188 Business Innovation and Investment visa: status and streams

Key facts

Status: Main streams closed to new applications (31 July 2024; Premium Investor 1 July 2024)
Streams still listed for existing holders: Business Innovation Extension and Significant Investor Extension
Extension stream charge, main applicant: AUD 1,505
How long the visa lasts: Provisional; Extension streams allow stays up to 6, 7, 8 or 9 years from the original grant
Where to apply (Extension streams): In or outside Australia, but not in immigration clearance

Status

Home Affairs still has a 188 visa page, but its stream pages say the main streams are closed to new applications:

Stream	Status on Home Affairs
Business Innovation	Closed to new applications on 31 July 2024
Investor	Closed to new applications on 31 July 2024
Significant Investor	Closed to new applications on 31 July 2024
Entrepreneur	Closed to new applications on 31 July 2024
Premium Investor	Closed to new applications on 1 July 2024
Business Innovation Extension	Listed, for existing 188 Business Innovation holders
Significant Investor Extension	Listed, for existing 188 Significant Investor holders

The Extension stream pages do not say they are closed. The Business Innovation Extension page says applicants must have a current nomination from a state or territory agency before being invited to apply.

Extension streams

Business Innovation Extension. For people who hold a 188 Business Innovation stream visa, usually for at least 3 years. Requirements include a main business that has operated actively in Australia for at least 2 years, continued involvement in managing it, and a state or territory nomination. The stay can run up to 6, 7 or 8 years after the original 188 grant, depending on when the person was invited.

Significant Investor Extension. For people who hold a 188 Significant Investor stream visa, usually for at least 3 years, and who continue to hold their complying significant investment. Up to two Extension visas can be held, for a stay of up to 9 years after the original grant.

Both streams require functional English (or a second instalment, if not already paid), plus health, character, debt and Australian values requirements. Family members can be included.

Home Affairs' Visa Pricing table lists these charges for each Extension stream:

Applicant	Charge
Main applicant	AUD 1,505
Additional applicant 18 and over	AUD 760
Additional applicant under 18	AUD 380

188 visa processing time

Home Affairs publishes current processing times in its visa processing times guide.

Common questions

Is the 188 visa closed?

Home Affairs says the Business Innovation, Investor, Significant Investor and Entrepreneur streams closed to new applications on 31 July 2024, and the Premium Investor stream closed on 1 July 2024. The two Extension streams for existing 188 holders are still listed.

Can I still apply for a 188 Extension stream?

Home Affairs lists the Business Innovation Extension and Significant Investor Extension streams for people who already hold a 188 visa in the Business Innovation or Significant Investor stream, usually for at least 3 years. Each has its own criteria.

How much does a 188 Extension stream cost?

Home Affairs' Visa Pricing table lists AUD 1,505 for the main applicant in each Extension stream, AUD 760 for each additional applicant 18 and over and AUD 380 for each under 18.

What happens to people who already hold a 188 visa?

Home Affairs' 188 pages describe two Extension streams that let some existing holders extend their stay. Home Affairs also lists the Business Innovation and Investment (Permanent) visa (subclass 888) and its streams.

What did the 188 visa allow?

Home Affairs describes it as a visa to own and manage a business in Australia, conduct business and investment activity, or undertake an entrepreneurial activity, after an expression of interest, a nomination and an invitation.

Subclass 188 visa: Business Innovation and Investment