Investment Migration

Quick answer

The Business Innovation and Investment (subclass 188) program closed to new applications on 31 July 2024. People who already hold a 188 visa may still be able to apply for permanent residence through the subclass 888 visa. For new business owners, investors and innovators, the Australian Government's current pathway is the National Innovation Visa (subclass 858). EMI International advises on which option fits your situation.

• Visas covered: Subclass 888 (for existing 188 holders), National Innovation Visa (858) and alternative business pathways
• Best for: Business owners, investors and existing 188 visa holders
• First step with EMI: Free 45-minute in-person consultation in Sydney CBD

Last reviewed: September 2026, against current Department of Home Affairs policy. General information only, not legal advice.

National Innovation Visa (Subclass 858)

The National Innovation Visa, introduced on 6 December 2024, is Australia's main permanent pathway for exceptionally talented people, including entrepreneurs, investors, researchers and leaders in their field. It replaced the Global Talent visa and effectively replaces the business investment streams for new applicants.

Key Requirements

• An internationally recognised record of exceptional and outstanding achievement in a profession, sport, the arts, academia/research, or as an entrepreneur or investor
• Still prominent in the field and an asset to the Australian community
• Ability to establish yourself in Australia
• Nomination by an Australian citizen, permanent resident, eligible New Zealand citizen or an Australian organisation with a national reputation in the same field
• Invitation-only: lodge an Expression of Interest first; the Department prioritises applicants in its published priority groups and sectors

Item	Detail
Visa type	Permanent residence
Investment threshold	None — selection is based on achievement, not investment
Main applicant charge (from 1 July 2026)	AUD 6,235

Business Innovation and Investment (Permanent) Visa (Subclass 888)

People who already hold a Subclass 188 provisional visa can still apply for permanent residence through the Subclass 888 visa once they meet the requirements of their stream.

Requirements

• Hold, or have held, a Subclass 188 visa and have complied with its conditions
• Nomination by a state or territory government (or Austrade, for some investor streams)
• Meet the business or investment requirements of your 888 stream (for example business ownership, turnover and assets, or maintained complying investment)
• Meet residence, health and character requirements

Benefits of Permanent Residence

• Live, work and study in Australia indefinitely
• Access to Medicare
• Sponsor eligible relatives
• Travel in and out of Australia for 5 years from grant
• A pathway to Australian citizenship

Government charges shown are base application charges for the main applicant from 1 July 2026 and change regularly. Confirm current amounts with the Home Affairs Visa Pricing Estimator.

Frequently Asked Questions

Can I still apply for the 188 Business Innovation and Investment visa?

No. The subclass 188 program closed to new applications on 31 July 2024. Existing 188 visa holders are not affected in the same way and may still progress to permanent residence.

I already hold a 188 visa. Can I get permanent residence?

You may be able to apply for the Business Innovation and Investment (Permanent) visa, subclass 888, if you meet the requirements of your stream. EMI can review your business or investment activity against those requirements.

What are the options for business people and investors now?

The main new pathway is the National Innovation Visa (subclass 858) for people with an internationally recognised record of exceptional achievement. Depending on your profile, employer-sponsored or skilled visas may also suit. EMI compares these options in a free consultation.

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