Business Innovation and Investment Visa (Provisional) Subclass 188
It is said that you are yourself your best possible advertisement. This adage could not have been more apt for how utterly a wholesome business proposition setting up your very own business or enterprise in Australia can be.
That is how simply lucrative and not to be missed an opportunity that a business life in Australia offers.
And for setting up your business in Australia, you need to acquire what is referred to as the Business Innovation and Investment Visa (Provisional) Subclass 188.
This particular Australian visa is only provisional as it allows you to run your business on Australian soil for only Four Years’ time. After this period, or within this four years’ time, you can also apply for the Permanent Business Innovation and Investment Visa (Subclass 888).
The following pre-conditions apply to those who desire to obtain the Business Innovation and Investment Visa (Provisional) Subclass 188 –
- This provisional Visa is meant for those who intend for Business Migration in Australia
- The Provisional Visa is valid only for Four Years time from the date of issuance of the visa by the Australian immigration authorities
- The Business Innovation and Investment Visa (Provisional) Subclass 188 is available only to those aspirants who are nominated by an Australian state or territory
More specifically, you should meet the following criteria before applying for the Provisional Business Innovation and Investment Visa –
- You should have acquired the nomination from an Australian State or Territory before applying for this particular Visa
- Or, you should have received an invitation from Skill Select team
- You should be under the age of 55 years, unless the concerned Australian State or Territory Government authorities believe that you can despite your over age offer exceptional economic contribution to the society
- Score the minimum pass marks in the Business Innovation and Investment Points Test. The current score is 65
- Overall, have a successful Business Investment career
Approaching through the Business Innovation Stream
If you are considering seriously the option of doing Business Migration and starting your own business in Australia or expanding the same, then this is the Visa and the approach for you.
And for the same, you need to meet the following conditions –
- You should own a business whose turnover is minimum AUD 500,000 for the last Two Years of the four years of operation
- Your net business and personal asset value is at least AUD 800,000
The Investor Business Stream, on the other hand, requires –
- That you have managed or owned business in Australia and be willing to invest AUD 1.5 million amount in Australian State or Territory Bonds
- You have had Business and Personal Assets whose Net Value is at least AUD 2.25 Million for the last Two Fiscal Years
- You have three years experience of managing a ‘Qualifying Business’ or ‘Eligible Investments’ and have shown a high level of Management Skills
Further, for at least one of the Last Five Fiscal Years, you have –
- Managed a business with at least 10 per cent shareholding, or
- Managed ‘Eligible Investments’ of at least AUD 1.5 million
Here, ‘Eligible Investments’ include –
- Ownership interests in a business
- Cash on deposit
- Stocks or bonds
- Real estate
- Stocks or bonds
- Gold bullion
With the Business Innovation and Investment Visa (Provisional) Subclass 188 you can –
- Can apply for Permanent Visa under Subclass 888
- Can apply for Two Years Extension after three years of this Visa
- Own and do business in Australia