Australia 188 Visa: Closed in July 2024 — Your Pathway Options

What Closed and When

On 31 July 2024, the Australian Government closed the Subclass 188 Business Innovation and Investment (Provisional) visa to new applicants. This applies to all five streams that existed under the 188 — Business Innovation, Investor, Significant Investor, Premium Investor, and Entrepreneur. The closure was announced as part of the Government's wider review of the business and investment migration program, and reflects a decision to direct skilled migration toward visas with clearer economic and innovation outcomes. The Department of Home Affairs no longer accepts new applications, expressions of interest, or state and territory nominations for the 188. Applications lodged before 31 July 2024 continue to be processed under the rules that applied at the time they were lodged. State and territory business migration programs that previously fed into the 188 have either closed entirely or been redirected to support different visa pathways.

If You Already Hold a 188 Visa

If you held a 188 visa on or before 31 July 2024, your visa remains valid and your pathway to permanent residence through the 888 Business Innovation and Investment (Permanent) visa is unchanged. The 888 remains open for existing 188 holders who meet the original transition requirements under their stream. For the Business Innovation stream: you still need to have held the 188 for at least 2 years, operated a business in Australia for at least 2 years, achieved a turnover of at least AUD 300,000 per year in Australia, and maintained net assets of at least AUD 200,000 in Australia throughout the qualifying period. For the Investor and Significant Investor streams: you still need to have held the 188 for the full 4-year period and maintained the designated or complying investment throughout. The 888 application process and timeline are unchanged. A migration agent who handled your original 188 lodgement or works in business migration can advise on the 888 transition specifically.

188A to 888 transition checklist (Business Innovation stream)

The 188A is the Business Innovation stream of the closed 188 visa. If you already hold a 188A, this is the checklist of conditions you generally need to satisfy to transition to the permanent 888 visa under the original Business Innovation rules. It is a transition checklist for existing holders, not an entry checklist — no new 188A applications are accepted.

Held your 188 visa for at least 2 years before applying for the 888.

Owned and managed a qualifying business in Australia for at least 2 years.

Achieved an annual business turnover of at least AUD 300,000 in the 12 months before applying.

Maintained net business assets of at least AUD 200,000 in your Australian business for the 12 months before applying.

Met at least two of the three additional benchmarks usually required: net business and personal assets of at least AUD 600,000, at least two full-time equivalent Australian employees, and a continuing ownership stake in the business.

Continued to meet health, character and genuine-business requirements throughout the qualifying period.

Thresholds and benchmarks can vary by when your 188 was granted and by your state or territory nomination conditions, so confirm the exact figures that apply to your grant with the Department of Home Affairs or a business-migration agent before lodging the 888.

National Innovation Visa (Subclass 858) — the Closest Current Equivalent

The National Innovation Visa (Subclass 858) replaced the Global Talent visa on 7 December 2024. It is the closest current equivalent to the Significant Investor and Premium Investor streams of the closed 188. The 858 is invitation-only via an Expression of Interest (EOI) lodged in SkillSelect. The visa is intended for people who can demonstrate exceptional, internationally recognised achievements in a target sector — including investment and entrepreneurship as a sector category. Applicants must meet an income threshold of approximately AUD 183,100 per year (current as at 2026). Unlike the closed 188, the 858 is a direct permanent residence visa — there is no provisional stage. The 858 is not a like-for-like replacement for the Business Innovation stream, but for high-net-worth investors and entrepreneurs with internationally recognised track records, it is the closest current pathway.

Other Pathways for Business Migrants in 2026

Beyond the National Innovation Visa, business owners and investors have several other current options. The Skilled Independent (Subclass 189), Skilled Nominated (Subclass 190), and Skilled Work Regional (Subclass 491) visas all award points for business and investment factors. If you have professional skills assessed through a relevant assessing authority, the points-tested skilled stream remains open. The Skills in Demand visa (Subclass 482) and the Employer Nomination Scheme (Subclass 186) are employer-sponsored pathways — you would need an Australian business willing to sponsor you, which can include a business you yourself establish if you meet the labour market testing and sponsor obligations. The Skilled Employer Sponsored Regional (Subclass 494) is the regional equivalent. None of these are direct equivalents of the closed 188's investor-only pathways, but they cover most genuine business migration scenarios where the applicant has professional skills, an Australian sponsor, or both.

What This Means If You Were Planning to Apply

If you were preparing to apply for the 188 — gathering net assets evidence, lining up a state nomination, drafting a business plan — that application can no longer proceed. The realistic options are: pursue the National Innovation Visa if your investment and entrepreneurial profile is genuinely exceptional and meets the income threshold; pursue a points-tested skilled visa if you also have a professional occupation that fits an Australian skills assessment; pursue an employer-sponsored visa if you can secure or establish an Australian business that will sponsor you; or wait for any future replacement program. The Government has not announced a direct successor to the broader 188 Business Innovation stream. Talking to a migration agent who works in business migration is worthwhile before committing significant funds or planning a move — the alternatives are structurally different from the 188 and may or may not fit your situation.

Is the 188 visa closed for sure?

Yes. The Department of Home Affairs closed the Subclass 188 to new applicants on 31 July 2024. This applies to all five streams. No new 188 applications, EOIs, or state nominations are being accepted.

Can I still apply for the 888 permanent visa?

Yes — but only if you already hold a 188 visa that was granted before the closure. The 888 transition pathway remains open for existing 188 holders under each stream's original rules. New applicants cannot start the 188-to-888 pathway.

What replaced the Significant Investor stream?

The closest current equivalent is the National Innovation Visa (Subclass 858), which replaced the Global Talent visa in December 2024. The 858 is invitation-only, requires demonstrated exceptional achievement, and has an income threshold of around AUD 183,100. It is not a like-for-like replacement — it is a permanent-residence visa with no provisional stage, and the investor profile is one of several target sectors, not a dedicated stream.

I lodged my 188 application before July 2024 — what happens now?

Applications lodged before 31 July 2024 continue to be processed under the rules that applied at the time of lodgement. Your application is not affected by the closure. Processing times for business visa applications can be long — your migration agent or the Department can provide a specific timeline based on your stream.

What is the 188A to 888 visa checklist?

For existing 188A (Business Innovation) holders transitioning to the permanent 888, the core checklist is: held the 188 for at least 2 years; owned and managed a qualifying Australian business for at least 2 years; annual turnover of at least AUD 300,000; net business assets of at least AUD 200,000; and at least two of the three additional benchmarks (net business and personal assets of AUD 600,000, two full-time equivalent Australian employees, and a continuing ownership stake). You must also meet health, character and genuine-business requirements. This is a transition checklist for current holders only — no new 188A applications are accepted since the 31 July 2024 closure. Confirm the exact thresholds for your grant with the Department of Home Affairs.

Will the 188 reopen?

The Government has not announced a reopening. Business migration policy is reviewed periodically and could change. If you are planning around a possible reopening, treat it as speculative rather than as a planning assumption.