Subclass 188 BIIP: A/B/C/D/E streams after the 2024 reforms
The Business Innovation and Investment (Provisional) visa (subclass 188) was narrowed substantially in the 2024 reforms. This article covers the five remaining streams — Business Innovation, Investor, Significant Investor, Entrepreneur, and Premium Investor — and what the reduced places and higher thresholds mean for applicants.
The Subclass 188 Business Innovation and Investment (Provisional) visa is the entry point to the Business Innovation and Investment Program (BIIP), Australia’s visa stream for business owners, investors, and entrepreneurs. The 188 is a temporary (provisional) visa that allows the holder to establish or invest in a business in Australia, after which they may apply for permanent residency through the subclass 888 visa.
The BIIP has undergone the most significant contraction of any Australian visa stream in the decade since 2015. The 2024 reforms cut the BIIP planning level from 5,000 places to 1,000 places, removed the Premium Investor stream from the allocations, and signalled that the government intends to further narrow the program. The reforms were driven by a Treasury and Productivity Commission finding that BIIP visa holders contribute less to the Australian economy over their lifetimes than skilled visa holders, and that the program was not attracting the high-value investment and entrepreneurship it was designed to target.
Despite the contraction, the 188 remains a pathway to PR for applicants with significant capital or a track record of business ownership who cannot qualify through the skilled migration points test (covered in /pathways/189-skilled-independent/). This article covers each of the five streams, the eligibility thresholds, the nomination process, and the post-reform landscape.
The five streams at a glance
| Stream | Target applicant | Key threshold (2025–2026) |
|---|---|---|
| A — Business Innovation | Business owners | AUD 1,250,000 in business and personal assets; annual business turnover AUD 750,000 |
| B — Investor | Passive investors | AUD 2,500,000 designated investment; AUD 2,500,000 in assets |
| C — Significant Investor (SIV) | High-net-worth investors | AUD 5,000,000 complying investment |
| D — Entrepreneur | Startup founders | AUD 200,000 funding from a qualifying entity; 30% ownership in a business with an innovative concept |
| E — Premium Investor | Ultra-high-net-worth investors | AUD 15,000,000 complying investment (no places allocated in 2024–2025) |
Stream A: Business Innovation (188A)
The 188A is for people who own and manage a business and want to establish a business in Australia. The core requirements are:
- Age: Under 55 at the time of invitation (state and territory governments may waive this if the proposed business is of exceptional economic benefit)
- Points test: Score at least 65 on the Business Innovation and Investment points test, which assesses age, English language ability, qualifications, business experience, personal and business assets, business turnover, and innovation
- Business track record: Owned and operated a qualifying business for at least two of the four fiscal years immediately before the invitation
- Turnover: The business had an annual turnover of at least AUD 750,000 in at least two of the four fiscal years
- Assets: Total net business and personal assets of at least AUD 1,250,000 that are lawfully acquired and available for transfer to Australia within two years of the visa grant
- State/territory nomination: A nomination from a state or territory government agency is required
After the 2024 reforms, the 188A is the most heavily subscribed BIIP stream, accounting for approximately 60% of BIIP places. Competition for nomination is intense, and state governments have increasingly raised their thresholds above the federal minimum — Victoria and NSW, for example, require higher turnover and asset thresholds and a more detailed business proposal.
Stream B: Investor (188B)
The 188B is for people who wish to make a designated investment in an Australian state or territory and maintain business and investment activity in Australia.
- Age: Under 55 at invitation (state waiver available)
- Points test: Minimum 65 points
- Designated investment: AUD 2,500,000 in a complying investment for the duration of the provisional visa
- Net assets: AUD 2,500,000 in assets lawfully acquired
- Investment experience: At least three years’ experience managing a qualifying business or eligible investments
The designated investment must be made in a state or territory government bond or a complying investment framework approved by the relevant state government. The investment is held for the entire period of the 188B visa and is a prerequisite for the 888B permanent visa.
Stream C: Significant Investor (SIV) (188C)
The 188C is for high-net-worth individuals who invest at least AUD 5,000,000 in complying investments in Australia.
Key features:
- No age limit
- No points test
- No English language requirement (though functional English or payment of the second VAC applies)
- 160-day residence requirement over four years (extendable to 180 days for secondary applicants who take the primary residence obligation)
- Complying investment framework: 20% in venture capital and private equity (AUD 1M), 30% in emerging companies (AUD 1.5M, fund-of-funds structure), 50% in balancing investments (AUD 2.5M, managed funds, listed equities, corporate bonds)
The SIV has been the subject of sustained policy criticism. The 2016 Productivity Commission report found SIV holders contribute less in tax revenue than skilled migrants and recommended abolishing the stream. The 2024 reforms did not abolish the SIV but reduced its share of the BIIP intake. The government has signalled that the SIV may be phased out in future program years.
Stream D: Entrepreneur (188D)
The 188D is for entrepreneurs who have a funding agreement with a qualifying entity for an innovative business concept.
- Age: Under 55
- Funding: At least AUD 200,000 from a qualifying entity — a venture capital limited partnership (VCLP), early-stage venture capital limited partnership (ESVCLP), Australian venture capital fund of funds, or a university or government research agency
- Ownership: At least 30% ownership in the business
- Business plan: A detailed business plan demonstrating the innovative nature of the concept and its potential for commercialisation in Australia
The 188D is the most selective BIIP stream by volume. Fewer than 50 188D visas are granted annually, reflecting the high bar for qualifying entities and the competition from other entrepreneur visa programs internationally.
Stream E: Premium Investor (188E)
The 188E, formerly a separate subclass, requires an investment of at least AUD 15,000,000 in complying premium investments. The Premium Investor stream received zero planning-level places in the 2024–2025 and 2025–2026 program years and is effectively inactive.
The nomination requirement: a de facto second gate
All 188 streams require nomination by a state or territory government agency. The nomination is a separate process that occurs before the visa application is lodged. Each state and territory sets its own nomination criteria, which may be more stringent than the federal Department’s criteria.
NSW, for example, requires 188A applicants to be under 50 (not 55), to have a business turnover of AUD 1,250,000 (not AUD 750,000), and to have net business and personal assets of AUD 1,750,000 (not AUD 1,250,000). Victoria requires 188A applicants to demonstrate an innovative business proposal with a focus on sectors aligned with the state’s economic priorities — digital technology, advanced manufacturing, health and life sciences, agri-food, new energy, and circular economy.
The state nomination process effectively means that the published federal criteria are the floor, not the ceiling. Applicants should research the specific requirements of their target state before lodging an Expression of Interest through SkillSelect.
The post-2024 BIIP landscape
The reduction from 5,000 to 1,000 places has created a sharply competitive BIIP environment. The practical consequences:
Longer processing times. With fewer places available, the queue for invitation and nomination has lengthened. State governments report that they receive 5–10 expressions of interest for each available nomination.
Higher de facto thresholds. States are using their nomination discretion to select applicants who exceed the minimum federal criteria — effectively raising the bar for entry.
Sunsetting of the 132. The direct permanent Business Talent visa (subclass 132) was formally closed to new applications in 2021, though existing applications continue to be processed. The closure has funnelled all business migration demand through the 188 → 888 provisional-to-permanent pathway.
Uncertainty about the program’s future. The government has commissioned a further review of the BIIP, with recommendations expected in 2026. The review’s terms of reference include whether the BIIP should be retained, merged with other visa categories, or replaced with a new investment visa framework. Applicants considering the 188 as a long-term migration strategy should factor in the risk of further program changes.
Transition to the 888 PR visa
The 188 is a provisional visa. Permanent residency is obtained through the subclass 888 visa, covered in detail in /pathways/business-188-to-888/. The transition requires:
- Holding the 188 for the qualifying period (varies by stream)
- Meeting the stream-specific performance thresholds (business turnover, investment maintenance, or funding milestones)
- Residing in the nominating state or territory for the required period
- Satisfying health and character requirements a second time