The Business Innovation and Investment (Provisional) Visa (Subclass 188)
Part of the Business Innovation and Investment (Provisional) Visa, the Business Innovation and Investment Program entails business visa applicants submitting an Expression of Interest (EOI) application via SkillSelect. Applicants must then be nominated by a State or Territory Government before being invited by Department of Immigration and Border Protection (DIBP) to apply for the visa.
There are three (3) streams in the Provisional Business visa category:
- The Business Innovation stream. Designed for people with business skills who want to establish and manage a new or existing business in Australia. Applicants must have successfully owned and managed a business which has an annual turnover of at least A$500 000 for two (2) of the four (4) fiscal years. Applicants must also provide evidence of total net assets of at least A$800 000.
- The Investor stream. The Investor stream is for people wanting to make a designated investment in a State or Territory bond to the value of at least A$1.5 million. Applicants must have at least three (3) years of direct involvement managing one or more qualifying businesses or eligible investments. Applicants will also need to provide evidence of total net assets of at least A$2.25 million in the last two (2) years.
- The Significant Investor stream. The Significant Investor stream is for people wanting to make a complying investment of at least A$5 million in Australia. Applicants must also want to maintain business and investment activity in Australia.
- The Premium Investor stream. This stream is for people willing to invest at least AUD$15 million into complying premium investments in Australia, want to maintain a business in Australia, and want to maintain business and investment activity in Australia.
Common Criteria Used to Assess Your Application
Visa applicants will need to demonstrate that they:
- Are under the age of 55 years, unless this criterion is waived by the relevant State or Territory Government.
- Are being nominated by a State or Territory Government or Austrade on behalf of the Australian Government.
- That their business career is an overall success.
- Can score at least 65 points on the Innovation Points Test.
- Have received an EOI Invitation from the DIBP.
Prior to the grant of their visa, all applicants must also meet health and character requirements. The Business Innovation and Investment (Provisional) Visa is a four (4) year temporary visa.
The Business Innovation and Investment (Permanent) Visa (Subclass 888)
As the second stage of the Business Innovation and Investment (Provisional) Visa, once you have met the requirements, applicants can apply for the permanent visa.
There are three (3) streams in the Business Innovation and Investment (Permanent) Visa category:
- Business Innovation stream. This stream is intended for applicants who have established a business in Australia under the Provisional Business Innovation stream visa. Applicants must have owned and managed a business for the last two (2) years. The business must have generated an annual turnover of at least A$300 000 for the past twelve (12) months. Applicants will also need to meet two (2) of the three (3) requirements of: having net business assets of at least A$200 000 and/or have at least two (2) full-time equivalent employees and/or have total net assets of at least A$600 000. There is also a residence requirement of having lived in Australia for at least one (1) of the two (2) years prior to applying for the visa.
- Investor stream. Designed for applicants who have maintained the designated investment of at least A$1.5 million in a State or Territory bond for four (4) years continuously. Applicants must have been in Australia for at least two (2) of the past four (4) years.
- Significant Investor stream. For applicants who have maintained their complying investment of at least A$5 million for a continuous period of four (4) years. You must have lived in Australia for at least forty (40) days per year (calculated cumulatively) in the last four (4) years. Alternatively your spouse must have been in Australia for at least 180 days per year (calculated cumulatively).
- Premium Investor stream. Applicants who have maintained the complying premium investments for at least one (1) year may apply under this category.
Before applying for the permanent visa stage, applicants will need to obtain a State or Territory nomination.
The Permanent Business Talent Visa (Subclass 132)
A permanent visa category, the Business Talent Visa should not be confused with the Business and Investment Program visa categories. Once approved, this visa grants permanent residence status to the applicant. It requires a nomination from an Australian State or Territory Government.
The Permanent Business visa category comprises two (2) streams:
- The Significant Business History stream. Designed for people with high-calibre business skills who want to establish and manage a business in Australia. Applicants must have successfully owned and managed a business which has generated an annual turnover of at least A$3 million. You must have a net business asset of at least A$400 000 for two (2) of the four (4) fiscal years. You must also provide evidence of total net assets of at least A$1.5 million.
- The Venture Capital Entrepreneur stream. For business people who have successfully sourced a venture capital funding agreement of at least A$1 million from the Australian Venture Capital Association Limited (AVCAL).
Prior to the granting of their visa, applicants must also meet health and character requirements.
Contact us for more information on your visa eligibility. Please call us at +61 413 910 985 or drop us an email at enquiry@GreatJourneyMigration.com.au.