Overview
The Business Innovation and Investment (Provisional) visa (Subclass 188) – Investor Stream is designed for individuals with a successful record of investment or business activity who are willing to invest a minimum of AUD 2.5 million into complying Australian investments.
Important 2026 Update: The Business Innovation and Investment Program (BIIP) was permanently closed to new applications on 31 July 2024. The Department of Home Affairs continues to process applications lodged prior to this date. Existing Subclass 188 holders remain eligible to transition to the permanent Subclass 888 visa upon meeting residency and investment holding requirements.
Eligibility Criteria
To be granted this visa (for applications currently in the processing queue), applicants must:
- Be nominated by an Australian State or Territory government agency.
- Be under 55 years of age (unless a waiver is granted by the nominating State or Territory).
- Score at least 65 points on the Points Test.
- Have a high level of management skill in relation to eligible investments or qualifying businesses.
- Have at least 3 years of experience in direct involvement in managing one or more qualifying businesses or eligible investments.
2026 Application Charges
The following rates represent the latest 2026 indexed Visa Application Charges (VAC) for the Investor Stream.
| Applicant Type | Base Application Charge (AUD) |
| Primary Applicant | $10,000 |
| Additional Applicant (18 and over) | $5,000 |
| Additional Applicant (Under 18) | $2,500 |
Note: A second instalment charge ($9,795) applies for applicants aged 18 or over who do not have functional English. This is payable only when requested by the Department.
Processing Times
Processing times reflect the current 2026 assessment benchmarks for the existing caseload:
- 50% of applications: 14 Months
- 90% of applications: 25 Months
Investor Stream Requirements
For applications lodged on or after 1 July 2021, the complying investment framework requires a total of AUD 2.5 million to be held for the duration of the provisional visa:
- Venture Capital: At least AUD 500,000 in venture capital and growth private equity funds.
- Emerging Companies: At least AUD 750,000 in approved managed funds investing in emerging companies listed on the Australian Stock Exchange (ASX).
- Balancing Investment: At least AUD 1.25 million in "balancing investments" in managed funds.
Applicants must also demonstrate net business, investment, and personal assets of at least AUD 2.5 million that were legally acquired and are available for transfer to Australia.
Frequently Asked Questions
Can I apply for a Subclass 188 Investor Stream visa in 2026?
No. New applications for the Subclass 188 closed on 31 July 2024. Only those who already hold the visa or applied before the closure date can continue with this pathway.
Is there an alternative for new investors in 2026?
The Australian Government has transitioned to the National Innovation Visa, which targets exceptionally talented individuals and high-value investors who provide significant benefit to the national economy.
Can I manage my application on my mobile device?
Yes. All applicants can access their ImmiAccount through a mobile browser to upload documents, update contact details, and check the progress of their application.
What happens if my provisional visa is expiring but I haven't met the permanent residency requirements?
Holders of the Investor Stream may be eligible for an extension to provide more time to meet the requirements for the Subclass 888 permanent visa, provided they maintain their complying investment and state nomination.
