Let’s see how beneficial starting a new business or investing in one can be in Australia.
Australia is a country with bright prospects for the future for everyone. Every year a large flux of skilled people migrate to Australia temporarily or permanently in a hope of a better life opportunity and Australia does not fail to fulfill their expectations. Australia’s thriving and dynamic economy has a place for every skilled individual. Its industries and businesses require a mega amount of manpower. Australian local market cannot satisfy this huge demand this is why Australian immigration system offers many visa to skilled people from around the globe to come and be a part of the Australian work force.
As there is a high demand of skilled people, the talents and skills of these individuals are highly appreciated in Australia than in their homelands. Also, there are many countries in the world who cannot provide the right opportunities and chances to its talented population to grow and prosper in their lives which causes them to move somewhere where their talent is valued and get utilized to its capacity.
Australia is also a very productive and fertile place for start-ups and investments. One can bring his or her dream project to life and get the most out of it in Australia. Australia, especially stresses and encourage to bring forward new innovative ideas that can be helpful for the future and is expected to generate a good revenue on minimum resources. The Australian government also runs many programs to support new business talents, investments and start-ups. There are many visas offered by the Australian government especially in this context. In this blog, we will talk about one of such visa called subclass 188 and how it can help new start-ups and investors in Australia.
What is business innovation and investment (provisional) visa subclass 188?
This visa subclass is designed for those individuals who have talent and potential to start and run a business or to invest in an existing one. This is a temporary visa that allows its holder to live in Australia temporarily but it also provides an Australian PR pathway. This visa subclass has various different streams that each addresses a different situation. Let’s have a look at them
What are the different streams of subclass 188?
There are seven different streams of this visa. They are explained as below:
Business innovation stream:
This stream is for the people who are nominated by the state to start a business setup or to invest in an existing one. This visa allows them to come to Australia for a temporary period.
Significant investor visa
This visa is for the people who wants to invest at least AUD 5 million in an Australian investment that will be utilize to in a new business or to run an existing one.
Business Innovation Extension Stream
This visa stream targets those overseas people who are already holder of Business Innovation and Investment (Provisional) visa’s Business Innovation stream for at least 3 years. This visa stream lets them extend their stay in Australia for 2 more years.
Significant Investor Extension Stream
This visa stream is only of the people who are already the holder of subclass 188 significant investor stream 188 for at least 3 years. This stream of visa subclass 188 allows them to extend their stay in Australia for 2 more years. So in total they can stay in Australia for 8 years.
Premium Investor Stream
The requirement of this visa stream is that the oversea entrepreneur must invest at least AUD15 million to establish and run a new business in Australia. One must get nominated by Austrade first.
This visa stream targets those entrepreneurs who got a funding of at least AUD 200,000 from eligible and authorized bodies to carry out their l business or start up in Australia
What are the eligibility conditions for subclass 188?
The eligibility conditions might change for every stream of this visa. But the basic requirements are given below. These might not apply in context of entrepreneurship
The eligibility conditions for this visa are:
- Must have at least AUD 800,000 worth of personal and business assets
- The applicant should be nominated by state
- Must have a successful business career
- Should be an owner of a successful business for two consecutive years
- Business should have a turnover of at least AUD 500,000 each of last two years
- Must have functional English skills
- Should satisfy all health and character requirement
This was all about Australian business and investment visa. Australia, no doubt can be a very flourishing place for your business and investment. If you want to learn more about any of these visa streams or about any other visa our migration agent Melbourne can help you anytime you like.
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Categorised in: Australian Immigration
This post was written by Idamah Batool