Subclass 188 / 888
Australia Subclass 188 & 888 2026 | BIIP Closure, Existing Holders & PR
Australia's Business Innovation and Investment Program (BIIP) consisted of provisional subclass 188 visas and the permanent subclass 888 visa. The BIIP closed permanently to new applications on 31 July 2024.
Comprehensive Statutory Overview
Australia's Business Innovation and Investment Program (BIIP) consisted of provisional subclass 188 visas and the permanent subclass 888 visa. The BIIP closed permanently to new applications on 31 July 2024. New applicants in 2026 therefore cannot start a subclass 188 application under the former Business Innovation, Investor, Significant Investor or Entrepreneur streams. Home Affairs continues to process eligible subclass 188 applications that were lodged before the closure, and eligible existing provisional visa holders can continue to pursue subclass 888 permanent residence under the rules applicable to their stream. This page therefore focuses on the current 2026 position for existing applicants and visa holders rather than presenting subclass 188 as an open new-investment pathway.
PRogram Status
Closure Date:31 July 2024
New Applications:The Business Innovation and Investment Program closed permanently to new applications on 31 July 2024.
Streams Closed:
- Business Innovation
- Investor
- Significant Investor
- Entrepreneur
Existing Applications:Home Affairs continues to process applications made before 31 July 2024 in line with permanent Migration Program planning levels and current skilled-visa processing priorities.
Refunds:Eligible applicants who withdraw certain subclass 188 applications on or after 31 July 2024 may be able to obtain a refund of the visa application charge. Refund rules differ for extension streams.
Legacy188 Streams
Business Innovation
Status: Closed to new applications; relevant to existing applicants and holders.
Historical Purpose: Allowed qualifying business owners to establish or operate a business in Australia.
Legacy Requirement: Existing applicants are assessed under the rules that applied to their visa application and invitation circumstances, including the applicable business history, turnover, ownership and points criteria.
Extensions: The Business Innovation Extension stream remains relevant to qualifying existing Business Innovation visa holders and can extend the overall provisional stay under the legacy rules.
Investor
Status: Closed to new applications.
Historical Purpose: Required a prescribed investment under the Investor stream and satisfaction of the applicable residence and financial criteria.
Legacy TRAnsition: Existing Investor stream holders can continue toward the corresponding subclass 888 pathway if they satisfy the permanent-visa criteria applicable to their stream.
Significant Investor
Status: Closed to new applications.
Historical Purpose: Required qualifying significant investments in Australia under the rules applying when the visa application was made.
Historical Threshold: The Significant Investor stream historically required at least AUD 5 million in complying significant investments.
Legacy TRAnsition: Existing Significant Investor holders can continue toward subclass 888 under the applicable legacy criteria, including requirements concerning maintenance of complying investments.
Entrepreneur
Status: Closed to new applications.
Historical Purpose: Supported qualifying entrepreneurial activities in Australia under the former BIIP framework.
Legacy TRAnsition: Existing Entrepreneur stream holders can apply for subclass 888 when they satisfy the applicable Entrepreneur stream permanent criteria.
Subclass888 Pathways
Overview:Subclass 888 is the permanent stage of the Business Innovation and Investment framework. The precise eligibility requirements depend on the stream and the subclass 188 history of the applicant.
Business Innovation
Eligible Applicants: Current Home Affairs guidance states that this stream is available to holders of a subclass 188 Business Innovation or Business Innovation Extension visa, and in specified circumstances to holders of a subclass 444 visa or certain subclass 457 visa holders.
Main Focus:
- Continue to operate or have operated the qualifying business in Australia.
- Satisfy the applicable ownership and business-operation conditions.
- Meet the relevant residence requirements.
- Satisfy the applicable turnover and business-activity criteria for the legacy visa circumstances.
Investor
Eligible Applicants: The Investor stream is for eligible holders of the corresponding subclass 188 Investor visa.
Main Focus:
- Maintain the prescribed designated investment under the applicable legacy rules.
- Satisfy the relevant residence requirements.
- Meet all other subclass 888 Investor stream criteria applying to the applicant's 188 history.
Significant Investor
Eligible Applicants: The Significant Investor stream is for qualifying holders of subclass 188 Significant Investor visas and certain legacy extension arrangements.
Main Focus:
- Maintain the required complying significant investment for the prescribed period, subject to the transitional and concession rules applicable to the visa.
- Satisfy the residence and family-member requirements.
- Provide evidence that the investment continued to comply with the applicable investment framework.
PRemium Investor
Eligible Applicants: The Premium Investor 888 stream is relevant only to qualifying legacy 188 Premium Investor holders.
Main Focus:
- Hold the relevant subclass 188 Premium Investor visa for the statutory period.
- Maintain the required complying premium investment for the applicable period.
- Satisfy the qualifying-business requirements for any relevant Australian company investment.
Entrepreneur
Eligible Applicants: The Entrepreneur stream is relevant to qualifying existing subclass 188 Entrepreneur visa holders.
Main Focus:
- Hold the required Entrepreneur stream visa for the prescribed period.
- Satisfy the applicable Australian residence requirement.
- Demonstrate the required entrepreneurial activity or outcomes under the legacy rules.
Investment Rules For Existing Holders
Important:Historical investment thresholds should not be presented as new-application opportunities after the BIIP closure.
Significant Investor
Historical Amount: AUD 5 million in complying significant investments
Current Relevance: This is relevant only to qualifying legacy Significant Investor applications and holders whose subclass 188 was granted under the applicable rules.
Business Innovation
Business Focus: The Business Innovation pathway is based on business ownership and operation rather than a simple passive-investment threshold.
Legacy Criteria: Existing applicants are assessed against the business innovation criteria that apply to their invitation and application circumstances.
Maintenance:Where the subclass 888 stream requires investment maintenance, the exact holding period and permitted investment changes depend on the relevant subclass 188 stream and the rules in force for that visa.
Documents
General888:
- Current passport and identity documents.
- Evidence of the relevant subclass 188 visa or qualifying legacy status.
- Evidence of compliance with the requirements of the applicable 888 stream.
- Australian residence and travel-history evidence where required.
- Business, investment or entrepreneurial records specific to the stream.
- Health and character evidence where requested by Home Affairs.
- Evidence concerning family members where secondary applicants are included.
Business Innovation:
- Business ownership records.
- Australian business financial statements and tax records.
- Business activity and turnover evidence where required.
- Evidence of management and operational involvement.
- Australian residence evidence.
Investor:
- Investment ownership statements.
- Evidence that the prescribed investment was maintained under the relevant rules.
- Bank, broker, government-security or financial-institution documentation where applicable.
- Residence evidence.
Significant Investor:
- Evidence of complying significant investments.
- Investment manager, fund and financial statements.
- Evidence of continuous holding where required.
- Residence and family evidence.
Entrepreneur:
- Evidence of the entrepreneurial activity undertaken in Australia.
- Business records and agreements.
- Evidence of relevant innovation, funding, commercialization or business outcomes where required.
- Residence evidence.
Residence And Family
Residence:Subclass 888 residence requirements differ by stream. Applicants should calculate physical presence using the rules applying to their particular 188 visa and any concession or transitional provisions.
Family:Eligible members of the family unit can generally be included as secondary applicants where the applicable subclass 888 criteria are satisfied.
Health:Health requirements continue to apply to permanent visa applications unless an applicable exemption or special provision applies.
Character:Applicants and relevant family members must satisfy Australia's character requirements.
PRocessing And Costs
Subclass188:Home Affairs continues to process pre-31 July 2024 subclass 188 applications. Processing is subject to the Department's current permanent Migration Program planning levels and skilled-visa processing priorities.
Subclass888:Subclass 888 processing times are indicative and depend on the stream, completeness of evidence and any additional checks.
Visa Charge:Current subclass 888 charges depend on the relevant stream and applicant circumstances. The official Visa Pricing Estimator should be checked immediately before lodgement.
Current188 Cost Context:Home Affairs continues to display legacy subclass 188 visa pages because existing applications are still being processed. A displayed visa charge on those pages should not be interpreted as meaning the subclass is open to new applicants.
Important Rules
Closed PRogram:The BIIP closed permanently to new applications on 31 July 2024.
New Investor:A person who did not lodge a qualifying BIIP application before the closure cannot start a new subclass 188 Business Innovation, Investor, Significant Investor or Entrepreneur application in 2026.
888 Not Entry Route:Subclass 888 is not a replacement entry-level investor visa. It is a permanent stage for eligible legacy applicants and specified alternative legacy categories.
Old Thresholds:The old AUD 1.25 million, AUD 1.5 million, AUD 2.5 million or AUD 5 million figures associated with different historic BIIP streams should not be presented as currently open investment thresholds for new applicants.
State Nomination:Nomination requirements for subclass 888 depend on the stream. Do not describe state nomination as one identical requirement for every 888 stream.
Permanent Residence:Subclass 888 is a permanent visa and can lead to permanent resident status when granted.
New Alternatives:People seeking a current Australian business or innovation migration route in 2026 should assess current visas such as the National Innovation visa (subclass 858), employer-sponsored pathways or other currently open programs rather than attempting to lodge the closed subclass 188 program.
Alternative Current Routes
Route: National Innovation visa subclass 858
Description: A current permanent visa for people with an internationally recognised record of exceptional and outstanding achievement who are invited to apply.
Route: Business or entrepreneur pathways outside BIIP
Description: The availability of current business-related options depends on the applicant's specific business, innovation, investment, employment and residence circumstances.
Route: Employer-sponsored migration
Description: Applicants with qualifying employment may consider currently available employer-sponsored pathways rather than the closed investor program.
Key Eligibility Requirements & Statutory Criteria
2026 Program Status
188 Closed to New Applicants
The BIIP permanently closed to new applications on 31 July 2024. The old 188 investment thresholds must therefore not be presented as available entry requirements for a new applicant in 2026.
Existing 188 Holder
Relevant Provisional Visa
A subclass 888 applicant generally needs to hold the relevant subclass 188 stream visa or another legacy status specifically permitted by the subclass 888 criteria.
Stream Requirements
Business or Investment Continuity
The requirements for subclass 888 differ by stream and depend on the 188 visa held, the date and rules applicable to that visa, business activity, investment maintenance and residence requirements.
Permanent Visa
Subclass 888
Subclass 888 is a permanent visa. It is not a new investor-entry visa and does not allow a person who never held an eligible provisional pathway to bypass the BIIP closure.
Step-by-Step Application Roadmap
1
Confirm Your Legacy Status
Check whether you hold an eligible subclass 188 stream visa or another status explicitly accepted for subclass 888. A new applicant cannot start the former 188 pathway in 2026.
2
Identify the 888 Stream
The permanent application must correspond to the eligible pathway, such as Business Innovation, Investor, Significant Investor, Premium Investor or Entrepreneur.
3
Check Stream-Specific Criteria
Review the applicable business activity, investment-maintenance, residence, ownership, entrepreneurial or other requirements for the particular legacy stream.
4
Prepare Supporting Evidence
Collect business records, investment statements, residence evidence, identity documents, tax records and other documents required to demonstrate compliance.
5
Obtain the Required Nomination
Where the particular subclass 888 stream requires nomination, obtain nomination from the relevant state or territory government agency or other authority specified by the stream.
6
Lodge Subclass 888
Submit the permanent visa application through the Department of Home Affairs process and provide all required evidence.
7
Respond to Further Requests
Complete any requests for additional documents, health checks, character information or other evidence before the Department decides the application.
Frequently Asked Questions (Home Affairs FAQs)
No. The Business Innovation and Investment Program closed permanently to new applications on 31 July 2024. This applies to the Business Innovation, Investor, Significant Investor and Entrepreneur streams. New applicants need to consider a different current migration pathway.
Yes. Home Affairs continues to process subclass 188 applications that were made before 31 July 2024. Those applications remain subject to the applicable BIIP rules and current departmental processing priorities.
Yes, where the holder satisfies the requirements of the relevant 888 stream. The current subclass 888 visa remains available for eligible legacy applicants, including qualifying Business Innovation, Investor, Significant Investor, Premium Investor and Entrepreneur applicants.
No. The former Significant Investor stream required at least AUD 5 million in complying significant investments, but the BIIP closed to new applications on 31 July 2024. That historical investment amount cannot be used to start a new subclass 188 application in 2026.
Generally no. Subclass 888 is the permanent stage of the former BIIP framework and is primarily for eligible holders of the relevant provisional subclass 188 stream or other specific legacy categories listed in the subclass 888 criteria.
There is no single replacement investor visa that reproduces the old BIIP structure. Current possibilities depend on the person's circumstances and can include the National Innovation visa subclass 858, employer-sponsored migration or other currently open skilled, innovation, family or business-related pathways.
Official Statutory References
Cross-referenced directly with official Australian government sources:
STATUTORY BENCHMARK METRICS
New Subclass 188 Applications
Permanently closed from 31 July 2024
Existing 188 Applications
Continue to be processed under the applicable BIIP rules and processing priorities
Subclass 888
Permanent visa remains available to eligible existing 188 holders and certain other specified legacy categories
Subclass 888 Nature
Permanent residence
Business Innovation Legacy Stream
Existing Business Innovation / Extension holders can continue toward 888 subject to the applicable criteria
Significant Investor Legacy Stream
Existing 188 Significant Investor holders can continue toward 888 if the applicable criteria are met
Processing Priority
Existing 188 applications remain subject to current departmental processing priorities
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