Business Innovation and Investment (Provisional) visa (subclass 188)
The Business Innovation and Investment (Provisional) (subclass 188) is valid for 4 years and is usually issued to businessmen wanting to start a business in Australia. It can be given to businessmen and investors who wish to invest in Australia. The subclass 188 includes the following streams:
- Business Innovation;
- Investor; and
- Significant Investor.
How to apply for a 188 visa – Business Innovation Stream
This is mainly designed for highly experienced individuals with contemporary business skills and knowledge. The aim of this stream is to facilitate the flow of private equity to promoting new business creation and the growth of existing organisations.
Therefore, this visa is most suited for private investors who possess an ownership interest in a business in their home country, and are willing to start a business or join and develop an existing one in Australia.
Business Innovation – Eligibility Requirements
All persons that intend to apply for the Business Innovation stream of the subclass 188 visa must meet the following requirements:
- Received nominated by an Australia State or Territory in Australia before being invited to apply;
- Received an invitation by by an Australia State or Territory in Australia to apply for the subclass 188 visa under the Business Innovation stream;
- Ability to show A$500,000 profit via their business for a period of 2 out of 4 most recent years (including payment of government tax and revenue) preceding the invitation to apply for the visa;
- Demonstrate compliance with legal requirements for operation of the business in their respective home country;
- Active involvement in the day-to-day operation and overall commercial strategy of their business;
- Total business net assets and personal assets amounting to at least AUD 800,000. Please note, this amount must be readily available to be transferred to Australia within two years after the grant of the visa;
- Applicant is under the age of 55. A waiver of the age requirement may apply if the nominating State or Territory believes the person would make exceptional business contributions to Australia upon the grant of the visa;
- Reach 65 on the Australian residency points test. The following are some of the factors which influence the total points of the applicant: age, English proficiency, health, academic qualifications, business experience, net personal and business assets, business turnover, innovative business model, and special endorsements; and
- Clear immigration history without any previous or ongoing visa cancellation or refusal in Australia.
Application process
The application process can be broken down to seven distinct step s which are outline below:
Step one – The applicant must confirm they meet the general requirements for the Business Innovation stream.
Step two – The applicant must submit an expression of interest (EOI) to the Australian Department of Home Affairs. This allows the applicant to duly notify a state or territory government about their interest in being nominated.
Step three – Once nominated, the applicant will receive a formal invitation submit a visa application.
Step four – Upon invitation, the applicant prepares the relevant documents and proceed with the application within 60 days of the invite.
Step five – Lodgement of the application online.
Step six – Department of Home Affairs reviews and processes the application.
Step seven – Once the application is approved, the visa grant notice will be sent to the applicant as proof they are allowed to commence employment in Australia.
Benefits
- Right to live in Australia and operate your proposed business and potential pathway to permanent residency;
- Right to travel in and out of Australia at will for the duration of the visa;
- Opportunity to study for 4 years;
- Social healthcare benefits via Medicare; and
- Option for 2 year extension.
Need help with your Australian Visa Application?
NO BORDERS: #1 TRUSTED MIGRATION AGENTS
Email: [email protected]
Tel: +61 (07) 3876 4000
We will help you exploring visa options and securing application. No Borders Migration is experienced in the Business Innovation and Investment (Provisional) visa (subclass 188) application, and our lawyers have extensive knowledge in the legal requirements, eligibility criteria, and the supporting documents required. Simply dial 07 3876 4000 or email: [email protected] and let us help you start wtih your way towards obtaining 188 visas.
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