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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.
Significant Investment Stream
The Significant Investor Stream of the Subclass 188 visa is a type of visa that allows high-net-worth individuals to travel to Australia and make a substantial investment in the Australian economy. This stream is intended for individuals who have a high net worth and are willing to invest a significant amount of money into the Australian economy. To be eligible for the Significant Investor Stream, applicants must have net personal and/or business assets of at least AUD 5 million and must be willing to invest at least AUD 5 million into complying investments in Australia for at least four years. The investment must be made in accordance with the Australian government’s prescribed investment framework, which includes a range of investment options such as government bonds, blue-chip shares, and managed funds. Additionally, they must be nominated by a state or territory government or Austrade on the behalf of the Australian government and should be of good character.
Significant Investment Extension Stream
The Significant Investment Extension Stream of the Subclass 188 visa is a type of visa that allows individuals who are already holding a Significant Investor Stream (subclass 188) visa to apply for an extension. This stream is intended for individuals who have successfully made a significant investment in Australia and wish to continue to maintain and manage their investment for a longer period. To be eligible for the Significant Investment Extension Stream, applicants must have held a Significant Investor Stream (subclass 188) visa for at least one year and must have made a complying significant investment in Australia for at least three of the four fiscal years immediately before the application is made. They must also have met the business turnover and net assets tests, and demonstrated a genuine and realistic commitment to continue to maintain and manage their investment. Additionally, they should have no adverse information and should have not breached any visa conditions during the last visa holding period
Premium Investor Stream
The Premium Investor Stream of the Subclass 188 visa is a type of visa that allows high net worth individuals to travel to Australia and make a substantial investment in the Australian economy. This stream is intended for individuals who have an extremely high net worth and are willing to invest a significant amount of money into the Australian economy. To be eligible for the Premium Investor Stream, applicants must have a net personal and/or business assets of at least AUD 15 million and must be willing to invest at least AUD 15 million into complying premium investments in Australia. The investment must be made in accordance with the Australian government’s prescribed investment framework, which includes a range of premium investment options such as venture capital, growth private equity, or angel investment funds. Additionally, they must be nominated by a state or territory government or Austrade on behalf of the Australian government and should be of good character.
Entrepreneur Stream
The Entrepreneur Stream of the Subclass 188 visa is a type of visa that allows individuals with business skills and experience to travel to Australia to establish a new or develop an existing business in Australia. 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 Entrepreneur Stream, applicants must meet certain requirements, including 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. They also must have an innovative idea, a genuine and realistic plan to develop the business and a good level of English.
Basic Requirment
Before meeting the specific requirements for each stream of the Subclass 188 visa, applicants must first meet the basic requirements for the visa. These basic requirements apply to all streams of the 188 visa.
- The applicant must not be over 55 years of age (exceptions apply).
- The applicant must lodge an Expression of Interest (EOI).
- The applicant must be nominated by a state or territory government agency.
- The applicant must receive an invitation from the Department of Home Affairs.
- The applicant must provide proof of adequate business and personal assets.
- The applicant must provide evidence of a successful business or investment history.
- The applicant must score at least 65 points on the points testing system for the Business Innovation Stream or Investor Stream.
- The points testing system does not apply to the Significant Investor Stream, Business Innovation Extension Stream, Significant Investor Extension Stream, Premium Investor Stream, or Entrepreneur Stream..
- Proof of National ID such as passport, birth certificate, national identity card.
- Proof of name change, if relevant.
- Marriage certificate, if relevant.
- Signed Australian values statement.
- Health assessment evidence, to be submitted by healthcare provider.
- Age exemption documents, if over 45 years old.
- Dependent or partner documents including national ID, English test results, health assessment results, and character documents.