The Subclass 188 Business Innovation and Investment (Provisional) visa is Australia’s immigration pathway for business owners, investors, and entrepreneurs who want to establish or manage a business or make a designated investment in Australia. It’s a provisional visa (typically 5 years) that leads to the Subclass 888 permanent residence visa once you’ve met the required business or investment benchmarks. Australia offers several streams under the 188, each targeting a different type of business migrant.
Not sure if the 188 visa is right for you? Take our 2-minute Australia Visa Match quiz to see all Australian immigration routes you qualify for.
Overview of Streams
The 188 visa has several active streams:
- Business Innovation stream (188A): For established business owners who want to start or buy a business in Australia. Minimum turnover of AUD $750,000.
- Investor stream (188B): For investors willing to make a designated investment of AUD $2.5 million in a complying investment framework for 5 years.
- Significant Investor stream (188C — SIV): For high-net-worth investors willing to invest AUD $5 million in complying investments. Minimal residency requirements and no points test.
- Entrepreneur stream (188E): For entrepreneurs with funding agreements of at least AUD $200,000 from approved sources to commercialize a product or service in Australia.
Business Innovation Stream (188A)
Requirements:
- Under 55 years old (or state waiver)
- Score at least 65 on the Innovation Points Test
- Owned and managed a business with annual turnover of at least AUD $750,000 in 2 of the last 4 fiscal years
- Net business and personal assets of at least AUD $1.25 million
- State or territory nomination
Path to PR (888A): After 3 years on the 188A, apply for 888 by demonstrating you’ve been actively managing a qualifying business in Australia with annual turnover of at least AUD $300,000, and meeting at least 2 of 3 additional requirements (assets, employees, or turnover growth).
Investor Stream (188B)
Requirements:
- Under 55 (or state waiver)
- Score at least 65 on the Innovation Points Test
- 3+ years of experience managing qualifying investments or businesses
- Net personal and business assets of at least AUD $2.5 million
- Make a designated investment of AUD $2.5 million in the Complying Investment Framework
- State nomination
Complying Investment Framework breakdown:
- AUD $500,000 in venture capital and growth private equity funds for startups and small enterprises
- AUD $750,000 in approved managed funds targeting emerging companies on the ASX
- AUD $1,250,000 in a balanced investment fund (may include Australian listed entities, corporate bonds, real estate funds, etc.)
Significant Investor Stream (188C)
Requirements:
- No age limit, no points test, no English requirement
- Invest AUD $5 million in the Complying Significant Investment Framework for the 5-year visa period
- State nomination
- Minimal residency: must spend at least 40 days per year in Australia (or 180 days over 4 years)
SIV Complying Framework:
- AUD $1 million in venture capital and growth private equity
- AUD $1.5 million in approved managed funds for emerging companies
- AUD $2.5 million in balancing investments
The SIV is popular with high-net-worth individuals from Asia and the Middle East due to its minimal residency requirements and lack of English or age restrictions.
Application Process
- Obtain state/territory nomination. Apply to a state government that supports your business or investment plans.
- Submit EOI through SkillSelect (for 188A/B) or apply directly (188C).
- Receive invitation and lodge visa application.
- Make the designated investment (for 188B/C) or prepare business plan (for 188A).
- Receive provisional visa.
- Meet provisional requirements over the visa period (manage business, maintain investment, meet residency).
- Apply for Subclass 888 permanent residence after meeting requirements.
Costs and Fees
- Visa application (main applicant): AUD $6,240 (188A), AUD $9,195 (188B/C)
- Additional applicant (18+): AUD $3,120-$4,600
- State nomination fee: AUD $0-$1,000
- Investment capital: AUD $2.5 million (188B) or $5 million (188C)
- Migration agent fees: AUD $5,000-$20,000
- 888 PR application: AUD $3,290
Timeline
- State nomination: 4-16 weeks
- Visa processing: 12-24 months (188A/B), 9-15 months (188C)
- Provisional period: 5 years
- 888 eligibility: After 3 years (188A) or 4-5 years (188B/C)
- 888 processing: 12-24 months
Tips
- Choose your stream based on your profile. Active business operators suit 188A. Passive investors suit 188B or 188C. Funded entrepreneurs suit 188E.
- State nomination is strategic. Different states offer different support levels and have different priorities. Some states actively recruit investors in specific sectors.
- Plan for the 888 from day one. Understand the permanent residency requirements before you start, and structure your business or investment to meet those benchmarks.
- Seek specialist advice. Business migration is complex, with significant financial commitments. Work with a registered migration agent experienced in business visas.
- Maintain your investment throughout the provisional period. Withdrawing or restructuring investments before the required holding period can jeopardize your PR pathway.