Business and Investment Visas in Australia: 188 Closed, Now the National Innovation 858

Quick answer: does the 188 visa still exist?

Not for new applicants. The Business Innovation and Investment visa (subclass 188) — the old pillar of the business/investor category — closed to new applications on 31 July 2024. All streams (Business Innovation, Investor, Significant Investor, Entrepreneur) stopped accepting new applicants.

Subclass 188 only still “exists” in two narrow senses:

Applications lodged before 31 July 2024 are still being processed under the rules that applied when they were lodged.
People who already hold a 188 visa can still apply for the permanent subclass 888 visa if they meet the criteria — the PR pathway for those already in the system is preserved.

In other words: if you are starting a business/investment migration plan, 188 is no longer an option — do not plan around it.

What changed

Australia’s business/investor category was heavily reformed in 2024:

31 July 2024: the Business Innovation and Investment Program (BIIP) — the subclass 188 group — closed to new applications. The reason: a review by the Department of Home Affairs and the Productivity Commission found the 188 visa was not delivering the intended economic outcomes.
7 December 2024: Australia launched the National Innovation Visa (subclass 858), replacing both the Global Talent Visa and the BIIP as the main pathway for the “high-value talent/investment” category.

What the old 188 streams were (for context)

This section describes the closed streams — useful if you hold a 188 or want to understand the old system, not options for a new application:

Business Innovation stream (188): for people owning and managing a business in Australia; a temporary visa leading to 888.
Investor stream (188): for investors placing a set amount in designated state/territory investments.
Significant Investor stream (188): for investors placing a significant amount in complying investments.
Entrepreneur stream (188): for entrepreneurs with an innovative idea, usually requiring state nomination.

If you hold a 188 or lodged before 31 July 2024

If you are in this group, you have not lost your rights:

A 188 application lodged before 31 July 2024 continues to be processed (it may be slower due to changed migration priorities).
A current 188 holder can move to 888 (permanent residence) once they meet the criteria for their stream.

Confirm this directly with an RMA, because the 888 criteria depend on your specific stream and timeline.

Subclass 132 has also closed

The Business Talent visa (subclass 132) — a direct PR visa for strong-profile entrepreneurs — closed to new applications on 1 July 2021, even earlier than the 188. So 132 is also not an option for anyone starting today.

The current pathway: the National Innovation Visa (858)

The “talent/investment” category is now consolidated into the National Innovation Visa (subclass 858). Be clear that it is not an equivalent replacement for the BIIP. The NIV:

Is a permanent visa, invitation-only (you lodge an EOI first, and apply only after the Department invites you).
Targets people with outstanding achievements and major contributions in priority sectors (critical technologies, health, renewables, etc.).
Is much narrower than the 188: most “ordinary” business owners/investors who would have used the 188 will not automatically qualify for the 858.

See the article on the PR pathway via the National Innovation Visa 858 for who the NIV suits.

If you want to do business in Australia but don’t fit the 858

Because there is no longer a broad temporary “investment/business” visa, many people pivot to other routes — depending on their profile:

Skilled or employer-sponsored (482 → 186): if you have a relevant occupation and skills, this is often a more realistic way to come and stay, and then consider business later.
Doing business on another visa you hold: if you are already in Australia on a visa that permits owning/running a business (check that visa’s conditions carefully).
State/territory programs: conditions change constantly — only confirm with official sources and an RMA.

General points

Don’t rely on old information. The business/investor category just went through a major change; check every date and condition against immi.homeaffairs.gov.au at the time you apply.
RMA — Registered Migration Agent: this is a complex visa group; always work with a registered agent (check at mara.gov.au) rather than lodging yourself.
This article is a broad overview, not personal migration advice.