Do I need to hold a subclass 188 visa before applying for the permanent subclass 888 visa?

The Business Innovation and Investment (Permanent) visa (subclass 888) is the second stage of a two-step pathway. You first hold the provisional subclass 188 visa and establish your business or investment activity in Australia.

Once you meet the requirements of your stream, you apply for the permanent 888 visa. You cannot apply directly for the 888 without first having held the corresponding provisional 188 visa.