Business Innovation Stream – Subclass 188 (Provisional)
This Visa is designed for people who have an ownership interest in a business in their home country and would like to establish a new or develop an existing business in Australia.
Who is eligible for this visa
- You must be able to show you have had a successful business career.
- Specific criteria have to be met by your business in your home country in which you have had an ownership interest and have been involved in its day to day management and overall strategic direction;
- One or two of your business had a turnover of AUD500,000 for at least 2 of the 4 fiscal years immediately before the application is made.
- You, your partner, or you and your partner combined must have total net business and personal assets of at least AUD800,000 which are available for the conduct or establishment of a business in Australia and are lawfully acquired and available for transfer to Australia within 2 years of the grant of your visa;
- Your age must be under 55 or the nominating state or territory must provide their support to waive the age requirement if you can demonstrate that your proposed business activity in Australia is of exceptional benefit to Australia;
- Be nominated by a state or territory government in Australia before being invited to apply for this visa;
- Meet the points tested pass mark, set at 65;
- Have an overall successful business career in your home country, which will involve providing evidence of your involvement in your main business decisions, management and responsibilities;
- Have a realistic commitment to establish or participate in a qualifying business in Australia and maintain a substantial ownership and direct and continuous involvement in the management of that business;
- Demonstrate a need to be resident in Australia for the purposes of establishing and maintaining a business
What This Visa Lets You Do?
- You can reside in Australia and operate the business you proposed in your subclass 188 Business Innovation application;
- As it is a full re-entry visa you can travel in and out of Australia for the life of your visa;
- Include your dependent family members in your application so they can get the same visa as you;
- This visa is granted for 4 years and 3 months but an extension can be applied for after 3 years for 1 year and 9 months to provide the applicant with a maximum period 6 years, from the time of their subclass 188 visa grant
- You will need to live in Australia for the period of 2 out of 4 years immediately before the date of application for your permanent visa (subclass 888). It does not need to have been for a continuous stay and combining short period of stay may be added together to satisfy this requirement.
Apply for Permanent Residence
- You or your wife can apply for Permanent Residence – Business Innovation Stream Visa-Subclass 888 (Permanent), once you or your wife have fulfilled the requirements of this visa (please see Business Innovation Stream 188).
- Before applying for the 888 (Permanent) the main applicant is required to maintain an ownership interest of a main business/businesses in Australia as was proposed in the 188 application, for a period of at least 2 years prior to the date of application;
- The applicant is also required to have been in Australia for a period of at least 1 out of the 2 years immediately before an application is made.