Look, if you are reading this in 2024 or later, the Business Innovation and Investment Program has closed. That happened in July 2024. But if you already hold a Subclass 188 visa, this still matters to you. A lot.
The Subclass 188 was the provisional visa that led to permanent residency through the Subclass 888. Five streams, each with different investment thresholds and requirements. Understanding which stream you hold determines your pathway forward.
The Five Streams of Subclass 188
1. Business Innovation Stream
This was for business owners and senior managers who wanted to establish or develop a business in Australia. You needed state or territory nomination and a track record of high-level management. Points tested. Minimum 65 points to qualify.
The idea was simple: bring your business skills here, run a business, then transition to permanent residency.
2. Investor Stream
A designated investment of at least $1.5 million into an Australian state or territory. Not just any investment. It had to be a complying designated investment, usually government bonds or similar instruments nominated by the sponsoring state.
Requirements included:
• State or territory nomination
• Minimum 65 points on the points test
• Net business, investment and personal assets of at least $2.5 million
• Genuine intention to live and invest in Australia
3. Significant Investor Stream
This is where the numbers got serious. A $5 million investment into complying significant investments. No points test. No upper age limit. The investment itself was the qualification.
The $5 million had to be spread across specific categories: Australian securities, eligible managed funds, and direct investments into Australian proprietary companies. Not just parking money in property. Active, complying investments.
4. Premium Investor Stream
The highest tier. $15 million into complying premium investments. Similar structure to the Significant Investor stream, but at a level that only a handful of applicants ever reached.
This stream was invitation-only through Austrade. Rare. If you hold one of these, you already know it.
5. Entrepreneur Stream
Different from the others. This was for people with funding agreements of at least $200,000 from specified sources to commercialise a business idea in Australia. State nomination required. Competent English required. An invitation to apply required.
Less about capital, more about innovation potential.
Requirements Across All Streams
Regardless of stream, every Subclass 188 applicant had to meet:
• Health requirements for the applicant and all family members
• Character requirements, including police clearances
• A genuine commitment to complying with Australian laws
• The specific eligibility criteria for their chosen stream
What Happens Now?
The BIIP is closed to new applications. The government has flagged a replacement, a National Innovation visa, but details remain unclear. No legislation yet. No application dates.
For high-net-worth individuals looking at Australia now, the Global Talent visa is the main alternative. Different structure, different requirements, but still a pathway to permanent residency for the right candidates.
If you already hold a Subclass 188 and need to transition to the Subclass 888, the compliance requirements are strict. Investment maintenance, residency obligations, business activity thresholds. Miss one and your pathway to permanent residency closes.
Do not assume everything is on track. Book a consultation and let us review exactly where you stand before your visa conditions become a problem.
This article provides general information only and does not constitute legal advice. For advice on your specific circumstances, book a consultation.
