What is the Business Innovation and Investment (Provisional) Visa (Subclass 188)?
The Business Innovation and Investment (Provisional) visa (subclass 188) is a state-nominated, temporary residence visa designed for successful business owners, investors, and entrepreneurs. It serves as the initial step towards obtaining permanent residency in Australia through the Business Innovation and Investment (Permanent) visa (subclass 888).
Eligibility
Eligibility criteria vary across the different streams of the subclass 188 visa. Below is an overview:
Business Innovation Stream
- Age: Under 55 years (unless providing exceptional economic benefit).
- Business Ownership: At least 51% ownership in a business with an annual turnover of AUD 750,000 for two of the four fiscal years immediately before applying.
- Net Assets: Minimum net business and personal assets of AUD 1.25 million.
- Points Test: Achieve a minimum of 65 points based on factors such as age, English proficiency, qualifications, business experience, and net assets.
Investor Stream
- Age: Under 55 years.
- Investment: Invest at least AUD 2.5 million in a complying investment fund.
- Net Assets: Minimum net business, investment, and personal assets of AUD 2.5 million.
- Experience: Demonstrated experience in managing investments or businesses.
Significant Investor Stream
- Investment: Invest at least AUD 5 million in a complying significant investment in Australia.
- Residency: Spend at least 40 days per year in Australia for the duration of the provisional visa.
Entrepreneur Stream
- Age: Under 55 years.
- Funding: Secure funding of at least AUD 200,000 from an approved entity.
- Activity: Undertake a complying entrepreneurial activity that leads to the commercialization of a product or service or the development of a business in Australia.
- Nomination: Be nominated by a state or territory government agency.
Process and Documentation
- Expression of Interest (EOI): Submit an EOI through SkillSelect, indicating your interest in the subclass 188 visa.
- State or Territory Nomination: Obtain a nomination from an Australian state or territory government agency.
- Invitation to Apply: Receive an invitation to apply for the visa based on your EOI and nomination.
- Visa Application: Submit a visa application with the required documentation, including:
- Proof of business ownership and turnover.
- Evidence of net assets.
- Business plan (for Entrepreneur stream).
- English language proficiency results.
- Health and character assessments.
- Visa Grant: If approved, the provisional visa allows you to stay in Australia for up to five years, depending on the stream.
Expenses
Visa application charges vary by stream:
- Business Innovation Stream: AUD 7,880.
- Investor Stream: AUD 7,880.
- Significant Investor Stream: AUD 7,880.
- Entrepreneur Stream: AUD 4,045.
Additional costs may include:
- State or territory nomination fees.
- Medical examinations and police certificates.
- Professional fees for migration agents or legal advisors.
- Translation and certification of documents.
Why Choose Swainz?
- Expertise in Business Migration: Our team specializes in business and investment visas, ensuring a streamlined application process.
- Personalized Guidance: We provide tailored advice based on your unique business background and objectives.
- Comprehensive Support: From EOI submission to visa grant, we assist you at every step.
- Up-to-Date Knowledge: We stay informed about the latest immigration policies and program changes.
- High Success Rate: Our proven track record reflects our commitment to client success.
