Business Innovation & Investment Visa
Business Innovation & Investment Visa
Visa Cost
Closed (no longer accepting new applications)
The BIIP business innovation and investment program closed to new applications from 2024-07-31
Processing Time
Closed to new applications (2024-07-31)
The Business Innovation and Investment Program (BIIP) closed to new applications on 2024-07-31; consider the 858 National Innovation visa (NIV)
Eligibility
- Obtain state/territory government nomination
- Meet the business innovation or investment requirement
- An EOI score of 65 or above
- Under 55 years of age (some states may waive this)
- Business Innovation stream: a successful business background
- Investor stream: invest AUD 2.5 million
- Significant Investor stream: invest AUD 5 million
Key Information
Validity / Stay / Residence
Provisional; validity is about 4-5 years depending on the stream (extension streams such as business innovation extension and significant investor extension can be applied for).
Eligible Dependants
You can bring the spouse/de facto partner and dependent children as secondary applicants.
PR / Permanent Residence Pathway
Closed to new applications (the Business Innovation and Investment Program BIIP permanently stopped accepting new applications on 31 July 2024). This visa is provisional; the former pathway was to move to 888 permanent residence after meeting business/investment and residence requirements; existing applicants or holders can still apply for 888 under the old rules.
View provisional-to-permanent transition overview →Common Visa Conditions
Full explanations of condition codes are in the Visa Conditions Lookup
Application Steps
Choose Stream
Choose Stream
Choose the visa subclass that suits you
- Business Innovation stream (188A): suited to those with a business background
- Investor stream (188B): requires an investment of AUD 2.5 million
- Significant Investor stream (188C): requires an investment of AUD 5 million
- Entrepreneur stream (188E): suited to innovative entrepreneurs
Apply for State Nomination
Apply for State Nomination
Apply for nomination from the target state
- Each state has different requirements and processes
- A business plan may be required
- Some states require an inspection visit
Submit EOI & Visa Application
Submit EOI & Visa Application
Submit the EOI and wait for an invitation
- Submit the EOI in SkillSelect
- Lodge the visa application after receiving the invitation
- Provide detailed business and financial documents
Required Documents
| Document Name | English Name | Required | Description | Tips |
|---|---|---|---|---|
| Passport | Passport | Valid passport | - | |
| State Nomination | State Nomination | State government nomination | - | |
| Business Plan | Business Plan | A detailed business plan | - | |
| Financial Statements | Financial Statements | Business and personal financial statements | - | |
| Asset Evidence | Asset Evidence | Proof of net assets | - | |
| Business Experience | Business Experience | Evidence of business/management experience | - | |
| English Test | English Test | English score (optional, earns points) | - |
FAQ
Can the 188 visa lead to permanent residence?
How much investment does the Significant Investor visa require?
How much net asset does the Business Innovation stream require?
Common Refusal Reasons
- Closed to new applications; no new lodgement is possible (from 31 July 2024)
- Business/investment history, assets, turnover or other metrics fall short
- No state/territory or Austrade nomination
- Insufficient EOI score or inadequate evidence of the lawful source of funds
- Health or character not met
Can you appeal after a refusal? See the Visa Refusal & Review (ART) Guide.