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Business Innovation and Investment (Provisional), Subclass 188, Visa2019-03-02T14:08:59+00:00

Business Innovation and Investment (Provisional), Subclass 188, Visa

The Business Innovation and Investment (Provisional), Subclass 188, Visa is a temporary visa that lets people with demonstrated business skills operate an existing business or set up and run a new business in Australia.

You can own and manage a business, and conduct business activities in Australia if you hold this visa. You can also make investments, and undertake entrepreneurial activities in Australia.

The Business Innovation and Investment (Provisional), Subclass 188, Visa has a number of streams. These are the Business Innovation stream, the Investor stream, the Significant Investor stream, the Business Innovation Extension stream, the Significant Investor Extension stream, the Premium Investor stream, and the Entrepreneur stream.

Business Innovation Stream

In order to qualify under the Business Innovation stream, you need to be nominated by a State or Territory government in Australia. You are to operate an existing business or set up and manage a new business in Australia. Generally, you must be under 55 years of age, but an exception might be made in certain limited situations.

It is expected that your business career is successful, and you genuinely desire to own and manage a business in Australia. In 2 of the last 4 years, before you are invited to apply, you must have had an ownership interest in a business that had a turnover of no less than $500,000 in each of those 2 years.

If the business had a turnover below $400,000 per year you have to show your ownership interest was at least 51%. If the turnover of the business was $400,000 or more per year, your ownership interest in the business must be at least 30%.

Assets

You and your partner must have assets of no less than $800,000 net. The funds can be a combination of business and personal assets, and must be available for transfer to Australia within 2 years of the visa grant.

Points Test

There is a points test for this visa, on which you need to score at least 65 points. Points are awarded for factors such as age, qualifications, English language proficiency, business experience, business turnover, net personal and business assets, innovation, and special endorsement.

Further criteria include meeting health and character requirements. You may be ineligible for this visa if you had a visa application refused or a visa cancelled while in Australia.

The validity period of the visa is up to 4 years and 3 months.

Investor Stream

You need to be nominated by an Australian State or Territory government to qualify under the Investor stream. You are required to invest $1,500,000 in a State or Territory in Australia, and it is expected that you maintain business and investment activities in Australia.

Generally, you must be under 55 years of age, but an exception might be made in certain limited situations. Other requirements include showing that you have at least 3 years experience in successfully managing a qualifying business, or making eligible investments.

The commitment to your Australian business or investment activities following the original investment must be genuine and realistic.

Experience

In terms of investments and business experience, you need to show that for at least 1 year of the last 5 years before being invited to apply, you directly managed a qualifying business in which you alone or in combination with your partner had at least a 10% ownership interest, or you managed an eligible investment of at least $1,500,000 that was owned by you alone or owned by you and your partner combined.

Assets

With respect to assets, you have to show that during the 2 years immediately before being invited to apply, you legally acquired assets of not less than $2,250,000. These funds must be available for legal transfer to Australia within 2 years of the visa grant.

Investment

You need to make a designated investment of at least $1,500,000 in a State or Territory government security, using unencumbered funds from a qualifying business or eligible investment. The investment is to be held for at least 4 years from the date the investment is issued in the nominating State or Territory.

Points Test

There is a points test for this visa, on which you need to score at least 65 points. Points are awarded for factors such as age, qualifications, English language proficiency, business experience, business turnover, net personal and business assets, innovation, and special endorsement.

Further criteria include meeting health and character requirements. You may be ineligible for this visa if you had a visa application refused or a visa cancelled while in Australia. The validity period of the visa is up to 4 years and 3 months.

Significant Investor Stream

This visa may be for you if you make a complying significant investment of $5,000,000 in Australia that meet certain requirements. You must be nominated by State or Territory government in Australia and you will need to maintain business and investment activities in Australia.

The complying significant investment of at least $5,000,000 must be held for not less than 4 years, and include proportionate investments of at least $500,000 in start-up businesses and small private companies, at least $1,500,000 invested in emerging companies listed on the Australian Stock Exchange, and a balancing investment in managed funds of at least $3,000,000.

Further criteria include meeting health and character requirements. You may be ineligible for this visa if you had a visa application refused or a visa cancelled while in Australia.

The validity period of the visa is up to 4 years and 3 months.

Business Innovation Extension Stream

The Business Innovation Extension stream allows eligible holders of the Business Innovation and Investment (Provisional), Subclass 188, Visa to extend their stay in Australia for another 2 years. You need to show that the nature of your business activities is such that you have to maintain a substantial presence in Australia in order to operate your business and manage its daily affairs.

You must retain an ownership interest in the business, as well as showing a continuing commitment to stay directly involved in the decision-making process and day-to-day management of the business. It is necessary to have a current nomination from an Australian State or Territory before being invited to apply.

Further criteria include meeting health and character requirements. You may be ineligible for this visa if you had a visa application refused or a visa cancelled while in Australia.

Significant Investor Extension Stream

The Significant Investor Extension stream allows eligible holders of the Business Innovation and Investment (Provisional), Subclass 188, Visa to extend their stay in Australia for another 2 years. Applicants must hold a Business Innovation and Investment (Provisional), Subclass 188, Visa in the Significant Investor stream for 3 years to be eligible under the Significant Investor Extension stream, and they need to have a current nomination from an Australian State or Territory before being invited to apply.

Applicants should retain the complying significant investment as provided in the complying investment framework when applying for the visa.

Further criteria include meeting health and character requirements. You may be ineligible for this visa if you had a visa application refused or a visa cancelled while in Australia.

Premium Investor Stream

You may qualify for the Premium Investor stream of the Business Innovation and Investment (Provisional), Subclass 188, Visa if you are nominated by Austrade, and you invest $15,000,000 in Australia. You need to show that you or your partner, or the two of you combined, own unencumbered assets of at least 15,000,000, net. The assets must be legally acquired and available for transfer to Australia to make the complying investment.

A complying investment of not less than 15,000,000 may be made with respect to, for example, Australian securities exchange listed assets, Australian government or semi-government bonds, deferred annuities issued by life companies registered in Australia, or by way of a philanthropic contribution approved by an Australian State or Territory government.

Further criteria include meeting health and character requirements. You may be ineligible for this visa if you had a visa application refused or a visa cancelled while in Australia.

The validity period of the visa is up to 4 years and 3 months.

Entrepreneur Stream

You may qualify for the Entrepreneur stream of the Business Innovation and Investment (Provisional), Subclass 188, Visa if you enter into a funding agreement with a third party with regard to undertaking an entrepreneurial activity.

You are to carry out a complying entrepreneur activity relating to an innovative idea for developing a business or enterprise in Australia, or an innovative project that will result in the commercialisation of a service or product in Australia. Your funding agreement must be for at least $200,000. The funding can be from entities such as, for example, a Commonwealth government agency, an Australian State or Territory government, or a publicly funded organisation involved with research or innovation.

An Australian State or Territory government must nominate you, and you need to have a genuine intention to carry on the entrepreneurial activity in Australia.

Generally, you have to be less than 55 years of age, but an exception might be made in certain limited situations.

Further criteria include meeting health and character requirements. You may be ineligible for this visa if you had a visa application refused or a visa cancelled while in Australia.

The validity period of the visa is up to 4 years and 3 months