Business Innovation and Investment (Provisional), Subclass 188, Visa
Business Innovation and Investment (Provisional), Subclass 188, Visa
The Business Innovation and Investment (Provisional), Subclass 188, Visa is a temporary visa that lets people with demonstrated business skills operate an existing business or set up and run a new business in Australia.
You can own and manage a business, and conduct business activities in Australia if you hold this visa. You can also make investments, and undertake entrepreneurial activities in Australia.
The Business Innovation and Investment (Provisional), Subclass 188, Visa has a number of streams. These are the Business Innovation stream, the Investor stream, the Significant Investor stream, the Business Innovation Extension stream, the Significant Investor Extension stream, the Premium Investor stream, and the Entrepreneur stream.
Business Innovation Stream
In order to qualify under the Business Innovation stream, you need to be nominated by a State or Territory government in Australia. You are to operate an existing business or set up and manage a new business in Australia. Generally, you must be under 55 years of age, but an exception might be made in certain limited situations.
It is expected that your business career is successful, and you genuinely desire to own and manage a business in Australia. In 2 of the last 4 years, before you are invited to apply, you must have had an ownership interest in a business that had a turnover of no less than $750,000 in each of those 2 years.
If the business had a turnover below $400,000 per year you have to show your ownership interest was at least 51%. If the turnover of the business was $400,000 or more per year, your ownership interest in the business must be at least 30%.
Assets
You and your partner must have assets of no less than $1.25 million net. The funds can be a combination of business and personal assets, and must be available for transfer to Australia within 2 years of the visa grant.
Points Test
There is a points test for this visa, on which you need to score at least 65 points. Points are awarded for factors such as age, qualifications, English language proficiency, business experience, business turnover, net personal and business assets, innovation, and special endorsement.
Further criteria include meeting health and character requirements. You may be ineligible for this visa if you had a visa application refused or a visa cancelled while in Australia.
Investor Stream
You need to be nominated by an Australian State or Territory government to qualify under the Investor stream. You are required to invest $2,5 million in a State or Territory in Australia, and it is expected that you maintain business and investment activities in Australia.
Generally, you must be under 55 years of age, but an exception might be made in certain limited situations. Other requirements include showing that you have at least 3 years experience in successfully managing a qualifying business, or making eligible investments.
The commitment to your Australian business or investment activities following the original investment must be genuine and realistic.
Experience
In terms of investments and business experience, you need to show that for at least 1 year of the last 5 years before being invited to apply, you directly managed a qualifying business in which you alone or in combination with your partner had at least a 10% ownership interest, or you managed an eligible investment of at least $2,5 million that was owned by you alone or owned by you and your partner combined.
Assets
With respect to assets, you have to show that during the 2 years immediately before being invited to apply, you legally acquired assets of not less than $2,5 million. These funds must be available for legal transfer to Australia within 2 years of the visa grant.
Investment
You need to make a complying significant investment of at least $2,5 million on or after the time when you apply for the visa. The investment is to be held for the duration of the provisional visa.
Points Test
There is a points test for this visa, on which you need to score at least 65 points. Points are awarded for factors such as age, qualifications, English language proficiency, business experience, business turnover, net personal and business assets, innovation, and special endorsement.
Further criteria include meeting health and character requirements. You may be ineligible for this visa if you had a visa application refused or a visa cancelled while in Australia.
Significant Investor Stream
This visa may be for you if you make a complying significant investment of $5,000,000 in Australia that meet certain requirements. You must be nominated by State or Territory government in Australia and you will need to maintain business and investment activities in Australia.
The complying significant investment of at least $5 million must be held for the duration of the provisional visa.
Further criteria include meeting health and character requirements. You may be ineligible for this visa if you had a visa application refused or a visa cancelled while in Australia.
Business Innovation Extension Stream
The Business Innovation Extension stream allows eligible holders of the Business Innovation and Investment (Provisional), Subclass 188, Visa to extend their stay in Australia for another 2 years. You need to show that the nature of your business activities is such that you have to maintain a substantial presence in Australia in order to operate your business and manage its daily affairs.
You must retain an ownership interest in the business, as well as showing a continuing commitment to stay directly involved in the decision-making process and day-to-day management of the business. It is necessary to have a current nomination from an Australian State or Territory before being invited to apply.
Further criteria include meeting health and character requirements. You may be ineligible for this visa if you had a visa application refused or a visa cancelled while in Australia.
Significant Investor Extension Stream
The Significant Investor Extension stream allows eligible holders of the Business Innovation and Investment (Provisional), Subclass 188, Visa to extend their stay in Australia for another 2 years. Applicants must hold a Business Innovation and Investment (Provisional), Subclass 188, Visa in the Significant Investor stream for 3 years to be eligible under the Significant Investor Extension stream, and they need to have a current nomination from an Australian State or Territory before being invited to apply.
Applicants should retain the complying significant investment as provided in the complying investment framework when applying for the visa.
Further criteria include meeting health and character requirements. You may be ineligible for this visa if you had a visa application refused or a visa cancelled while in Australia.
Premium Investor Stream
You may qualify for the Premium Investor stream of the Business Innovation and Investment (Provisional), Subclass 188, Visa if you are nominated by Austrade, and you invest $15 million in Australia. You need to show that you or your partner, or the two of you combined, own unencumbered assets of at least $15 million net. The assets must be legally acquired and available for transfer to Australia to make the complying investment.
A complying investment of not less than $15 million may be made with respect to, for example, Australian securities exchange listed assets, Australian government or semi-government bonds, deferred annuities issued by life companies registered in Australia, or by way of a philanthropic contribution approved by an Australian State or Territory government.
Further criteria include meeting health and character requirements. You may be ineligible for this visa if you had a visa application refused or a visa cancelled while in Australia.
Entrepreneur Stream
To qualify for the Entrepreneur stream of the Business Innovation and Investment (Provisional), Subclass 188, Visa, you will need to be endorsed by a nominating State or Territory government agency to develop an entrepreneurial concept.
You are to carry out a complying entrepreneur activity relating to an innovative idea for developing a business or enterprise in Australia, or an innovative project that will result in the commercialisation of a service or product in Australia.
An Australian State or Territory government must nominate you, and you need to have a genuine intention to carry on the entrepreneurial activity in Australia.
Generally, you have to be less than 55 years of age, but an exception might be made in certain limited situations.
Further criteria include meeting health and character requirements. You may be ineligible for this visa if you had a visa application refused or a visa cancelled while in Australia.