Business Innovation Stream Subclass 188A
The Business Innovation Stream Visa is a temporary visa for applicants who are willing to either establish a new business or buy into an existing business in Australia, and willing to live in Australia while undertaking a role running the business.
Applicants must also be nominated by a State or Territory Government and satisfy the usual health and character criteria.
How do I qualify for the Business Innovation Stream 188A Visa?
To be eligible to apply for this visa, applicants must meet the following criteria:
- Be nominated by an Australian State or Territory Government, who are satisfied that the net value of your business and personal assets are sufficient enough to allow the applicant to settle in Australia
- Demonstrate a successful business career
- For at least 2 of the 5 immediate previous fiscal years, before the time of invitation to apply for the visa have had an ownership interest in one or more establish main businesses which had an annual revenue of at least $AU500,000 for each of those years
- Have combined personal and business assets with a value of at least $AU800,000 which were lawfully acquired and can be applied to establishment or conduct of business in Australia within 2 years of the visa grant
- Demonstrate a genuine and realistic commitment to:
- Establishing and maintaining an ownership interest in a qualifying business in Australia
- Maintain direct and continuous involvement in the day to day management of the business and in making of high level business decisions in a way which benefits the Australian economy
- Demonstrate the need to be a resident of Australia to establish or conduct the proposed business activity
- No history of involvement in business or investment activities that are generally not acceptable in Australia
- The applicant and accompanying family members must meet standard health and character criteria
What this visa will allow you to do:
- Establish or buy into an existing and qualifying business in Australia
- Work and study in Australia, for the life of the visa (4 years)
- Bring immediate family members, who may also work and study
- Travel to and from Australia for the life of the visa (4 years)
- Be eligible to apply for Permanent residency, through the Subclass 888 Visa after the 4 years if select criteria are met
How do I apply for the Business Innovation Stream 188A Visa?
Applicants must first be nominated by an Australian State or Territory Government. Note that each State or Territory Government may have various requirements.
Applicants then need to lodge an Expression of Interest (EOI) with the Australian Immigration department, and will then be invited to apply for the visa.
If the visa is granted, holders will be eligible to apply for permanent residency through the Subclass 888 Visa after the 4 years if select criteria are met.
How do I qualify for the Permanent Residence Subclass 888 Visa?
Before being eligible to apply for the Permanent Residence subclass 888 visa, applicants must have been in Australia as a holder of a 188A visa(s) for a total period of at least 2 of the 4 years before applying.
Applicants must also:
- have had or continue to have an ownership interest in at least 1 actively operating main business in Australia during these 2 years
- Meet 2 of the following 3 criteria, unless exceptional circumstances apply, in the 12 months prior to applying for permanent residency:
- You (or your spouse or de facto partner together) held/hold assets in an Australian business(es) of at least $AU200,000
- You (or your spouse or de facto partner together) held/hold assets in an Australian business(es) combined with personal assets of at least $AU600,000
- Your Australian business(es) have at least 2 full time employees
- The applicants Australian business(es) must also have had a turnover of at least $AU300,000 in 12 months prior to applying for permanent residency
- Continue to demonstrate that no history of involvement in business or investment activities that are generally not acceptable in Australia
- The nominating Australian State or Territory has not withdrawn the application
- You (and your spouse or de facto partner) have a satisfactory record of compliance with Commonwealth laws and in the place in Australia where the business is held, including laws relating to taxation, superannuation and workplace relations
The government charges for visa applications can be found at: http://www.border.gov.au/Trav/Visa/Fees
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