Australian Government introduced new business visa targeting affluent business people overseas. The Business Innovation and Investment (Provisional) (subclass 188) is one among it. It is a visa that a participating state in Australia must nominate the prospective visa applicant.This is a provisional visa which is valid for four years.It is a pathway to permanent residency, through the Business Innovation and Investment (Permanent) (subclass 888) visa.Business Innovation & Investment Subclass 188 visas are for investors and business owners who wish to establish business operations in Australia.
Once you have maintained an investment in Australia for 4 years or established an ownership interest in an Australian business, you can apply for permanent residence through the Business Innovation & Investment (Residence) Subclass 888 visa.The holder of the Business Innovation stream visa can apply for a 2-year extension is possible once you have held the subclass 188 visa for 3 years, giving you 6 years from the date of grant of the original visa.
This visa can be applied from either be in Australia or overseas. This visa can be applied only through Skill Select.
Requirements for this visa are:
Applicant must have owned a business and planning to establish business operations in Australia. Requirements:
The applicant must have managed investments or owned a business, and planning to invest at least AU$ 1.5 million in Australian State or Territory Government bonds. Requirements:
Eligible investments for the purposes of the Investor Stream can be:
The Subclass 888 Business Innovation and Investment (Residence) visa is the permanent visa for the holders of current subclass 188 Business Innovation and Investment visa. This visa can be applied either in Australia or overseas.
Depending upon the visa stream, the applicant has to satisfy the following requirements:
The Applicant has established a business in Australia which meets certain asset and turnover requirements :
Applicant should show any 2 of the following 3 criteria for the 12 months prior to application:
he applicant have held an investment in Australia bonds for at least 4 years You must hold a Subclass 188( Provisional Business Innovation and Investment Visa) or hold a Special Category visa (subclass 444) or a Business (Long stay) visa (subclass 457IE) .
This visa is only available to applicants who are nominated by an Australian State or Territory government.
Applicants having ownership interests in large businesses. Requirements :
Applicants who have access to venture capital funding of at least AU$ 1 million. Requirements :
Applicant must have a venture capital funding agreement of at least AU$ 1 million through an Australian company who is a member of the Australian Venture Capital Association Limited (AVCAL).