Subclass 188 Business Innovation visa – A viable pathway to set up business in Australia
Subclass 188 Business Innovation provisional visa is for people with business skills and allows them to operate a new or existing business in Australia. Under this visa, applicants can:
- operate a new or existing business in Australia
- travel to, enter and remain in Australia for up to 4 years and 3 months
- bring their eligible family members in Australia
- apply for a permanent Business Innovation and Investment (Permanent) visa (subclass 888) Business Innovation stream
Requirement of the program
However, in order to be eligible to apply for this visa, applicant must:
- Age: under 55 years
- Net Worth: Applicant must have total net business and personal assets at least AUD 800,000
- Nomination: Applicant needs to be nominated by an Australian State or Territory government agency
- Investment: AUD 200,000 – AUD 600,000 (depends on state nomination)
- Point Score: at least 65 points
- Experience: 4 years in last 5 years
- Education: Higher Secondary and above
- Language: have functional English
- have a successful business career and a genuine desire to continuously own and manage a business in Australia
- meet health & character requirement
Processing time: 15 Months
Australian States Requirement Criteria
- Queensland
- South Australia
- Tasmania
- New South Wales
- Western Australia
- Victoria
Every state has different conditions for qualifying criteria. Majorly Clients are interested in investing in three states which are Queensland, Victoria and New South Wales.
Innovation Extension Stream
PR Subclass(888)
You can apply to extend your stay for an extra two years under a Business Innovation Extension stream.
To be eligible for this extension stream:
- you must already hold a visa in the Business Innovation stream, and have had it for at least three years;
- you must demonstrate a need for you to be resident in Australia to operate the main business;
- you must have a current nomination from a state or territory government agency;
- you must have maintained an ownership interest in your nominated main business, which must have been operating actively in Australia for at least two years;
- you must have maintained your commitment to stay directly involved in the day-to-day management and decision-making of the business;
- You cannot apply for this stream if you have held more than one subclass Business Innovation and Investment (Provisional) visa (subclass 188);
- If another visa is granted, it will be valid for another two years from the date your first visa is granted (six years in all). The extra time gives you time to qualify for a Business Innovation and Investment (Permanent) visa (subclass 888);
- To apply for this visa under the Business Innovation Extension stream, complete the online form Application for a Business Innovation and Investment (Renewal) visa; and
- Provide your supporting documents and pay the visa application charge by credit card when you apply.
Requirements to apply for PR:
- Had an ownership interest (and continue to have an ownership interest) and a direct and continuous management role in an actively operating main business in Australia for the two years immediately before applying;
- Had an annual turnover of at least AUD 300,000 from the main business in the 12 months before applying.(A nominating state or territory might agree to waive the requirement to show an annual turnover of AUD 300,000 if applicant lives and operates business in a specified regional area of Australia);
- Owned at least one of the following percentages of the main business(or main businesses) in Australia in the year immediately before applying:
- 51 percent with a turnover of less than AUD 400,000 per year
- 30 percent with a turnover of AUD 400,000 or more per year
- 10 percent of a publicly listed company
- Obtained an Australian Business number for each of the main businesses.
- Submitted Business Activity Statements to the Australian Taxation Office for the two years immediately before applicant applies.
- Applicant and his partner together must also demonstrate that they have achieved at least two of the following requirements:
- A net value of business assets of at least AUD 200,000 in the nominated main business (or two main businesses) in Australia throughout the year immediately before applying.
- A net value of personal and business assets of at least AUD 600,000 in Australia throughout the year immediately before applying.
- Employed at least the equivalent of two full time employees in the main business (or main businesses) in Australia throughout the year immediately before applying. (Employees should be Australian citizens, Australian permanent residents, or holders of valid New Zealand passports and not the family members).