Australia Business & Investor Immigration 2026

An Important Update: The BIIP Has Closed

We start every guide with the facts as they are, not as they were. The Australian Government permanently closed the Business Innovation and Investment Programme (BIIP) — which underpinned the Subclass 188 provisional visa — to new applications on 31 July 2024. The Business Talent visa (Subclass 132) closed to new applications on the same date. If you have read elsewhere about BIIP streams, investor thresholds, business turnover requirements under the Subclass 188, or the Subclass 132 as a live option, those facts describe programmes that no longer accept new entrants.

This guide covers what exists now in 2026: the current pathway for business owners and investors seeking Australian permanent residency (principally the National Innovation Visa, Subclass 858), what it requires, and the realistic path to Australian citizenship.

What the BIIP Was

For context, the BIIP operated four main streams until its closure:

• Business Innovation Stream: Required a points-tested assessment, a substantial ownership stake in an Australian business, and personal and business net assets of at least AUD 800,000.
• Investor Stream: Required AUD 2.5 million invested in a state/territory-managed fund and net assets of at least AUD 2.25 million.
• Significant Investor Stream (SIS): Required AUD 5 million in complying investments across prescribed asset classes, held for at least four years.
• Premium Investor Stream: Required AUD 15 million in premium complying investments.

The programme was state-nominated — each state and territory ran its own nomination process with differing requirements, processing priorities, and nomination allocations. The SIS stream, in particular, attracted significant international interest from high-net-worth investors seeking Australian residency with a capital-focused rather than skills-focused pathway.

The Government closed the BIIP following a review that concluded the programme was not delivering sufficient economic benefit relative to its intake, and that the backlog of unresolved applications had become unmanageable. Existing Subclass 188 holders retain the right to transition to a permanent Subclass 888 visa once they have met their stream's qualifying period and business/investment performance requirements.

Current Pathways in 2026

Business Talent Visa — Subclass 132 (CLOSED to new applicants)

Some older guides still present the Subclass 132 Business Talent visa as the primary permanent pathway for established business owners and venture capital entrepreneurs. This is no longer correct. The Subclass 132 — including both its Significant Business History and Venture Capital Entrepreneur streams — closed to new applications on 31 July 2024, alongside the wider BIIP closure. Only applications lodged before that date continue to be processed; new applicants cannot use this route.

For historical context, the Subclass 132 was a permanent visa from the outset. The Significant Business History stream required net personal and business assets of at least AUD 1.5 million, annual business turnover of at least AUD 3 million in at least two of the four fiscal years before nomination, ownership of at least 10% of an established business (30% if publicly listed), state or territory nomination, and a genuine senior management commitment. The Venture Capital Entrepreneur stream required at least AUD 1 million in funding from a member of the Australian Venture Capital Association Limited (AVCAL). These criteria are recorded here for reference only — they no longer apply to new applicants.

The current pathway for high-calibre business owners, entrepreneurs and investors is the National Innovation Visa (Subclass 858), described below.

National Innovation Visa — Subclass 858

Introduced in December 2024 as a replacement for both the Global Talent visa and BIIP streams A and B, the Subclass 858 is a permanent visa for individuals with an internationally recognised record of exceptional achievement in their field. It targets established scientists, technologists, entrepreneurs, researchers, and business leaders — not primarily by wealth, but by demonstrated excellence.

The Subclass 858 is assessed holistically. The Department of Home Affairs evaluates the strength of the applicant's achievements against peers globally — peer-reviewed publications, industry awards, board-level roles, media recognition, and the like all contribute. There is no fixed minimum investment or net worth threshold.

For high-achieving business founders and executives who can demonstrate a track record of genuine innovation or industry leadership, this is a credible pathway. For passive investors without that achievement profile, it is not.

State and Territory Business and Skilled Nomination

Most Australian states and territories operate their own migration nomination programmes. With the BIIP and the Subclass 132 now closed, state nomination for new applicants channels into skilled and employer-sponsored visa streams (such as the Subclass 190 and 491) rather than the former business-investor visas. Each state has its own occupation and business profile preferences, asset and skills requirements, and nomination quotas. South Australia, Victoria, Western Australia, and Queensland have historically been active nominators. Where a visa stream requires state nomination, it is not optional.

We assess which nomination and visa pathways a client is genuinely eligible for under the current rules, and manage state nomination applications as part of our full-service model.

Path to Australian Citizenship

Australian citizenship is accessible but requires genuine residency, not merely a passive holding period.

The standard pathway from permanent residency requires:

• Four years of total residence in Australia immediately before applying for citizenship
• Of those four years, at least 12 months must be spent as a permanent resident (prior time on temporary visas can count for the remaining three years)
• Absence from Australia of no more than 12 months during the four-year period (of which no more than 90 days absence is permitted in the final year)
• A citizenship test covering Australian history, values, and institutions
• Demonstration of competent English (applicants aged 18–59 who are permanent residents)

There is no ongoing investment requirement at the citizenship stage. Australian citizenship includes full voting rights, an Australian passport (visa-free access to approximately 185 countries), and the right to pass citizenship to children born overseas.

Australia does not automatically permit dual citizenship — but it does not require you to renounce prior citizenship either. Whether your home country permits dual nationality is a separate question you should address with local counsel.

How the Closed Routes Compare to the Current Pathway

Feature	Old BIIP Significant Investor Stream	Subclass 132 Significant Business History	National Innovation Visa (Subclass 858)
Status	Closed 31 July 2024	Closed 31 July 2024	Open (current pathway)
Investment/Asset requirement	AUD 5 million (SIS)	AUD 1.5 million net assets	No fixed threshold; assessed on achievement
Active business required	No (passive investment)	Yes (management role)	Demonstrated exceptional achievement
Visa type	Provisional, then permanent	Permanent from outset	Permanent (invitation-only)

Both the BIIP and the Subclass 132 are now closed to new applicants. The National Innovation Visa (Subclass 858) is the live pathway, but it is talent- and achievement-based rather than a capital-for-residency product.

Compliance Caveats

Immigration rules change. The BIIP's closure demonstrates that even well-established programmes can end with limited notice. The information in this guide reflects the Australian immigration landscape as of June 2026; requirements, processing times, and programme availability may change. Neither this guide nor any advice from Global Investments constitutes legal advice. Independent advice from a registered Australian migration agent or immigration lawyer should be sought before proceeding. Investment in Australia does not guarantee visa approval. Processing times are estimates based on current data and may be longer in practice.

How Global Investments Handles This For You

Australian business migration is genuinely complex — more so now that the straightforward capital-for-residency model of the BIIP, and the Business Talent (Subclass 132) route, no longer exist for new applicants. We work with each client to understand their business background, financial profile, and objectives before recommending a pathway.

For Subclass 858 (National Innovation Visa) candidates, we assess your achievement profile honestly before recommending this route. It is invitation-only and suits a specific type of applicant — established scientists, entrepreneurs, researchers, and business leaders with an internationally recognised record — and we will tell you plainly if your profile is not well-aligned.

For clients who do not meet the 858 threshold, we assess eligibility for skilled and employer-sponsored pathways (such as the Subclass 482, 190, and 491) and, where relevant, state nomination — managing document preparation and the Department of Home Affairs application throughout.

Contact us for a confidential assessment of your Australian immigration options in 2026.