BUSINESS INNOVATION & INVESTMENT - PROVISIONAL

ABOUT THIS VISA

The Business Innovation and Investment (Provisional) Visa (Subclass 188) is a visa that allows you to own and manage a business in Australia, conduct business and investment activity in Australia or undertake an entrepreneurial activity in Australia. There are 7 different streams for this visa including: Business Innovator Stream, Investor Stream, Significant Investor Stream, Business Innovation Extension Stream, Significant Investor Extension Stream, Premium Investor Stream, Entrepreneur Stream.

 

COSTS & DETAILS OF THE BUSINESS INNOVATION & INVESTMENT (PROVISIONAL) VISA (SUBCLASS 188)

The Business Innovation and Investment (Provisional) Visa (Subclass 188) has varying costs depending upon the stream you choose. For more details, scroll down .

WHAT THIS VISA LETS YOU DO

The Business Innovation and Investment (Provisional) Visa (Subclass 188) allows you to to do different activities depending upon which stream you choose. Scroll down to learn more.

 

BUSINESS INNOVATION STREAM

 

DETAILS ABOUT THIS VISA

The Business Innovation & Investment (Provisional) Visa (Subclass 188) - BUSINESS INNOVATION STREAM is a provisional visa is for people with business skills. It lets you operate a new or existing business in Australia. You can stay up to 4 years and 3 months in Australia to operate the business. Cost of the visa application is $5375. You can operate a new or existing business in Australia, bring eligible members of your family with you and after time, apply for the permanent option for this visa (Subclass 888).

ELIGIBILITY FOR THE BUSINESS INNOVATION & INVESTMENT (PROVISIONAL) VISA (SUBCLASS 188) - BUSINESS INNOVATION STREAM

 

To be eligible for the Business Innovation and Investment (Provisional) Visa (Subclass 188), you will need to:

  • You must be nominated by an Australian State or Territory government agency, before being invited to apply for this visa.

  • For 2 out of 4 fiscal years immediately before you receive an invitation to apply, you must have had an ownership stake in 1 or 2 businesses that had at least AUD500,000 turnover in each of those 2 years.Whether you have 1 or 2 businesses, you must own at least:

    • 51%, of the total value of the business if the business has a turnover of less than AUD400,000 per year

    • 30%, of the total value of the business  if the business has a turnover of AUD400,000 or more per year, or

    • 10%, of the total value of the business if the business is operated by a publicly listed company

    • If your business provides professional, technical or trade services, you must have spent less than half your time providing those services, rather than general management of the business.

  • Both you, or you and your partner combined must have total net business and personal assets of at least AUD800,000. Your funds must be available to transfer to Australia within 2 years of us granting the visa

  • Score at least 65 points on the points test. You can get points for many reasons, including your: 

    • age

    • English language ability

    • qualifications

    • business experience

    • net personal and business assets

    • business turnover

    • innovation

    • special endorsement

  • Have a successful business career and a genuine desire to continuously own and manage a business in Australia.

  • Be under 55 years old. You will not receive an invitation if you are aged 55 or older at the time of the invitation to apply for the visa.  If you are older, a State or Territory might invite you to apply for this visa if your business will be of exceptional economic benefit.

  • Not have a history of involvement in unacceptable activities

  • Have functional English

  • Meet health requirements.

  • Meet character requirements.

  • Sign the Australian Values Statement.

  • Have no debt to the Australian government.

  • Not have had a previous visa cancelled or refused.

 

BUSINESS INNOVATION EXTENSION STREAM

 

DETAILS ABOUT THIS VISA

The Business Innovation & Investment (Provisional) Visa (Subclass 188) - BUSINESS INNOVATION EXTENSION STREAM is a provisional visa lets holders of the Business Innovation and Investment (Provisional) visa (subclass 188) in the Business Innovation stream extend their stay in Australia for 2 more years. You can stay up to 6 years in the country AFTER the date of your original grant of the original Business Innovation & Investment (Provisional) Visa (Subclass 188) - BUSINESS INNOVATION STREAM. Cost of this visa application is $645. This visa allows you to operate a new or existing business in Australia. You can bring eligible members of your family with you, and apply for the Business Innovation & Investment (Permanent) Visa (Subclass 888) if certain requirements are met.

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ELIGIBILITY FOR THE BUSINESS INNOVATION & INVESTMENT (PROVISIONAL) VISA (SUBCLASS 188) -  BUSINESS INNOVATION EXTENSION STREAM

 

​To be eligible for the Business Innovation and Investment (Provisional) Visa (Subclass 188) BUSINESS INNOVATION EXTENSION STREAM, you will need to:

  • You must already hold a Business Innovation and Investment (Provisional) visa (subclass 188) Innovation stream and have held it for at least three years. You must not have held more than one Business Innovation and Investment (Provisional) visa (subclass 188) in the Business Innovation stream. 

  • Be able to demonstrate your business activities are of a nature that will require a substantial presence in Australia to operate your business and manage its day-to-day affairs.

  • Your main business must have been operating actively in Australia for at least 2 years immediately before applying for this visa. You must also continue to have an ownership interest in that main business.

  • Have maintained your commitment to stay directly involved in the day-to-day management and decision-making of the business.
  • Have a current nomination from a State or Territory agency before being invited to apply for this visa.

  • You and your partner must have had no history of involvement in business or investment activities that are of a nature that is not generally acceptable in Australia.

  • Have functional English

  • Meet health requirements.

  • Meet character requirements.

  • Sign the Australian Values Statement.

  • Have no debt to the Australian government.

  • Not have had a previous visa cancelled or refused.

 

INVESTOR STREAM

 

DETAILS ABOUT THIS VISA

The Business Innovation & Investment (Provisional) Visa (Subclass 188) - INVESTOR STREAM is a provisional that requires you to invest at least AUD1.5 million in an Australian State or Territory and maintain business or investment activity in Australia. With this visa you can carry out business and investment activity in Australia, bring eligible members of your family with you, and apply for the Business Innovation & Investment (Permanent) Visa (Subclass 888) if certain requirements are met.

ELIGIBILITY FOR THE BUSINESS INNOVATION & INVESTMENT (PROVISIONAL) VISA (SUBCLASS 188) - INVESTOR STREAM

 

​To be eligible for the Business Innovation and Investment (Provisional) Visa (Subclass 188) INVESTOR STREAM, you will need to:

  • You must be nominated by an Australian State or Territory government agency, before being invited.

  • Have managed a qualifying business or investments to the value of at least AUD1.5million. For at least 1 of the 5 fiscal years immediately before being invited to apply, have directly managed one of the following:

    • a qualifying business in which you, your partner or you and your partner combined had at least 10% ownership interest, or

    • a eligible investment of at least AUD1.5 million owned by you, your partner or you and your partner combined.

  • For the 2 fiscal years immediately before we invite you to apply, you, your partner, or you and your partner together, have business and personal assets with a net value of at least AUD2.25 million. These assets must have been lawfully acquired and be available for transfer to Australia within 2 years of the visa being granted.  

  • Make an investment of AUD1.5 million in your nominating State or Territory

  • You must: have the right experience.

    • have at least 3 years' experience managing one or more qualifying businesses or eligible investments

    • have a successful record of eligible investment or qualifying business activity

    • have demonstrated a high level of management skill in relation to the eligible investment or qualifying business activity

  • Score at least 65 points on the points test. You can get points for many reasons, including your: 

    • age

    • English language ability

    • qualifications

    • business experience

    • net personal and business assets

    • business turnover

    • innovation

    • special endorsement

  • Have a genuine intention to live for at least 2 years in the State or Territory in which you have made the investment application.

  • Be under 55 years of age.

  • Not have a history of involvement in unacceptable activities

  • Have functional English

  • Meet health requirements.

  • Meet character requirements.

  • Sign the Australian Values Statement.

  • Have no debt to the Australian government.

  • Not have had a previous visa cancelled or refused.

SIGNIFICANT INVESTOR STREAM

 

DETAILS ABOUT THIS VISA

The Business Innovation & Investment (Provisional) Visa (Subclass 188) - SIGNIFICANT INVESTOR STREAM is a provisional visa that is for people who invest at least AUD5 million in Australian investments that meet certain requirements and maintain investment activity in Australia. You can stay up to 4 years and 3 months in the country. Cost of this visa application is $7880. This visa allows you to carry out investment activity in Australia. You can bring eligible members of your family with you, and apply for the Business Innovation & Investment (Permanent) Visa (Subclass 888) if certain requirements are met.

ELIGIBILITY FOR THE BUSINESS INNOVATION & INVESTMENT (PROVISIONAL) VISA (SUBCLASS 188) -  SIGNIFICANT INVESTOR STREAM

 

​To be eligible for the Business Innovation and Investment (Provisional) Visa (Subclass 188) SIGNIFICANT INVESTOR STREAM, you will need to:

  • To be granted this visa, you must make (on or after the time of application for this visa), a complying significant investment of at least AUD5 million when we invite you to, and have a genuine intention to hold that investment for at least 4 years. It must be invested in the following proportions:

    • at least AUD500,000 in venture capital and growth private equity funds which invest in start-ups and small private companies

    • at least AUD1.5 million in approved managed funds. The managed funds must invest in emerging companies listed on the Australian Stock Exchange

    • a ‘balancing investment’ of at least AUD3 million in managed funds

    • The managed funds can invest in a range of assets, including companies listed on the Australian stock exchange, Australian corporate bonds or notes, annuities and commercial real estate.

    • You cannot include direct investment in residential real estate. This includes through managed funds.

    • You must not use investments as security or collateral for a loan.

  • Not have a history of involvement in unacceptable activities

  • Have functional English

  • Meet health requirements.

  • Meet character requirements.

  • Sign the Australian Values Statement.

  • Have no debt to the Australian government.

  • Not have had a previous visa cancelled or refused.

SIGNIFICANT INVESTOR EXTENSION STREAM

 

DETAILS ABOUT THIS VISA

The Business Innovation & Investment (Provisional) Visa (Subclass 188) - SIGNIFICANT INVESTOR EXTENSION STREAM is a provisional visa that lets holders of a Business Innovation and Investment (Provisional) visa (subclass 188) Significant Investor stream holders extend their stay in Australia for up to 4 more years. Cost of the visa extension is $645. This allows you to continue to carry out investment activities in Australia. You can bring eligible members of your family with you, and apply for the Business Innovation & Investment (Permanent) Visa (Subclass 888) if certain requirements are met.

ELIGIBILITY FOR THE BUSINESS INNOVATION & INVESTMENT (PROVISIONAL) VISA (SUBCLASS 188) -  SIGNIFICANT INVESTOR EXTENSION STREAM

 

​To be eligible for the Business Innovation and Investment (Provisional) Visa (Subclass 188) SIGNIFICANT INVESTOR EXTENSION STREAM, you will need to:

  • You must not have held more than one Business Innovation and Investment (Provisional) visa (subclass 188) Significant Investor Extension stream visa.

  • You must continue to hold your complying significant investment in accordance with the complying investment framework in place at the time you applied for this visa.

  • You and your partner must have had no history of involvement in business or investment activities that are of a nature that is not generally acceptable in Australia.

  • If a family member who is part of your application did not pay a second instalment of the visa application charge for a previous subclass 188 visa application, they must be assessed as having functional English or you will need to pay the second instalment.

  • Meet health requirements.

  • Meet character requirements.

  • Sign the Australian Values Statement.

  • Have no debt to the Australian government.

  • Not have had a previous visa cancelled or refused.

PREMIUM INVESTOR STREAM

 

DETAILS ABOUT THIS VISA

The Business Innovation & Investment (Provisional) Visa (Subclass 188) - PREMIUM INVESTOR STREAM is a provisional visa is for people who are nominated by the CEO of Austrade and who invest at least AUD15 million in Australian investments and/or philanthropic contributions. You can stay in Australia for up to 4 years and 3 months. You can bring eligible members of your family with you, and apply for the Business Innovation & Investment (Permanent) Visa (Subclass 888) if certain requirements are met. Cost of his visa is $9455.

ELIGIBILITY FOR THE BUSINESS INNOVATION & INVESTMENT (PROVISIONAL) VISA (SUBCLASS 188) -  PREMIUM INVESTOR STREAM

 

​To be eligible for the Business Innovation and Investment (Provisional) Visa (Subclass 188) PREMIUM INVESTOR STREAM, you will need to:

  • Be nominated by the CEO of Austrade before being invited to apply for this visa.

  • 1st submit an expression of interest to Austrade.

  • After you lodge your application, you must make a complying premium investment of at least AUD15 million in any of the following options

    • Australian securities exchange listed assets

    • Australian government or semi-government bonds or notes

    • corporate bonds or notes issued by an Australian exchange listed entity (or wholly owned subsidiary of the Australian listed entity), investment grade rated Australian corporate bonds or notes rated by an AFS licenced debt rating agency

    • Australian proprietary limited companies that operate qualifying businesses (providing goods or services to the public with a profit-making intention, and not passive or speculative in nature)

    • real property in Australia excluding residential property

    • deferred annuities issued by Australian registered life companies

    • state or territory government approved philanthropic contribution

      • To be an eligible fund, a further requirement is that cash is to be no more than 20% of a fund’s net assets and derivatives are to be used for risk management purposes only.

      • Premium investors may elect to make a portion or the entirety of their investment by way of a philanthropic donation (endorsed by a state or territory government.

      • Further information on the complying premium investment includes: Income that you earn from your complying premium investment in Australia is subject to tax under Australian taxation law. You must also have a genuine and realistic commitment to continue your investment activity in Australia after your visa ends. Do not make your complying premium investment before you submit a visa application. Once you have lodged an application, if we are satisfied you meet other criteria for the grant of the visa, you will be invited to make a complying premium investment.

  • You must have net assets of at least AUD15 million. These assets could belong to you, your partner, or you and your partner combined. They must be legally acquired, unencumbered, and available to make the complying premium investment in Australia.

  • You and your partner must not have a history of involvement in business or investment activities that are of a nature that is not generally acceptable in Australia.

  • You must agree not to bring any action against the Commonwealth for any loss relating to your complying premium investment. This also applies to any member of the family unit 18 years of age or older who is also an applicant for this visa.

  • All applicants aged 18 or over at time of application must have at least functional English. If you are unable to prove they have functional English you will have to pay the second instalment.

  • Meet health requirements.

  • Meet character requirements.

  • Sign the Australian Values Statement.

  • Have no debt to the Australian government.

  • Not have had a previous visa cancelled or refused.

ENTREPRENEUR  STREAM

 

DETAILS ABOUT THIS VISA

The Business Innovation & Investment (Provisional) Visa (Subclass 188) - ENTREPRENEUR STREAM is a provisional visa that lets you carry out entrepreneurial activities in Australia. You can stay here for 4 years and 3, and the cost is $4045. You can bring eligible family members with you and apply for the Business Innovation & Investment (Permanent) Visa (Subclass 888) if certain requirements are met.

ELIGIBILITY FOR THE BUSINESS INNOVATION & INVESTMENT (PROVISIONAL) VISA (SUBCLASS 188) -  ENTREPRENEUR STREAM

 

​To be eligible for the Business Innovation and Investment (Provisional) Visa (Subclass 188) ENTREPRENEUR STREAM, you will need to:

  • Be invited to apply after submitting an expression of interest.
  • Be nominated by a state or territory government.
  • Be under 55 years old.
  • Have a complying entrepreneurial activity. A complying entrepreneur activity must relate to an innovative idea that will lead to:
    • the commercialisation of a product or service in Australia, or

    • the development of an enterprise or business in Australia

    • This activity must not relate to any of the following categories:

      • residential real estate

      • labour hire

      • purchase of an existing enterprise or a franchise in Australia

  • You must have one or more legally enforceable agreements to receive funding with a total of at least AUD200,000. The funding must be from one of the following entities:

    • Commonwealth Government agency

    • State or Territory government agency

    • Publicly funded research or innovation organisation

    • Higher education provider specified as a Table A or Table B provider under Part 2-1 of the Higher Education Support Act 2003

    • Investor registered as an Australian Venture Capital Limited Partnership or Early Stage Venture Capital Limited Partnership.

    • NOTE

      • At least 10% of the funding must be payable to the entrepreneurial entity within 12 months of the activity starting in Australia. This must be in the agreement.

        • You must have held at least 30% interest in your entrepreneurial entity when you entered into the agreement.

        • You must also have a business plan for the entrepreneurial entity. This business plan should note how your innovative idea will lead to:

        • the commercialisation of a product or service in Australia, or

        • the development of an enterprise or business in Australia

        • All of the funding provided or to be provided to the entrepreneurial entity under the agreement or agreements is unencumbered and lawfully acquired.

      • The entity that will conduct the activity (the entrepreneurial entity) must be either an individual (yourself), a company or a partnership.

  • You and your partner must not have a history of involvement in business or investment activities that are of a nature that is not generally acceptable in Australia.

  • Have competent English

  • Meet health requirements.

  • Meet character requirements.

  • Sign the Australian Values Statement.

  • Have no debt to the Australian government.

  • Not have had a previous visa cancelled or refused.

HOW TO APPLY FOR THE THIS AUSTRALIAN VISA

The Business Innovation and Investment (Provisional) Visa (Subclass 188) needs to be done right first time and to avoid unnecessary delay, use a registered migration agent Mark Pelley - Principal Migration Agent for Visas To Australia. The Business Innovation and Investment (Provisional) Visa (Subclass 188) requires substantial documentation to support claims made in the application. This process can be lengthy and confusing. Failure to correctly apply for the Business Innovation and Investment (Provisional) Visa (Subclass 188) could result in a rejection from the Department of Home Affairs and having to reapply and to pay all costs again. Contact VISAS TO AUSTRALIA to help you apply for this visa.

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