The 888 visa is still open, but only to current 188 visa holders. The Business Innovation and Investment Program closed to new applications on 31 July 2024, so no new 188 or 132 visas can be applied for. If you hold a 188 visa, you can still apply for the 888 permanent visa when you meet the requirements of your stream, usually with state or territory nomination.
Key points for 188 holders in 2026:
- The 888 application fee is AUD4,375 for the main applicant from 1 July 2026 (previously AUD3,500). Additional charges apply for family members.
- Start preparing at least 6 months before your 188 visa expires. You usually need state or territory nomination first, and gathering evidence of business turnover, assets, residence and management takes time.
- Check the residence requirements of your nominating state, as long periods outside Australia or the state can affect your eligibility.
- If you cannot meet the 888 requirements before your 188 expires, ask us whether an extension stream is available to you.
If you are not a 188 holder and want a business or investor visa, the best option for most people is now the New Zealand Business Investor Work Visa. See other options below.
Related:
- State requirements comparison for Business visas
- COVID-19 concessions for Business visas (SC188 and SC888), historical
- What is day to day management for the 888 Business Permanent visa?
- Upcoming Australia Immigration Changes 2021: Business and Investment Visas (historical)
- Are franchises acceptable for 888 Business Permanent Visa?
- 888 Business Permanent Visa and Role Swapping
- Visa options for business owners now that 188 visa is closed
- Upcoming Australia Immigration Changes- Business and Investment Visas
Business and investor visa options in 2026
- New Zealand Business Investor Work Visa: invest at least NZD 1 million in an established New Zealand business that you actively manage. You need at least NZD 500,000 for living costs, must be 55 or under, and can include your family. Residence is possible after 3 years, or after 12 months if you invest NZD 2 million or more. If you later become a New Zealand citizen, you can also live and work in Australia.
- Active Investor Plus (New Zealand): for investors with NZD 5 million or more.
- National Innovation Visa (subclass 858): an invitation-only Australian permanent visa for people with an internationally recognised record of exceptional achievement, including entrepreneurs and investors. The application fee is AUD6,235 from 1 July 2026.
- Your own business sponsors you: an Australian business you own can sponsor you on a Skills in Demand (subclass 482) visa, with a later pathway to the 186 permanent visa. The Department looks closely at whether the position is genuine.
- Regional skilled visas: the 491 and 494 visas, which lead to the 191 permanent visa. Some states have small business owner pathways under the 491.
Read more in visa options for business owners now that the 188 visa is closed, or book a consultation with our business migration team.
Subclass 888 Visa – Business Innovation and investment (Permanent)
The subclass 888 visa has two Eligibility Streams:
- The Business Innovation Stream, and
- The Investor Stream.
- hold a provisional Business Innovation and Investment visa
- have met the requirements of that visa (including the specific requirements for the stream in which you first applied)
- are nominated by a state or territory government
| Criteria | The Business Innovation Stream – 888 visa | ||
| Business Activity | Evidence of at least 2 years continuous qualifying business and commitment to continue your business activity in Australia. | ||
| Ownership Interest | Continuous ownership interest in a main business or businesses throughout the period of at least 2 years preceding application (see 188 visa for detail).
Ownership interest from another previous business skills visa applicant or visa holders may not be eligible to apply. |
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| Management Role | In each of the 2 yrs preceding application has maintained direct and continuous involvement in management of the business, day to day at a senior level, and has made decisions affecting the overall performance and direction of the business. | ||
| Annual Turnover | At least A$300,000 in the 12 months before application. | ||
Applicant must meet two out of the three of the following criteria: |
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| 1) Net Business Assets in Australia | At least A$200,000 throughout the 12 months immediately before application was made; and continue to have that and were lawfully acquired. | ||
| 2) Number of Employees | At least equivalent 2 full-time employees in business who are Aust citizens, PR or NZ passport holders, but not including MFU’s for 12 mths prior to application. | ||
| 3) Net Total Assets in Australia | At least A$600,000 throughout the 12 months ending immediately before the application was made; and continue to have that, and were lawfully acquired | ||
| Evidence of compliance with Aust Tax Law | Must demonstrate that each business has an ABN and all BAS have been lodged for the 2 year period in business. | ||
| Presence in Australia | At least a total of 12 months in the previous 2 years physically in Aust immediately prior to application as holder of a 188 holder under the Business Innovation Stream or Extension Stream. | ||
| Business Background | No record of involvement in activities not generally acceptable in Australia. | ||
| Qualifying visa | Must hold a Business Innovation visa at time of application as the primary applicant. | ||
| Criteria | The Investor Stream – 888 visa | ||
| Designated Investment | Evidence you have held a Designated Investment of A$1.5 million for 4 years. | ||
| Business or Investment record | Provide information of your business or investment activities in Australia. e.g. a summary of any activities undertaken in Australia in addition to holding the Designated Investment to current date and include future plans. | ||
| Residence Requirement & qualifying visa | You must have lived in Australia as a subclass 188 holder under the Investor Stream for a total of at least 2 years in the 4 years immediately prior to lodging your 888 visa. The 2 year period in Australia does not need to be continuous.
Failure to meet this criterion may lead to your application being refused regardless of the performance of your business(es) |
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188 visa streams (closed to new applicants, for reference):
Note that business migration can be extremely complex, and even determining whether you have a good chance of qualifying can be difficult. In addition, you may be able to qualify in a number of different business migration categories.
Contact us today for a commitment free briefing with our Registered Migration Agents in Melbourne to find more about your visa options.
