Business Innovation & Investment (Provisional)
The Business Innovation & Investment (provisional) – Subclass 188 visa is a temporary visa.
This program is for business persons who –
- Are owners (or part owners) of a business (or businesses), OR
- Are venture capital entrepreneurs, OR
- Have a substantial business or investment background & are willing to invest in prescribed investments in Australia.
With the exception of the “Business Talent – Subclass 132” visa, all prospective business migration applicants are subject to a 2-stage process whereby they must first apply for a 4 year 3 month Provisional (or temporary) visa, and may then apply for Permanent Residency after successfully completing business or investment activity.
The Business Innovation & Investment visa has 3 subclasses :
- Subclass 188 – Business Innovation & Investment (Provisional)
- Subclass 888 – Business Innovation & Investment (Permanent)
- Subclass 132 – Business Talent (Permanent)
The Subclass 188 has 5 main streams :
- The Business Innovation Stream
- The Investor Stream
- The Entrepreneur Stream
- The Significant Investor Stream
- The Premium Investor Stream
There are also 2 extension streams :
- Business Innovation Extension Stream (for existing Business Innovation visa holders) – this extension can be done once hence allowing the visa holder up to 6 years from the time of initial grant of the Business Innovation visa to comply with requirements for permanent residency.
- Significant Investor Extension Stream (for existing Significant Investor visa holders) – this extension can be done twice hence allowing the visa holder up to 8 years from the time of initial grant of the Significant Investor visa to comply with investment requirements.
The Business Innovation Stream – is for people who wish to own & manage a new or existing business in Australia.
The Investor Stream – is for people who wish to invest AUD 1.5 million for a period of at least 4 years in Australian State or Territory government bonds, and who wish to continue to invest & do business in Australia after those 4 years.
The Significant Investor Stream – is for people who wish to invest at least AUD 5 million for a period of at least 4 years into certain types of investments in Australia, and who wish to continue to invest & do business in Australia after those 4 years.
The Premium Investor Stream – is for people who wish to invest at least AUD 15 million into certain types of investments in Australia for at least 4 years & apply for permanent residency after only 1 year, and who wish to continue to invest & do business in Australia beyond this period.
The Entrepreneur Stream – is for people who wish to undertake a “complying entrepreneurial activity” that is proposed to lead to either the commercialization of a product or service in Australia or the development of a business in Australia.
Some criteria to be met by Subclass 188 visa applicants are as follows :
- Applicant or spouse must not have a history of involvement in business activities that are of a nature that is not generally acceptable in Australia.
- Age specific criteria apply to certain streams
- Residency requirements vary depending on the stream you apply for.
- Business or investment experience criteria apply to certain streams
- “Points Test” criteria apply to certain streams
- You can include “members of the family unit” in your application
- You must have a genuine & realistic commitment to establish & maintain a qualifying business or investment activity in Australia.
- Depending on the stream that an applicant is applying for, they must be nominated by a State/Territory or by Austrade.
- You must meet eligibility criteria of the State or Territory government nominating you
- Applicants must be familiar with the intending state/territory in which they intend to undertake business or investment activities & ensure that they will meet that state/territory criteria for nomination.
- You must have a genuine intention to reside in the State/Territory that has nominated you.
- Individuals seeking nomination from Austrade must ensure that they can meet the criteria for Austrade nomination.
- You must be invited by the Department to apply for this visa.
- English language is a mandatory requirement only in the Entrepreneur Stream. However, applicants for the Business Innovation or the Investor Stream have to pass a points test. Hence, English language ability of a required level would help such applicant score extra points on the points test. Also, for every applicant (primary or secondary), who is above the age of 18 years, who cannot demonstrate “Functional “ level English, a second visa application charge needs to be paid
- All applicants for Business Innovation & Investment (Provisional) visas must meet Health Requirements.
- All applicants for Business Innovation & Investment (Provisional) visas must meet Character Requirements.
There are a range of stream-specific criteria that need to be satisfied. Criteria for the Business Innovation & Business Talent visas can be cumbersome & difficult to understand. It is critical that you seek guidance of people who can guide you through the myriad requirements associated with these visas. Contact Us so that we may make your process of migrating via the business migration route less cumbersome & profitable in the long-term.
Also read :
Australia announces major changes to its Business & Investor Visa Program