional area, the Subclass 491 regional provisional visa as a PR pathway offers a five-year temporary visa with a route to permanent residency through the Subclass 191. This is most relevant to business owners in professional or technical occupations rather than pure investors. The regional residency requirement is a real condition, not a formality that can be satisfied with minimal presence.
How RACC Indonesia Can Help You
Australia’s business migration landscape changed significantly in 2024, and most guides circulating online still describe pathways that no longer exist for new applicants. Acting on outdated information in this space can cost you months of preparation and significant fees with no outcome.
RACC Indonesia’s consultants are MARA-registered migration agents with direct experience across the full current framework: Subclass 888 transitions for existing holders, Subclass 132 nomination strategy, Subclass 858 EOI preparation, and employer sponsorship structuring for business owners who need an alternative route.
The information in this article is general in nature. Business migration eligibility depends on your specific financial position, business history, and personal achievements, and immigration policy continues to evolve. Speak with a MARA-registered migration agent before committing to any pathway. Book a paid consultation with RACC Indonesia for an honest, current assessment of which option fits your profile in 2026.
Frequently Asked Questions (FAQ)
Is the 188 visa still available in 2026? No. The Subclass 188 Business Innovation and Investment (Provisional) visa closed to new applicants on 31 July 2024, when the Australian Government permanently closed the BIIP. Applications submitted before that date continue to be assessed under the eligibility criteria that applied at the time. New Subclass 188 applications are not accepted.
What replaced the 188 business visa in Australia? The National Innovation Visa (Subclass 858), launched on 6 December 2024, is the primary replacement. It is a permanent visa for individuals with an internationally recognised record of exceptional achievement. Unlike the BIIP, the Subclass 858 is not investment-based. The Subclass 132 Business Talent visa also remains open for eligible high-value business owners and entrepreneurs.
Can I still get PR if I already hold a Subclass 188 visa? Yes. Existing Subclass 188 holders retain their pathway to permanent residency through the Subclass 888, provided they meet the stream-specific requirements, such as maintaining the required business operation or investment holding period. The BIIP closure applies to new applicants only and does not affect current Subclass 188 holders or their PR eligibility.
What is the Subclass 132 Business Talent visa? The Subclass 132 is a permanent residency visa for high-value business owners, with no provisional stage required. Two streams exist: the Significant Business History stream, requiring net assets of at least AUD 1,500,000 and annual turnover of at least AUD 3,000,000, and the Venture Capital Entrepreneur stream, requiring at least AUD 1,000,000 in funding from an Australian Investment Council member firm. Both streams require state or territory government nomination.
How much do I need to invest to migrate to Australia as an investor in 2026? There is no longer a direct “invest a fixed amount, receive a visa” pathway for new applicants. The Subclass 132 Significant Business History stream requires net assets of at least AUD 1,500,000 and annual business turnover of at least AUD 3,000,000, but these are business history thresholds, not a passive investment requirement. The Subclass 858 has no investment threshold but requires internationally recognised achievement. The BIIP’s investment-based streams are closed.
