Business Innovation and Investment Provisional (Subclass 188)
About This Visa
This is a 4-year visa for business people and willing investors seeking to establish business operations in Australia and obtain permanent residence through their business activities. To become eligible for permanent residence (under the subclass 888 Permanent Australian visa pathway) you must either hold an ownership interest in an Australian business or maintained your investment for 4 years. After 3 years on the subclass 188 visa, it can be extended in Australia for 2 more years allowing you further time to meet requirements to move to permanent residence.
How do I Apply for this Visa ?
To apply for this visa you must –
- Be nominated by an Australian State or Territory government.
- Apply online via the SkillSelect system.
- Be invited to apply by the DIBP for the visa.
- If lodging in Australia, you must hold a substantive visa or Bridging A, B or C.
All applicants must meet the following criteria:
- Under 55 years of age unless you are certified by the nominating state or territory certifies that you will bring exceptional economic benefit to Australia
- Have an overall successful career in business or investment
- Meet the pass mark in the Business Innovation and Investment Points test (currently 65)
Business Innovation Stream Requirements
You must have owned and operated an overseas business, have a genuine intention of establishing business operations in Australia and satisfy the following:
- Own a business with gross turnover of at least AUD 500,000 in 2 of the last 4 financial years of business / investment operation
- Net personal (you and / or your spouse) and business assets of at least AUD 800,000
Investor Stream Requirements
You must have a successful career in managing investments or own a business, be willing to invest $1.5 million in Australian State or Territory Government bonds and satisfy the following:
- Net personal (you and / or your spouse) and business assets of at least AUD 2.25 million for the last 2 in 2 of the last 4 financial years of business / investment operation
- Invest AUD 1.5 million in Australian State or Territory bonds prior to visa grant
- 3 years of experience managing a qualifying business or “eligible investment(s)” showing a high level of management skill
- For at least 1 of the last 5 fiscal years, you have either:
- Managed a business in which you hold a 10% shareholding; or
- Managed “eligible investments” of at least AUD 1.5 million
“Eligible investments” for the purposes of the Investor Stream include:
- Ownership interests in a business
- Cash on deposit
- Stocks or bonds
- Real estate
- Gold or bullion
- Loan to a business
Why use Turner Coulson Immigration Lawyers?
Business Innovation and Investment Provisional (Subclass 188) can be refused for a number of reasons. The Business Innovation and Investment Provisional (Subclass 188) application also has strict criteria which all must be met and only very limited waiver provisions for age, English language and skill requirements exist.
It is essential that the visa application is assessed, structured and lodged in a way to satisfy all applicable DIBP law and policy. Turner Coulson (Immigration Lawyer Sydney) has years of experience handling the most complex cases and achieving positive outcomes in circumstances where the applicant would have failed if we were not involved.
What to do next and how to apply?
Getting the right advice upfront is essential so contact for a free no obligation discussion with one of our advisors who are ready and waiting to assist you applying for your visa.
We will assess your situation on an individual basis and provide you with the best advice to make your stay in Australia hassle-free.