Subclass 188 – Business Innovation and Investment (Provisional) Visa
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Subclass 188 – Business Innovation and Investment (Provisional) Visa
This visa allows overseas people with the potential to establish a new business or operate an existing business to live temporarily in Australia. Therefore, this visa holder can stay in Australia temporarily. But they have a pathway to permanent residency through Business Innovation and Investment (Permanent) visa – subclass 888.
This temporary subclass has the following five streams:
Subclass 188 – Business Innovation Stream
A temporary visa that allows overseas people who are nominated by the state or territory government to establish a new or operate an existing business in Australia.
Process
Applicant must go through the following process:
- Calculate the points of interest on the points table
- Submit an Expression of Interest (EOI) in SkillSelect online immigration system that will estimate the point score of each applicant
- Get a nomination by the state or territory government. Only if the applicant secured enough high points to get the nomination and can fulfill the skill requirement
- Receive the invitation by the Department of Home Affairs to apply for the visa
- Apply for the visa
- Submit the required documents
Eligibility
Applicant must:
- Score at least 65 points on the point table
- Have a successful business career
- Own personal and business assets of at least AUD 800,000
- Be an owner of a successful business for at least 2 fiscal years that had a turnover of at least AUD 500,000 in each of two years
- Have an annual turnover of at least AUD 3.0 million
- Be nominated by state or territory government
- Under the age of 55 or above 55 if authorized by the state or territory government
- Have functional English
- Meet health and character requirement
Subclass 188 – Investor Stream
This temporary visa stream requires overseas people to invest AUD 1.5 million in Australian state or territory to operate a new or existing business in Australia.
Process
Applicant must go through the following process:
- Calculate the points of interest on the points table
- Submit an Expression of Interest (EOI) in SkillSelect online immigration system that will estimate the point score of each applicant
- Get a nomination by the state or territory government
- Receive the invitation by the Department of Home Affairs to apply for the visa
- Make the investment of AUD 1.5 million in Australian state or territory
- Apply for the visa
- Submit the required documents
Eligibility
Applicant must have:
- Invested AUD 1.5 million in Australian state or territory
- Right experience of managing the successful business or investment
- Genuine intention to live in the state or territory for at least 2 years where the investment is made
- Net business and business assets of at least 2.25 million
- An annual turnover of at least AUD 3.0 million
- Nomination from the state or territory government
- Age of 55 or above 55 if authorized by the state or territory government
- Functional English
- Meet health and character requirement
Subclass 188 – Significant Investor Stream
This temporary visa stream requires overseas people to invest AUD 5 million in Australian investment that complies with all the requirements to operate a new or existing business in Australia.
Process
Applicant must go through the following process:
- Submit an Expression of Interest (EOI) that includes skills, qualifications and investment experience in SkillSelect online immigration system that will estimate the point score of each applicant
- Get a nomination by the state or territory government agency. Only if the applicant secured enough high points to be nominated and can fulfill the skill requirement.
- Receive the invitation by the Department of Home Affairs to apply for the visa
- Apply for the visa
- Submit the required documents
Eligibility
Applicant must:
- Have genuine intention to live in the nominated state or territory
- Make an investment of at least AUD 5 million
- Be nominated by the state or territory government
- Have functional English
- Meet health and character requirement
Subclass 188 – Business Innovation Extension Stream
This temporary visa stream allows those overseas people who hold Business Innovation and Investment (Provisional) visa – (Business Innovation stream) – Subclass 188 for at least 3 years to extend their stay in Australia for 2 more years.
Eligibility
Applicant must:
- Must indicate a need for staying in Australia to manage the business
- Have fulfilled the commitment of being directly involved in the business
- Be nominated by the state or territory government
- Have functional English
- Meet health and character requirement
Subclass 188 – Significant Investor Extension Stream
This temporary visa stream allows those overseas people who hold Business Innovation and Investment (Provisional) visa – (Significant investor stream) – Subclass 188 for at least 3 years to extend their stay in Australia for 2 more years and can stay for up to 8 years in total.
Eligibility
Applicant must:
- Must indicate a need for staying in Australia to manage the business and investment
- Must hold the significant investment
- Be nominated by the state or territory government
- Have functional English
- Meet health and character requirement
Subclass 188 – Premium Investor Stream
This temporary visa stream requires overseas entrepreneurs to invest AUD 15 million and comply with all the requirements when get the nomination from the Austrade to establish a new business in Australia.
Eligibility
Applicant must:
- Receive an invitation by the Austrade to invest in Australia
- Make an investment of at least AUD 15 million that comply with all the requirements
- Have net assets of at least AUD 15 million
- Have functional English
- Meet health and character requirement
Subclass 188 – Entrepreneur Stream
This temporary visa stream allows overseas people who have received the funding of at least AUD 200,000 from one of the authorized entities to carry out entrepreneurial activities in Australia.
Process
Applicant must go through the following process:
- Submit an Expression of Interest (EOI) that includes skills, qualifications and investment experience in SkillSelect online immigration system that will estimate the point score of each applicant
- Get a nomination by the state or territory government agency. Only if the applicant secured enough high points to be nominated and can fulfill the skill requirement.
- Receive the invitation by the Department of Home Affairs to apply for the visa
- Apply for the visa
- Submit the required documents
Eligibility
Applicant must:
- Have received the funding of at least AUD 200,000 from one of the authorized entities
- Be nominated by the state or territory government
- Have a genuine intention of continuing the entrepreneurial activity
- Under the age of 55 or above 55 if authorized by the state or territory government
- Have competent English
- Meet health and character requirement
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Nasir Nawaz is a Registered Migration Consultant. University of New South Wales postgraduate with Law specialization in Dispute Resolution and having Graduate Certificate in Migration Law and Practice. He has passion about different fields of law and his diverse experience spans Psychology, Dispute Resolution and immigration law.