Business in Australia

Do you know that subclass 188 can lead to Australian PR? Let’s check out how

June 12, 2020

There are many parts of the world where one’s talent and skills are not appreciated as much they deserve to. This creates hopelessness and discouragement in a person who could’ve made a big difference if provided a right opportunity. In my opinion, for a successful career, right opportunity is as important as the right degree or training. Without the chance to excel the talent of a skilled person can lose its spark.

Australia provides opportunity to many talented people around the globe to come to Australia and become a part of its thriving economy. This is why many people around the world try for a chance to move to Australia and get settled there. But moving to Australia is not a simple job. Australian government offers many visa like subclass 482, subclass 189 visa, and subclass 188, etc. all these visas have certain criteria and eligibility conditions that need to be satisfied before applying for a visa. In this article, we will talk about an Australian visa that is a business innovation and investment visa (provisional) subclass 188. We will also talk about how this visa can give one a chance of Australian PR and different streams of this visa subclass.

All about Australian visa subclass 188

Australia is a place with endless possibilities. It is also a very prospective place for business. Australia welcomes new business ideas. It also encourages new entrepreneurs who have interesting startup ideas not just from Australia but also from overseas. In this context, a visa subclass 188 is very important. This visa subclass lets the people from overseas who have a potential to start a new business or inverts in an existing business. This is a temporary visa subclass that lets one stay in Australia. This subclass has seven streams. The duration of stay and eligibility conditions for this visa is different for the different stream of this visa. In the next section of this article, we will discuss different stream of subclass 188.

What are the different streams of subclass 188?

Subclass 188 has the following streams:

Business innovation scheme subclass 188

Subclass 188 visa stream is for the people who get nominated by the state or an Australian territory. This stream allows them to operate an already existing business or to start a new one in that state or territory.

Eligibility criteria for this stream are as under:

  • The score in the point test should be 65 points and above
  • The applicant should have a successful business career
  • Applicant’s total assets should not be less than AUD 800,000
  • Must have run a successful business for 2 years at a minimum, with a turnover of more than AUD 500,000 per year.
  • Should get nominated by a state or territory.
  • The age of the applicant should not be more than 55
  • Should know functional English
  • Must satisfy all health and character requirement

Investor stream subclass 188

This stream of subclass 188 requires people to invest AUD 1.5 million in an Australian state and territory in an already existing business or in a new startup.

Eligibility criteria for this stream are as under:

  • The applicant must invest AUD 1.5 million in an already existing business or start a new one
  • Applicant’s total assets should not be less than AUD 2.25 million
  • Must be genuinely interested in living and operating a business in an Australian state for at least two years
  • Should get nominated by a state or territory.
  • The age of the applicant should not be more than 55
  • Should know functional English
  • Must satisfy all health and character requirement

Significant investor stream

This stream of subclass 188 requires people to invest AUD 5 million at least in an Australian state to start a business or to invest in an existing one.

Its eligibility conditions are same as investor stream expect the minimum amount of investment is AUD 5 million

Business innovation extension stream

This visa stream allows the holder of business innovation and investment visa (provisional) subclass 188 (business innovation scheme) to live 2 years more in Australia.

Eligibility criteria for this stream are as under

  • The applicant must show his or her genuine need to stay in Australia for business purposes.
  • Must have fulfilled all the commitment related to the business
  • Should get nominated by the state or territory government
  • Applicant must know functional English
  • Should satisfy all health and character requirement

Significant investor extension stream

This stream of visa is for the holder of business innovation and investment visa (provisional) subclass 188 (significant investor stream). This allows them to stay an additional 2 years in Australia which makes their total stay 8 years

Eligibility condition for this visa stream is the same as the one given for business innovation extension stream.

Premium investor stream

This visa stream requires to make an investment of at least AUD 15 million in an Australian state or territory for a new business or in an already existing one.

Eligibility conditions for this stream are as under

  • The applicant must invest AUD 15 million in an already existing business or to start a new one
  • Applicant’s total assets should not be less than AUD 15 million
  • Must get invited by AUSTRADE to invest in Australia
  • Should know functional English
  • Must satisfy all health and character requirement

Entrepreneur stream

This visa stream is for those who had received a funding of at least AUD 200,000 from an authorized organization to carry on entrepreneurial activities in Australia.

Eligibility criteria for this stream are as under

  • Applicant must have received a funding of AUD 200,000 from an authorized organization
  • Must be genuinely interested in entrepreneurial activities in an Australian
  • Should get nominated by a state or territory.
  • The age of the applicant should not be more than 55
  • Should be English competent
  • Must satisfy all health and character requirement

This was all about subclass 188 for more information you can always contact our best migration in Sydney.

est Migration Agent Parramatta
Best Migration Agent Perth
Best Migration Agent Sydney
Best Migration Agent Melbourne
Family Visa Australia
Job Ready Program
Subclass 101 Child Visa
Subclass 500 Student Visa
Subclass 189 Independent Skilled Visa
Subclass 190 – Skilled Nominated Visa

 

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This post was written by Idamah Batool

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