Reviewed by John Hu, founder of John Hu Migration Consulting and Registered Migration Agent (MARN 0746141).
In brief: Australia’s Business Innovation and Investment Program (subclass 188) stopped accepting new applications on 31 July 2024. Three pathways that Hong Kong applicants may wish to compare are Australia’s invitation-only National Innovation visa (NIV), New Zealand’s Active Investor Plus (AIP), and New Zealand’s Business Investor Work Visa (BIV). They are different in purpose: achievement, passive investment, and active business operation respectively.
What changed after Australia’s subclass 188 closed?
Australia no longer accepts new subclass 188 applications. Applications lodged before the closure continue to be dealt with under the applicable arrangements. This means applicants exploring a new business or investment migration plan should assess current pathways rather than assume the former 188 streams remain open.
Option 1: Australia’s NIV (subclass 858) — an invitation-only achievement pathway
The NIV is a permanent visa pathway for people with an internationally recognised record of exceptional and outstanding achievement in eligible fields. It is not a replacement investment visa: the core consideration is the applicant’s record, contribution and potential benefit to Australia, not a prescribed investment amount.
The process is invitation-based. An expression of interest does not itself guarantee an invitation or visa grant. Applicants should review the current priority directions and prepare evidence that demonstrates their achievements and the value they can bring to Australia.
Option 2: New Zealand’s AIP — investment categories and holding periods
The Active Investor Plus (AIP) visa offers two investment categories. The Growth category requires NZD 5 million in acceptable investments for a three-year investment period; the Balanced category requires NZD 10 million for a five-year period. The eligible investment mix and residence requirements differ by category.
With Approval in Principle, Immigration New Zealand assesses an application before the applicant transfers the investment funds. Applicants must still make and maintain acceptable investments and satisfy the relevant residence and visa conditions before progressing to permanent residence. AIP may suit investors who meet the capital threshold and prefer an investment-led route over running a business day to day.
Option 3: New Zealand’s BIV — invest in and operate an established business
The Business Investor Work Visa is designed for experienced business people who will actively invest in and operate an established New Zealand business. The standard route requires at least NZD 1 million in qualifying investment, with a resident-visa pathway after the required three years of business operation. A NZD 2 million investment may qualify for an earlier resident-visa application after 12 months, but the business must still be operated for a total of three years under the visa conditions.
This is not a passive investment option. Applicants must meet requirements that include relevant business experience, age and reserve funds. The business must meet ongoing conditions, including maintaining at least five full-time equivalent jobs and creating at least one additional full-time job for a New Zealand citizen or resident. Check the current Immigration New Zealand criteria before making a commitment.
Three pathways at a glance
| Pathway | Main basis | Investment / threshold | Business operation |
|---|---|---|---|
| Australia NIV (subclass 858) | Internationally recognised achievement; invitation-based | No prescribed investment amount | No business purchase requirement |
| New Zealand AIP | Acceptable investment and category-specific conditions | NZD 5m (Growth) or NZD 10m (Balanced) | Generally investment-led; eligible investments and residence conditions apply |
| New Zealand BIV | Active investment in an established business | NZD 1m standard; NZD 2m may enable an earlier residence application | Yes; business and employment conditions apply |
How Hong Kong applicants can compare the options
- Strong international achievements: assess whether your record aligns with the current NIV criteria; investment capacity alone is not enough.
- Substantial capital and a preference for investment-led residence: compare the AIP categories, eligible investments, holding periods and residence requirements.
- Relevant business experience and willingness to operate a business: assess whether you can meet the BIV investment, operational, employment and reserve-fund conditions.
New Zealand residence or citizenship does not automatically grant Australian permanent residence. A New Zealand citizen may have access to Australia’s Special Category visa (subclass 444) when eligible, but it is a temporary visa; any later permanent-residence or citizenship pathway has separate legal criteria.
Frequently asked questions
Does New Zealand’s AIP or BIV automatically lead to Australian PR?
No. AIP and BIV are New Zealand pathways. The subclass 444 is temporary, and any Australian permanent-residence or citizenship route is subject to its own eligibility and residence requirements.
Which pathway is the fastest?
There is no single answer for every applicant. The NIV is invitation-based; AIP has category-specific investment and residence conditions; and BIV has business-operation requirements, including a possible earlier residence application for qualifying NZD 2 million investors. Compare the full conditions and your own profile, not just one headline timeline.
Can I compare more than one route before deciding?
Yes. A profile-based assessment can compare your achievements, capital, business experience, family priorities and willingness to meet residence or operating conditions before you choose a direction.
Official sources
- Australian Department of Home Affairs: National Innovation visa
- Australian Department of Home Affairs: subclass 188 information
- Immigration New Zealand: Active Investor Plus Visa
- Immigration New Zealand: Business Investor Work Visa
- Australian Department of Home Affairs: Special Category visa (subclass 444)
Want to compare the pathways for your profile? Contact JHM’s team to discuss your circumstances.
This article provides general information based on official sources accessed on 3 October 2026. Immigration rules and visa settings may change. Eligibility and decisions are determined by the relevant authorities. This article is not legal, migration or investment advice; seek advice specific to your circumstances.