Business and talent visas

From 7 December 2024 the National Innovation visa (subclass 858) replaced the Global Talent visa, and the Distinguished Talent (124) visa is closed. The Department must invite you before you can apply; an expression of interest stays active for 2 years, invitation rounds are held monthly, and once invited you have 60 days to lodge.

An internationally recognised record of exceptional and outstanding achievement in a profession, a sport, the arts, or academia and research; continued prominence in the field; and a completed Form 1000 from a nominator with a national reputation in the same area, who may be an Australian citizen, permanent resident, eligible New Zealand citizen or Australian organisation. There is no age limit, but applicants under 18 or aged 55 and over must be of exceptional benefit to the Australian community. Applicants without functional English pay a second instalment of the application charge.

First, recipients of top of field international awards; second, candidates nominated on Form 1000 by an Australian Government agency or a state or territory government agency; third, Tier One sectors (critical technologies, renewables and low emission technologies, health industries); fourth, Tier Two sectors (agri-food and agtech, defence and space, education, financial services and fintech, infrastructure and transport, resources). Investment and entrepreneurial track records are considered as indicators only together with a government agency nomination.

The Talent and Innovation category has 3,500 places in 2026-27, down from 5,300, which the Department attributes to a focus on applicants with an internationally recognised record of exceptional achievement. Between April and June 2026, 2,166 expressions of interest were received and 248 invitations issued, 192 of them in Tier One sectors.

The Business Innovation and Investment Program closed permanently to new applications on 31 July 2024, after a review found it was delivering poor economic results. Existing 188 holders who meet the criteria can still apply for the permanent 888 visa, and 188 holders in the Business Innovation and Significant Investor streams can still apply for the extension streams. The applicant must normally hold the relevant 188 visa when the 888 application is made, for at least 3 years if invited on or after 1 July 2021, and must have a current nomination from a state or territory agency, or Austrade for the Significant Investor stream.

For the 2 years before applying the applicant must have held an ownership interest in a main business in Australia with a direct and continuous management role, an ABN and lodged activity statements; annual turnover of at least AUD300,000 in the last 12 months; and 2 of the following: net business assets of AUD200,000, net personal and business assets in Australia of AUD600,000, or the equivalent of 2 full time eligible employees. Residence of at least 1 year in the 3 years before applying is required for those invited on or after 1 July 2021.

Investor stream applicants invited on or after 1 July 2021 must have held a complying significant investment of AUD2.5 million for the whole period of the 188 visa and been in Australia for 2 of the last 3 years; earlier applicants held a AUD1.5 million designated investment for 4 years. Significant Investor stream applicants must have held the AUD5 million complying investment throughout, and have been in Australia for a cumulative total of 40 days for each complete year the 188 visa was held (or 180 days a year for the spouse), not necessarily 40 days in every year.

For those invited on or after 1 July 2021, the applicant must have held the 188 Entrepreneur visa continuously for 3 years, lived in Australia for 2 of them, and show 2 key success factors or 1 key and 3 supporting factors, such as employing 2 or more Australians, turnover of AUD300,000, a patent, ongoing funding, a university partnership or the sale of the venture for AUD2 million.

As at October 2026 the Department has published no new business or investor visa; the National Innovation visa lists innovative investors and entrepreneurs among its target groups, but the published priorities treat investment and entrepreneurial activity as indicators only together with a government agency nomination.