The Business Innovation and Investment visa (subclass 188) is a state nominated provisional visa which is valid for the period of four years on grant. You can apply for permanent residence status in Australia after maintaining an investment or an ownership interest for 4 years in an Australian business.
The visa is separated into 4 streams:
Business Innovation stream
This stream is for those individuals who wish to establish, develop and manage a new or existing business in Australia.
This stream is for those individuals who wish to invest an amount of minimum AUD1.5 million in an Australian state or territory and manage business and investment in Australia.
Significant Investor stream
This stream is for those individuals who wish to invest AUD5million minimum into significant investments in Australia and want to maintain business and investment activity in Australia.
Premium Investor stream
This stream is for those individuals who wish to invest AUD15million into premium investments in Australia and want to maintain business and investment activity in Australia.
What you need to be eligible for the Visa Program?
- You must have a nomination by a state or territory government or Australian agency and an ITA by the Minister for Immigration and Border Protection.
- Obtaining the specified score i.e. 65 Points.
- You meet certain health and character requirements.
How the points are awarded?
*The points test does not apply to you if you are applying under specific stream.
|55 and older||0|
|English language ability||Vocational English
(IELTS – min 5 in each band)
(IELTS – min 7)
|Qualifications||Australian trade certificate, diploma or bachelor degree by an Australian education institute; or
a bachelor qualification by an education institution of a recognized standard
|Bachelor degree in business, science or technology by an Australian institution; or a bachelor qualification by an education institution of a recognized standard||10|
|Special endorsement||The nominating state or territory government agency could decide that your proposed business is of unique and important benefit to the state or territory where the nominating government agency is located||10|
|Financial assets||Net business and personal assets of you, your partner or you and your partner combined in each of the preceding two years of at least:|
|Business turnover||Annual turnover in your main business during a period of at least two years of the preceding four fiscal years of at least:|
|Business Innovation stream only
|You have held one or more businesses before you were invited to apply for the visa for:|
|Not less than four years within the preceding five years||10|
|Not less than seven years within the preceding eight years||15|
|Investor stream only
|Eligible investment of at least AUD100 000 held for:|
|At least four years before the time of invitation to apply for the visa||10|
|At least seven years before the time of invitation to apply for the visa||15|
|Business innovation qualifications
At the time of invitation to apply for the visa:
|Evidence of registered patents or registered designs||15|
|Evidence of registered trademarks||10|
|Evidence of formal joint venture agreements||5|
|Evidence of export trade||15|
|Evidence of ownership interest in a gazelle business||10|
|Evidence of receipt of grants or venture capital funding||10|
|State or territory nomination||Special endorsement (limited places)||10|
How Business Innovation and Investor Visa – subclass 188 works?
There are 3 stages involved:
Stage 1 – Skill assessment
The first stage involves completion of a skill assessment under the relevant government authorities. Your Educational and Employment Documents are examined for the required level of skill in your selected stream.
Stage 2 – Expression of interest
After a successful skill assessment, your Expression of Interest (EOI) with an application to obtain a State Nomination or sponsorship from Austrade on behalf of the Australian government is lodged which will declare your interest to live and work in Australia.
Your expression of interest must specify the stream you wish to apply under and which state or territory you wish to seek nomination from, or if you are seeking nomination from the Australian government.
A state or territory government or Austrade on behalf of the Australian government will assess your application and will provide nomination accordingly.
Stage 3 – Visa application
Once you have been issued an Invitation to Apply (ITA), you can submit your final application for Business Innovation and Investor Visa – subclass 188.
How much time does the process takes?
The Duration for Visa processing depends upon the particular case lodged and is based on personal circumstances.
A time period of 9 months on average is taken to process 188 subclass visa application for overseas applicants.
Benefits for Business Innovation and Investor Visa – subclass 188
- Establish a new venture or develop an existing business.
- Invest in Australia or in an Australian state or territory government.
- Travel in and out of Australia while your visa is valid.
- Sponsor your family members and bring them to Australia.
- Apply for permanent residence status.