How to Apply for a Business Innovation and Investment (Provisional) Visa (Subclass 188)

If you would like to invest or set up an innovative business in Australia, the Business Innovation and Investment (Provisional) visa (subclass 188) may just be for you. The Australian government is extremely keen to encourage investors and entrepreneurs from around the world to help further develop their economy and drive innovation. Australia is on the cutting edge of a wide range of innovations and growth areas, including renewable energy, medicine, data analytics, software, and financial services. The extent of Australia’s ambitions is made clear in a report written for the Australian government by Innovation and Science Australia, which lays out a plan for innovation for 2030. The report states, “Australia is in a $1.6 trillion global innovation race, where the prize at stake is a bigger share of global wealth, better jobs, and the best access to the products of innovation, such as new health treatments”. The following page explains how you can apply for the Business Innovation and Investment Visa (Provisional) visa (Subclass 188) to enable you to invest or set up an innovative venture in Australia.

Who Is The Business Innovation And Investment (Provisional) Visa (Subclass 188) For?

The Business Innovation and Investment (Provisional) Visa (Subclass 188) is intended for those who wish to move to Australia to set up and/or run an innovative new or existing business in Australia or invest over AUS$1.5m and create an exceptional economic benefit. Subclass 188 is split into five different visas depending on your intention and how much is being invested.

Benefits Of An Australian Business Visa

The Australian Business Innovation and Investment (Provisional) Visa (Subclass 188) provides a number of distinct advantages:

· The ability to carry out new or existing business and investment activity in Australia

· An initial stay of at least four years and three months

· The visa can be further extended

· A pathway to permanent residency is available – subject to certain requirements being met

· Dependant family members can also move to Australia

· Visa holders can leave and enter Australia without restriction

What Are The Five Types Of Business Innovation And Investment (Provisional) Visa?

The Business Innovation and Investment (Provisional) Visa (Subclass 188) is made up of five separate streams, catering for different purposes and significant investments levels. These five streams are as follows:

1. Business Innovation Stream - This visa is for those with sufficient proposed business skills enabling them to operate a new or existing business in Australia. Applicants must also be nominated by an Australian State or Territory government agency.

2. Investor Stream - This visa requires applicants to invest at least AUD$1.5 million in an Australian State or Territory and maintain business or investment activity in Australia. Applicants must also be nominated by an Australian State or Territory government agency.

3. Significant Investor Stream - This visa is for those who will invest at least AUD$5 million in Australian investments that meet certain requirements and maintain investment activity in Australia. Like the above streams, applicants must also be nominated by an Australian State or Territory government agency or Austrade.

4. Premium Investor Stream – For those investing AUD$15m or more. Applicants must be nominated by Austrade.

5. Entrepreneur Stream – For those, you plan to carry out entrepreneurial activities in Australia.

What Are The Requirements For A Business Visa In Australia In 2021?

The eligibility criteria for each stream are as follows:

Business Innovation Stream

· Be under 55

· Be nominated by an Australian State or Territory government agency

· Score at least 65 on the points test

· Provide proof of your business success, business experience (annual turnover, ownership stake)

· You, your partner, or you and your partner together, have total net assets business and personal assets of at least AUD$800,000

Investor Stream

· Be under 55

· Be nominated by an Australian State or Territory government agency

· Be able to make an investment of AUD$1.5 million in an Australian State or Territory

· Score at least 65 on the points test

· Have net business, investment and personal assets of at least AUD$2.25 million

Significant Investor Stream

· Be invited to apply for this visa

· Be nominated by a State or Territory government agency or Austrade to invest at least AUD$5 million that meets certain requirements and have a genuine intention to hold that investment for at least four years

· Have a genuine intention to live in the State or Territory whose government agency nominates you

Premium Investor Stream

· Be nominated by Austrade

· Be invited to apply for this visa

· Invest at least AUD$15 million in Australian investments and/or philanthropic contributions that meet certain requirements

· Have a genuine intention to hold the investment for the whole period of the visa (except any part of the investment that is a philanthropic contribution)

Under this stream, after applying, a complying premium investment of at least AUD15 million must be made in any of the following:

· 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 a 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

Entrepreneur Stream

· Be under 55

· Undertake or propose to undertake, a complying entrepreneur activity in Australia

· Have a funding agreement of at least AUD$200,000 to carry out the entrepreneurial activity in Australia

· Show us a business plan for your entrepreneurial activity

· Have at least competent English

How Much Does It Cost For A Business 188 Visa?

The Business 188 visa costs vary by the stream, as follows:

· Business Innovation stream: AUD$5,375

· Investor stream: AUD$5,375

· Significant Investor stream: AUD$7,880

· Premium Investor stream: AUD$9,455

· Entrepreneur stream: AUD4,045

Extending The Business Innovation And Significant Investor Stream (Provisional) Visa

All Business Innovation and Significant Investor Stream (Provisional) Visas are initially granted for a period of four years and three months. If you wish to extend your visa, the following options are available:

· Business Innovation Stream: you can apply for permanent residence through the Business Innovation and Investment (Permanent) visa (subclass 888) or apply for a business innovation extension stream to extend your stay for 2-4 more years.

· Investor Stream: you can apply for permanent residence through the Business Innovation and Investment (Permanent) visa (subclass 888) Investor stream

· Significant Investor Stream: you can apply for permanent residence through the Business Innovation and Investment (Permanent) visa (subclass 888) or apply for a Significant Investor extension stream to extend your stay for 4 more years.

· Premium Investor Stream: you can apply for permanent residence through the Business Innovation and Investment (Permanent) visa (subclass 888) Premium Investor stream if certain requirements are met.

· Entrepreneur Stream: you can apply for permanent residence through the Business Innovation and Investment (Permanent) visa (subclass 888) Entrepreneur stream if certain requirements are met.