Overview
The Business Innovation and Investment Program (BIIP) — the pathway for new Subclass 188 applications — closed permanently on 31 July 2024. New 188 applications are no longer accepted. Applications lodged before that date continue to be processed, and applicants who withdraw may request a refund of their visa application charge (available since September 2024). Existing 188 holders keep their pathway to the permanent Subclass 888, and since 19 September 2026 Ministerial Direction 122 sets the processing order for 888 applications. For new applicants with exceptional talent, the current pathway is the National Innovation visa (subclass 858), which has 3,500 places in 2026-27.
The Business Innovation and Investment Program closed to new applications on 31 July 2024 and has not been replaced. Subclass 188 applications lodged before that date continue to be processed and, for those who choose to withdraw, the Department has run a refund pathway since September 2024.
What are your options if your 188 is still in the queue?
If your application is undecided, the priority is keeping it moving: respond to the Department’s requests on time, keep your state or territory nomination current, and prepare for the Subclass 888 once you meet your stream’s requirements. If you are considering whether to withdraw and claim a refund of the application charge, weigh the refund against the permanent-residence pathway you would give up — once withdrawn, there is no way back into the program.
What if you already hold a 188?
Your pathway to the permanent 888 is unchanged: meet your stream’s business, investment and residence requirements and apply before your 188 expires (a 188 extension is available for some streams if you need more time). Since 19 September 2026, Ministerial Direction 122 sets the order in which 888 applications are processed alongside other permanent skilled visas.
What replaces the 188 for new applicants?
For individuals with exceptional achievement in their field, the current pathway is the National Innovation visa (subclass 858) — invitation-only, with 3,500 places in 2026-27 and priority for critical technologies, renewables and health industries. Business owners who qualify as skilled workers may instead look at employer sponsorship (482) or state nomination (190 / 491).
Fees and processing times shown above are sourced from the Department of Home Affairs and displayed with the date verified.
Who is eligible for the Subclass 188 visa?
- Your 188 application was lodged before 31 July 2024 (the program is closed to new applications)
- You continue to meet the business, investment or financial requirements of your stream
- You continue to be nominated by a state or territory (as applicable)
- You meet health, character and other ongoing requirements
How much does the Subclass 188 visa cost?
Fees change with annual indexation. See the official Visa Pricing Estimator for the current figure.
How long does the Subclass 188 visa take to process?
| Stream | 75% finalised within | 90% finalised within |
|---|---|---|
| Business Innovation Extension | 9 months | 11 months |
Official figures as at 29 September 2026. Source: Department of Home Affairs — Global visa processing times. Compare all visas on our processing times tracker. Times are a guide only — complete, decision-ready applications are generally faster.
How do you apply for the Subclass 188 visa?
- Check the status of your application. If you lodged before 31 July 2024 your application continues to be processed in line with the Migration Program planning levels. Confirm the current status with the Department of Home Affairs or your migration agent.
- Decide whether to continue or withdraw. Applicants who withdraw a 188 application can request a refund of the visa application charge (the refund process opened in September 2024). We can help you weigh the options for your circumstances.
- Respond to requests promptly. Provide any further information the Department requests within the timeframes given to keep your application on track.
- Plan your transition to the permanent 888. Once you meet your stream's business or investment requirements, apply for the Subclass 888 to convert your provisional visa into permanent residence. Check whether your 188 needs an extension to cover the gap.
How it compares
| Situation | What applies now |
|---|---|
| Want to lodge a new 188 | Not possible — the BIIP closed on 31 July 2024 |
| 188 lodged before 31 July 2024, undecided | Continues to be processed; refund available if you withdraw |
| Hold a 188 and meet your stream's requirements | Apply for the permanent 888 (processing order under Ministerial Direction 122 from 19 Sep 2026) |
| New talent or innovation applicant | National Innovation visa (858) — 3,500 places in 2026-27, invitation only |
| Business owner wanting to work in Australia | Employer-sponsored 482/186, or state-nominated 190/491 if you qualify as a skilled worker |
Frequently asked questions
Is the Subclass 188 visa still open to new applicants?
No. The Business Innovation and Investment Program closed permanently on 31 July 2024 and new 188 (and 132) applications are no longer accepted. The Government has not announced a replacement business or investor visa; the 2026-27 Migration Program contains no BIIP allocation.
What happens to applications lodged before 31 July 2024?
Applications lodged before that date continue to be processed by the Department of Home Affairs under the rules that applied when they were lodged, in line with the Migration Program planning levels. Processing is slow and depends on your stream and state nomination.
Am I entitled to a refund if I withdraw my application?
Applicants who withdraw a Business Innovation, Investor, Significant Investor, Premium Investor or Entrepreneur stream 188 application can request a refund of the visa application charge. The refund process, administered by the Department of Home Affairs, has been available since September 2024.
What is the pathway today for talent and innovation applicants?
The National Innovation visa (subclass 858), introduced on 6 December 2024, is the current permanent pathway for individuals with an internationally recognised record of exceptional achievement. It is invitation-only, has 3,500 places in 2026-27 and prioritises critical technologies, renewables and health industries under Ministerial Direction 120.
Do I still have a pathway to permanent residence?
Yes. If your 188 is granted (or already held) and you meet your stream's business, investment and residence requirements, you can apply for the permanent Subclass 888. If your 188 will expire before you qualify, a 188 extension stream may be available for some streams.
Related visas
- Business Innovation and Investment (Permanent) visa (Subclass 888)
- National Innovation visa (Subclass 858)
- Skills in Demand visa (Subclass 482)
Related guides
- The medical examination for your Australian visa
- Complete guide to Australian immigration in 2026
- Visa Refused? Your Appeal Options and the ART Review