Victoria’s Business Innovation and Investment Program (‘BIIP’) opens on 4 January 2021. Victoria’s full 2020-21 business and investor visa nomination program (subclass 188A, 188B, and 188E streams and subclass 132A and 132B streams) re-opened at 10am AEST on Monday, 4 January 2021. Applications for Significant Investor (subclass 188C) visa nomination opened on Monday 30 November 2020.
The Department of Home Affairs has allocated the Victoria Government another 1,350 visa nomination places, in addition to the 400 places as part of the interim program. Our total number of places for the Business Innovation and Investment Program (BIIP) is 1,750 for the 2020-21 program year.
Changes to nomination criteria
The BIIP re-opened on 4 January 2021 with changes to the state nomination criteria so it’s important that you review the latest requirements.
The new criteria strengthen Victoria’s ability to select the world’s best businesspeople and investors who will:
- a) create new jobs for Victorians
b) boost innovation in strategic sectors (digital technologies, advanced manufacturing, health and life sciences, agri-food, new energy and emissions reduction, circular economy and priority precincts)
c) generate forward-looking businesses utilising their qualifications in STEMM (science, technology, engineering, mathematics and medicine) fields.
Business Innovation and Investment (Provisional) visa (subclass 188)
The Business Innovation and Investment (Provisional) visa (subclass 188) has five streams available through the Department of Home Affairs’ Business Innovation and Investment Program. Four streams allow applicants to be nominated by a state or territory government.
188 – Business Innovation stream
For those with business skills who want to establish, develop and manage a new or existing business in Australia. You must be nominated by a state or territory government.
188 – Investor stream
For those who are willing to make a designated investment of at least A$1.5 million in an Australian state or territory and maintain business and investment activity in Australia. You must be nominated by a state or territory government.
188 – Entrepreneur stream
For those who have secured funding of at least A$200,000 from a third party funding body to facilitate the commercialisation of a product or service in Australia or the development of a business in Australia. You must be nominated by a state or territory government.
188 – Significant Investor stream
For those who are willing to invest at least A$5 million into complying significant investments in Australia and want to maintain business and investment activity in Australia. You can be nominated by a state or territory government, or by Austrade on behalf of the Commonwealth Government.
Permanent visas
Permanent visas allow the holder to remain in Australia indefinitely.
Business Talent (Permanent) visa (subclass 132)
This visa allows you to establish a new business or develop an existing business in Australia. It has two streams.
132 – Significant Business History stream
For high-calibre business owners or part-owners who want to do business in Australia.
132 – Venture Capital Entrepreneur stream
For people who have sourced venture capital funding from a member of the Australian Venture Capital Association Limited (AVCAL) to fund the start up or product commercialisation of a high value business idea.
Business Innovation and Investment (Permanent) visa (subclass 888)
This permanent visa allows you to continue to live in Australia and undertake business and investment activities if you are currently on a provisional visa.
888 – Business Innovation stream
This stream lets you continue to own and manage a business in Australia.
888 – Entrepreneur stream
This stream lets you continue entrepreneurial activity in Australia.
888 – Investor stream
This stream lets you continue investment and business activity in Australia.
888 – Significant Investor stream
This stream lets you continue investment and business activity in Australia.
Check the details of the new nomination criteria for Victoria’s Business Innovation and Investment Program (BIIP) under the relevant subclass.
Need help with getting Australia Visas?
NO BORDERS: #1 TRUSTED MIGRATION AGENTS
Email: [email protected]
Tel: +61 (07) 3876 4000
Consultation: https://www.noborders-group.com/form/free-consultation
We will help you by exploring visa options and securing application. If you would like to discuss your visa options and evaluate the pathway to permanent residency, please make an enquiry or book a consultation to get expert advice with one of our knowledgeable and experienced Migration Agents/Lawyers on 07 3876 4000 or email: [email protected].