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What is a Business Innovation and Investment – (Provisional) Visa?

The Business Innovation and Investment (Subclass 188) Visa, also known as the 188 visa, is a temporary visa that allows individuals with business skills to travel to Australia to own or manage a business, or to make an investment. The applicant must first be invited to apply for the visa to be eligible. With this visa, the candidate is permitted to engage in entrepreneurial, business, or investment activities in Australia. The process begins by submitting an Expression of Interest (EOI) through SkillSelect. The applicant may apply for the visa while outside of Australia or while holding a substantive or bridging visa A, B, or C within Australia. The 188 visa is valid for four years and can lead to permanent residency through the Business Innovation & Investment (Residence) subclass 888 visa. Additionally, under certain circumstances, holders of the 188 visa may be eligible to apply for an extension of up to two or four years.

Subclass 188 Stream

The Business Innovation and Investment (Provisional) Subclass 188 visa is divided into four main streams and two extension streams, each with its own eligibility requirements. The visa is available to applicants who meet a minimum point score of 65 and are nominated by a state or territory government for the business innovator or investor streams.

Business Innovation Stream

The Business Innovation Stream of the Subclass 188 visa is a type of visa that allows individuals with business skills to travel to Australia to own or manage a new or existing business. This stream is intended for individuals who have a history of successful business ownership or management, and who wish to establish a new business in Australia or purchase and manage an existing business. To be eligible for the Business Innovation Stream, applicants must meet certain requirements, including a minimum point score of 65 and a nomination by a state or territory government. They must also demonstrate a history of successful business ownership or management and have a genuine and realistic commitment to participate in the management of a new or existing business in Australia. Additionally, they must have a satisfactory record of business and/or investment activity, a minimum level of personal and business assets, and the ability to invest in a new or existing business in Australia.

Business Innovation Extention Stream

The Business Innovation Extension Stream of the Subclass 188 visa is a type of visa that allows individuals who are already holding a Business Innovation Stream (subclass 188) visa to apply for an extension. This stream is intended for individuals who have successfully established a business in Australia, and wish to continue to own and manage the business. To be eligible for the Business Innovation Extension Stream, applicants must have held a Business Innovation Stream (subclass 188) visa for at least one year and must have owned and managed a business in Australia for at least two of the four fiscal years immediately before the application is made. Additionally, they must have met the business turnover and net assets tests, and demonstrated a genuine and realistic commitment to continue to own and manage the business. Additionally, they should have no adverse information and should have not breached any visa conditions during the last visa holding period.

Investor Stream

The Investor Stream of the Subclass 188 visa is a type of visa that allows individuals with a significant amount of investment funds to travel to Australia and invest in the Australian economy. This stream is intended for individuals who have a history of successful business or investment activity, and who wish to make a substantial investment in Australia. To be eligible for the Investor Stream, applicants must meet certain requirements, including a minimum point score of 65 and a nomination by a state or territory government. They must also have a satisfactory record of business and/or investment activity, a minimum level of personal and business assets, and the ability to invest a minimum of AUD 1.5 Million in a complying investment in Australia. Additionally, they must demonstrate a genuine and realistic commitment to maintaining business and investment activity in Australia and be willing to actively participate in the management of the investment.