188 Visa- Business Innovation and Investment Visas – Provisional (188)
Business Men are lucky as there are quite a number of visas that are made available to them by the government of Australia. Of course, only legit business men can take advantage of these Australian visa and the requirements are quite stringent so qualifying for them can be tough although it can be done especially if the business is established and legit. Business
The Business Innovation and Investment - provisional / subclass 188 is a state nominated provisional visa which is valid for four years. It is a pathway to permanent residency, through the Business Innovation and Investment (Permanent) (subclass 888) visa.
Short stay visit visas are valid up to three months and it cannot be extended. Your stay in Australia is limited until the date given by the department of immigration. The other visas are pathway to permanent residency but requirements need to be met before PR visas are granted.
How it works
Another type of business visa are the Business Innovation and Investment visas which are provisional in nature. This Australian visa is given to business men who want to put up new businesses in Australia. They can also be given to folks who want to manage a business in the country or want to invest in an Australian business. These visas can be a pathway to permanent residence in Australia.
- The Business Innovation stream is for people who want to own and manage a new or existing business in Australia.
- The Investor stream is for people who want to make a designated investment of at least AUD 1.5 million in an Australian state or territory and want to maintain business and investment activity in Australia after the original investment has matured.
- The Significant Investor stream is for people who are willing to invest at least AUD 5 million into complying investments in Australia and want to maintain business and investment activity in Australia after the original investment has matured.
- You can apply to the visas if you have been invited to submit an application
- Have a successful business or work and investment history.
- Can show proof of adequate business and personal assets when asked.
- You were nominated by a state or territory government.
Timeframe for Nomination
Once Business and Skilled Migration Queensland has received your application and supporting documents:
- Business Innovation stream – 2 weeks
- Business Investor stream – 1 week
- Significant Investor stream – 1 week
- Business & Innovation Stream
- Investor Stream
- Significant Investor Stream
If you apply for the Investor stream, you must:
- be younger than 55 years of age, although a state or territory can waive this requirement if your proposed business or investment activity will be of exceptional economic benefit to the relevant region.
- score at least 65 on the Innovation Points test
- have a high level of management skill in relation to eligible investments or qualifying business activity
- have at least three years' experience of direct involvement in managing one or more qualifying businesses or eligible investments
- have a genuine and realistic commitment to continuing your business and investment activity in Australia after the original investment has matured.
You (or your partner, or you and your partner combined) must also:
- have a total assets of at least AUD2.25 million for the two fiscal years immediately before you are invited to apply. These assets must have been legally acquired and able to be legally transferred to Australia within two years of the visa being granted
- have an overall successful record of eligible investment or qualifying business activity with no involvement in unacceptable activities
- be prepared to make your government-approved designated investment of AUD1.5 million using funds you have accumulated from your direct involvement, for at least one of the five fiscal years before you are invited to apply, in one of the following activities:
- managing your eligible investments that total at least AUD1.5 million
- managing a qualifying business in which you owned at least 10 per cent of the total value of the business.