Visa subclass 188 · Business and investor · provisional · closing
Subclass 188 Business Innovation and Investment (closing): 2026 eligibility, points and processing
The 188 was Australia’s flagship business and investor provisional visa, leading to PR via subclass 888. New applications closed on 31 July 2024 as part of the Migration Strategy. Existing applications continue to be processed.
★Key takeaways
- ✓Subclass 188 Business Innovation and Investment (closing) is a provisional visa for business and investor applicants.
- ✓No points test – eligibility is sponsorship + skills assessment + work experience based.
- ✓Processing: 24 months median (source: Department of Home Affairs Global Visa Processing Times, January 2026).
- ✓Primary VAC1: $9,445.
- ✓Path to PR: In-train holders: PR via subclass 888 after meeting 4-year residence + investment / business outcome tests.
At a glance
Stream
provisional, closing to new applications
Age limit
Under 55 at application (was the rule when open).
Work rights
In-train holders: unrestricted in nominated business activity.
Path to PR
In-train holders: PR via subclass 888 after meeting 4-year residence + investment / business outcome tests.
Eligibility
Eligibility checklist
Every box below must tick before lodgement. Missing any one of them either makes the visa impossible or pushes the applicant into a different subclass.
- Closed to new applications from 31 July 2024
- In-train applications continue to be processed under the rules at time of lodgement
- Replacement: National Innovation visa (858) for the talent end of the spectrum; no current replacement at the entrepreneur end
Processing time
How long does it take?
Published by Home Affairs as 25th, 50th and 90th percentile times. Individual processing can be faster or slower depending on documentation, country of passport and decision-ready status.
| 25% of applications | 50% (median) | 90% of applications |
|---|---|---|
| 6 months | 24 months | 48+ months |
Department of Home Affairs Global Visa Processing Times, January 2026. See current processing times across all subclasses.
Cost
Visa Application Charge
| Applicant | VAC1 (lodgement) |
|---|---|
| Primary applicant | $9,445 |
| Partner (secondary) | $4,725 |
| Child (secondary) | $2,365 |
Closed to new applications. In-train applicants pay fee at lodgement.
In depth
What you actually need to know
The 188 had five streams (Business Innovation, Investor, Significant Investor, Premium Investor, Entrepreneur) when it was open. The Significant Investor stream (188C, $5 million investment) was politically controversial and was wound back in 2021. The whole 188 program closed to new applications on 31 July 2024.
No like-for-like replacement exists at the entrepreneur / SME end of the spectrum as at January 2026. The talent-and-innovation end is covered by the 858 (National Innovation visa). Government policy signals during 2025 suggest a future investor visa may emerge, possibly aligned with strategic sectors.
For applicants with an in-train 188 lodged before 31 July 2024: continue to follow the rules at time of lodgement. The 888 PR endpoint remains open for these holders. Expect long processing times – some 188 / 888 applications have run 4–6 years end-to-end.
Visa conditions to know
- 8515: do not change business / investment activity without approval
- Various stream-specific reporting conditions
Occupations covered
Business activity-based, not occupation-based.
Pathway to permanent residence
In-train holders: PR via subclass 888 after meeting 4-year residence + investment / business outcome tests.
Common questions
Subclass 188 Business Innovation and Investment (closing) – common questions
Can I still apply for a 188?
No. New applications closed on 31 July 2024.
What about 188 Significant Investor?
The Significant Investor stream (188C, $5 million investment) closed before the rest of the program. Existing holders continue to be processed under the rules at time of lodgement.
Will there be a new investor visa?
Possibly. The Government’s Migration Strategy signalled a future investor visa aligned with strategic sectors, but no detail has been released as at January 2026. For business owners and investors who want to migrate now, the realistic options are 858 (National Innovation, if they qualify on talent grounds) or employer-sponsored 482 → 186 (if they can structure a job offer in their own business).
I have a 188 from 2022 – what should I do?
Work towards meeting the 888 PR endpoint test as it applied at your time of lodgement. Most 188 streams require 4 years of residence and an investment or business outcome (active business, employee count, turnover, asset growth) within Australia. Speak to your agent or accountant about the specific 888 test for your stream.
Source
Primary source for this page
Information on this page is summarised from the Department of Home Affairs visa listing for subclass 188. Always confirm details against the primary source before lodging.