188 Business Innovation and Investment Visa (Provisional)
This visa is for successful business owners or investors from overseas who are willing invest in new or existing business in Australia or make designated investment in Australia State or Territory government bonds.
The Business innovation and investment visa involve a 2-stage application process. At the first stage business migrants apply for a provisional visa and then if they meet certain criteria, they apply for a permanent visa.
- You must be less than 55 years of age (unless state and territory government waive this requirement if your proposed business will be of exceptional economic benefit to the relevant region)
- You must also be nominated by an Australian state or territory government by submitting a detailed business proposal with your application
- You must lodge an Expression of Interest (EOI) and wait received an invitation from Department of Immigration to apply for this visa
- You must score at least 65 points on the Innovation points test. Points are awarded in the following factors:
- English language ability
- Experience in business or investment
- Net personal and business assets
- Business turnover
- State or territory nomination – special endorsemen
The 188 Business Innovation and Investment Visa (Provisional) comprises the following streams:
Business Innovation stream is for people who want to own and manage a new or existing business in Australia.
Investor stream is for people who want to make a designated investment in an Australian state or territory and want to maintain business and investment activity in Australia after the original investment has matured.
Business Innovation stream
If you are in the Business Innovation stream, you (or your partner, or you and your partner combined) must:
- have total assets of at least AUD800 000
- have a total annual turnover of at least AUD500 000 (in one or more of your main businesses) in at least 2 of the 4 fiscal years immediately before you are invited to apply
- own at least one of the following percentages of that main business (or two main businesses):
- 51 per cent of a business with a turnover of less than AUD400 000 per annum
- 30 per cent of a business with a turnover of more than AUD400 000 per annum
- 10 per cent of a publicly-listed company
- have an overall successful business career with no involvement in unacceptable business activities.
- have managed a business, in which you spent less than half your time on professional (such as a doctor or lawyer), technical or trade services
- have a genuine desire to own and maintain a management role in a business in Australia.
If you apply for the Investor stream, you (or your partner, or you and your partner combined) must:
- have a total assets of at least AUD2.25 million for the two fiscal years immediately before you are invited to apply
- have a high level of management skill in relation to eligible investments or qualifying business activity
- have an overall successful record of eligible investment or qualifying business activity with no involvement in unacceptable activities
- have at least 3 years' experience of direct involvement in managing one or more qualifying businesses or eligible investments
- for at least 1 of the 5 fiscal years before you are invited to apply, you have either:
- directly involved in managing an eligible investments that total at least AUD1.5 million
- directly involved managing a qualifying business in which you owned at least 10 per cent of the total value of the business.
- have a genuine and realistic commitment to continuing your business and investment activity in Australia after the original investment has matured.
- must be prepared to make an investment of AUD1.5 million in Australian State or Territory bonds prior to grant of the visa
Benefits of the 188 Business Innovation and Investment Visa (Provisional)
188 visa is a temporary visa valid for up to 4 years and permits you to own (or part own) an Australian business. Immediate family members (such as a partner and dependent children) included on the application is also entitled to live, work and study in Australia. This visa also establishes a pathway to permanent residence, upon satisfying certain requirements.
If you have applied for the Business Innovation stream, a 2-year extension is possible once you have held the subclass 188 visa for 3 years, giving you 6 years from the date of grant of the original visa.