Visa options for business owners

Visa options for business owners now that 188 visa is closed

The Australian Government’s decision to close the Business Innovation and Investment Program (BIIP) on 31 July 2024 has disrupted the migration plans of many business owners and entrepreneurs. This change has compelled prospective migrants to explore alternative pathways, such as self-sponsorship under the Subclass 482 (Skills in Demand) visa and small business owner Subclass 491 visas.

Both alternatives demand investment, legal compliance, and a clear understanding of visa criteria. Engaging a professional migration agent or legal advisor is strongly recommended to increase your chances of success. Book a consultation to evaluate your visa options and pathways here.

Understanding the BIIP Closure

The BIIP, introduced in 2012, was a central pillar in attracting business talent to Australia. Over 100,000 migrants benefited from it, with a heavy presence of applicants from countries like China, Iran, and Hong Kong. It required applicants to show:

Strong business acumen and experience
Significant assets
A commitment to invest in or establish businesses in Australia

Despite its initial success, criticism mounted over time. Key concerns included:

Lower economic contribution compared to skilled migrants
Language barriers and lower income levels among visa holders
Integrity issues and misalignment with Australia’s economic priorities

A 2023 review estimated BIIP migrants’ lifetime economic contribution at only $600,000—far below the $1.6 million for the average Australian. In response, the government pivoted towards a skills-focused migration strategy, launching the Skills in Demand visa and other reforms.

Subclass 482 Visa: Self-Sponsorship

The Subclass 482 visa allows employers to sponsor skilled workers, including the possibility of self-sponsorship—though this route is fraught with complexity. The Department of Home Affairs closely examines these applications due to potential misuse.

To qualify, you must show:

The role is listed on the core skills occupation list (from 1 July 2025, salary of the role must be between $76,515 to $141,210)
he core skills occupation list does not apply if your salary is over $141,210 and you are applying for the specialist skills stream
our business is lawfully operating in Australia
A genuine need for the position exists
You possess the necessary skills and qualifications
The salary offered meets or exceeds the market rate

Key Challenge: Proving the role is genuine and not just a means to secure residency is particularly difficult when the business owner is the nominee.

Other hurdles include demonstrating:

Financial viability
A clear distinction between the sponsored role and ownership functions
That the business could hire an Australian citizen or permanent resident for the position

Migration advice is essential before pursuing this path, as the risk of refusal is high.

Subclass 491 Visa: Regional Small Business Owner Pathways

The Skilled Work Regional (Provisional) visa – Subclass 491 offers an alternative for small business owners operating in regional Australia. It is usually an option if you are already in Australia on a 485 graduate visa (or other temporary work visas i.e 408, 417 and 462) which allows you full time work rights so that you have the freedom to satisfy one of the below.

Various states have developed tailored programs with distinct requirements:

Australian Capital Territory (ACT)

To qualify under the ACT’s program:

Own 51% or more of a business in Canberra
Reside and work in Canberra for at least 3 months
Commit to staying in the ACT long term

Ineligible businesses include rideshare, sub-tenancy, courier services, and re-used businesses.

Financial Criteria:

Operate 6–12 months with $100,000–$200,000 turnover
Earn minimum taxable income:
- $13,000 in 3 months (Subclass 491)
- $26,000 in 6 months (Subclass 190)
Employ at least one Australian citizen or permanent resident (min. 20 hours/week for 13 weeks)

Tasmania

Queensland

Queensland offers two Subclass 491 business owner pathways:

Pathway 1: Business Purchase

Purchase a business outside South East QLD for at least $100,000
Operate for 6 months prior to submitting an EOI
Employ at least one Australian citizen or permanent resident
Ensure the business was active for 2 years before purchase

Pathway 2: Start-up Business

Run your business for at least 2 continuous years
Achieve $200,000 in annual turnover
Demonstrate profitability

Final Thoughts

With the BIIP no longer an option, aspiring migrant entrepreneurs must adapt to a new migration landscape. While the Subclass 482 (self-sponsorship) and Subclass 491 (regional small business owner) pathways are viable, they demand careful planning, strategic investment, and thorough legal guidance.

For those who are committed and well-prepared, Australia remains an option for innovation and business success.

Pros and Cons of the 491 and 190 Visas

Advantages

Continued operation or expansion of your business
Eligibility for permanent residency after meeting conditions
A backup option when other visas are no longer available

Risks and Challenges

Regional location restrictions may limit opportunities
State nomination requirements vary and evolve
Initial visa valid for 5 years with a path to PR through 191 visa
Business performance thresholds can be hard to sustain
Limited nomination slots and intense competition

Considerations for Migrating Business Owners

Key Risks:

Financial Burden: Establishing or purchasing a business requires major capital investment
Compliance Complexity: Adherence to local laws and visa conditions is essential
Market Acclimatization: Understanding and adapting to the Australian market is crucial
Family Impact: Must factor in education, lifestyle, and career options for dependents
Cultural Integration: Navigating Australian business culture can be a significant hurdle