188 visa is a temporary business and innovation visa that allows people with business skills to travel to Australia to own a new business or manage an existing business, or to invest in Australia. Applicant must be invited to apply for Business Innovation and Investment (Subclass 188) Visa.
With 188 visas, The candidate is allowed to conduct an entrepreneurial activity, or business or investment activity in Australia. The applicant has to lodge an EOI (expression of interest) by SkillSelect to get eligible for a 188 visa. The applicant can be outside Australia while lodging the application or in Australia holding substantive or bridging visa A, B, or C.
The visa is a 4 years temporary residence-based, However, once you established a successful business it might lead you to a permanent residency Business Innovation & Investment (Residence) subclass 888 visa. Also, the 188 visa holders can apply for the extension under some streams for upto 2 years, or 4 years depends on certain circumstances.
The Business Innovation and Investment (Provisional) Subclass 188 visa is divided into four main streams, and two extension streams. Each stream has its own eligibility requirements, and conditions to apply.
The visa is only available for the applicants who meet the minimum point score (which is 65 for now) to apply for business innovator stream or investor stream and nominated by the state or territory government. However, other streams such as business innovation extension stream, Significant Investment Stream, Significant Investment Extension Stream, Premium Investor Stream, and Entrepreneur Stream does not require the points test.
Point-based Streams requires a minimum of 65 points to get eligible for the visa, the points will be awarded for the age of an applicant, English language proficiency, Qualification of the applicant, Business or investing experience, Net assets including personal or business, And business turnover and innovation.
Business Innovation Stream: This visa stream is for an applicant who is planning to establish or develop a new business in Australia.
Business Innovation Extension Stream: The extension stream is for applying for the extension of the business innovation stream for upto 2 years, or 4 years if covid concession conditions apply.
Investor Stream: The investor stream is for business investors who wants to invest $1.5 million AUD in an Australian state or territory.
Significant Investment Stream: This stream is a provisional visa, for the investor applicant who wants to invest in Australia with at least $5 million AUD.
Significant Investment Extension Stream: This stream is for the visa holders of business innovation and Investment stream, or Significant Investment stream that allows you to extend your visa for upto 4 years.
Premium Investor Stream: The visa is for people who want to invest at least $15 million AUD and nominated by Austrade after their provisional visa.
Entrepreneur Stream: This visa allows the applicants to carry entrepreneurial activities in Australia and have at least a $200,000 AUD funding agreement from a third-party investor.
Basic Requirement for 188 Visa
For 188 visa, every individual stream has its own requirements, However, you have to meet the basic requirements before complying with stream requirements. The basic requirements for 188 visa are:
- Applicant must not be over 55 years of age (exceptions applies)
- Applicant must have to lodge an Expression of Interest (EOI).
- Applicant should be nominated by state or territory government agency.
- Applicant must receive an invitation from the Department of Home Affairs.
- Applicants are required to show proof of adequate business and personal assets.
- Have to provide evidence of successful business, or investment history.
- An applicant is required to score at least 65 points on the points testing system for the business innovation stream or Investor stream.
- Points testing system does not apply to significant investor stream, business innovation extension stream, significant investor extension stream, premium investor stream, or entrepreneur stream.
How Points Score Is Measured for 188 Visa?
You have to meet the point score criteria to be eligible to apply for the business innovation stream and investor stream. Point test does not apply for the applicant applying for significant investor stream, premium investor stream, entrepreneur stream, business innovation extension stream, or significant investor extension stream.
The point score is awarded for various elements such as:
- Age, (can receive up-to 30 points)
- Qualification, (can receive up-to 10 points)
- English Language Proficiency, (can receive up-to 10 points)
- Experience in Business or Investment, ( can receive up-to 15 points)
- The net worth of business and personal assets, ( can receive up-to 35 points)
- Special Endorsement, ( can receive 10 points)
- State or territory nomination (Limited Places), (can receive 10 points)
- Innovation,(can receive up-to 15 points) and
- Annual business turnover. (can receive upto 35 points)