Are you an entrepreneur or investor seeking to build a business or make significant investments in Australia?
The Business Innovation and Investment Visa (Subclass 188) offers a pathway for eligible individuals to live, work, and conduct business in Australia.
In this blog post, we’ll explain into everything you need to know about the Business Innovation and Investment Visa (Subclass 188), including its key features, eligibility criteria, application process, and the benefits it offers to applicants.
Understanding the Business Innovation and Investment Visa (Subclass 188)
The Business Innovation and Investment Visa (Subclass 188) is a temporary visa designed to attract high-caliber business owners, entrepreneurs, and investors to Australia. This visa enables successful applicants to establish or develop a new business, invest in Australian ventures, or manage an existing business in the country.
The subclass 188 visa is divided into five streams, each tailored to different types of business activities and investment options.
Visa Streams
1. Business Innovation stream
For individuals with a successful business career and a genuine commitment to establishing or managing a business in Australia. Applicants must be nominated by a state or territory government or the Australian Trade and Investment Commission (Austrade).
2. Investor stream
For individuals willing to make a designated investment of at least AUD $1.5 million in an Australian state or territory and maintain business or investment activity in Australia. Applicants must be nominated by a state or territory government.
3. Significant Investor stream
For individuals willing to invest at least AUD $5 million in complying investments in Australia, with flexibility in investment options. Applicants must be nominated by a state or territory government or Austrade.
4. Premium Investor stream
For individuals willing to invest at least AUD $15 million in a range of investment options, including Australian securities, managed funds, and direct investments. Applicants must be nominated by Austrade.
5. Entrepreneur stream
For individuals with a funding agreement from a third party for at least AUD $200,000 to undertake a complying entrepreneur activity in Australia. Applicants must be nominated by a state or territory government.
Eligibility Criteria
Eligibility criteria for the Business Innovation and Investment Visa (Subclass 188) vary depending on the chosen stream but generally include:
- Demonstrated business or investment experience.
- Adequate financial resources to support the proposed business or investment activity.
- Commitment to establishing or managing a business in Australia or making a significant investment in the country’s economy.
- Compliance with health and character requirements.
- Nomination by a state or territory government or Austrade (for certain streams).
Application Process
The application process for the Business Innovation and Investment Visa (Subclass 188) typically involves the following steps:
1. Select Visa Stream: Choose the most suitable visa stream based on your business experience, investment capacity, and eligibility criteria.
2. Prepare Documents: Gather all necessary documents to support your visa application, including identity documents, evidence of funds, business plans, and investment proposals.
3. Submit Expression of Interest (EOI): Submit an Expression of Interest (EOI) through the Department of Home Affairs’ SkillSelect system, indicating your interest in the Business Innovation and Investment Visa (Subclass 188).
4. Receive Invitation: If selected, you’ll receive an invitation to apply for the Business Innovation and Investment Visa (Subclass 188) from the Department of Home Affairs.
5. Complete Application Form: Fill out the online application form for the Business Innovation and Investment Visa (Subclass 188) within your ImmiAccount, providing accurate information and attaching all required documents.
6. Pay Visa Application Fee: Pay the relevant visa application fee using a valid credit or debit card. Visa fees vary depending on the visa stream and subclass.
7. Submit Application: Submit your visa application online through the Department of Home Affairs’ ImmiAccount portal.
8. Wait for Processing: Once you’ve submitted your application, wait for the Department of Home Affairs to process your visa application. Processing times may vary depending on the visa stream and subclass.
9. Visa Grant: If your application is approved, you’ll receive a notification informing you that your Business Innovation and Investment Visa (Subclass 188) has been granted. You and your family members included in the application will be able to migrate to Australia and commence your business or investment activities.
Benefits of the Business Innovation and Investment Visa (Subclass 188)
- Opportunity to live, work, and conduct business in Australia.
- Potential pathway to permanent residency through the Business Innovation and Investment Visa (Subclass 888).
- Access to Australia’s thriving business environment, infrastructure, and skilled workforce.
- Ability to expand your professional network and explore new opportunities in a diverse and dynamic market.
Conclusion
The Business Innovation and Investment Visa (Subclass 188) offers a pathway for entrepreneurs, investors, and business owners to establish or develop their business in Australia.
By understanding the eligibility criteria and following the application process outlined in this guide, you can start your journey towards getting an Australian residency.