188 Business Innovation and Investment (Provisional) visa

The Business Innovation and Investment (Provisional) visa (subclass 188) is part of the Business Innovation and Investment Program. It allows you to own and manage a business in Australia, conduct investment activity or entrepreneurial activity in Australia. You must submit an Expression of Interest (EOI) through SkillSelect and be nominated by an eligible government organization before being invited to apply for this visa.

The visa includes the following streams:

• Business Innovation stream: for people with business skills who want to establish, develop and manage a new or existing business in Australia.
• Business Innovation extension stream: This visa lets holders of the Business subclass 18 visa in the Business Innovation stream extend their stay in Australia for 2 more years.
• Investor stream: for people who want to make a designated investment of at least AUD1.5million in an Australian state or territory and maintain business and investment activity in Australia.
• Significant Investor stream: for people who are willing to invest at least $5 million into making significant investments in Australia and want to maintain business and investment activity in Australia. Applicants can be nominated by a state or territory government or Austrade, on behalf of the Australian government.
• Significant Investor (Extension) Stream: This provisional visa lets holders of a Business Innovation and Investment (Provisional) visa (subclass 188) Significant Investor stream holders extend their stay in Australia for up to 4 more years.
• Premium Investor stream: for people who are willing to invest at least AUD15million into premium investments in Australia and want to maintain business and investment activity in Australia.
• Entrepreneur stream: for people who have a funding agreement from a third party for at least AUD200 000 to undertake a complying entrepreneur activity that is proposed to lead to either the commercialization of a product or service in Australia or the development of a business in Australia.

*Holding this visa is the first stage before becoming eligible to qualify for a Business Innovation and Investment (Permanent) visa (subclass 888).

Stay: Upto 4 years and 3 months *Except the entrepreneur stream, which is temporary

Minimum Eligibility Criteria

• Be nominated by an eligible government organization

• Be invited to apply for the visa

• Have experience in owning and operating a business (Business Innovation stream)

OR

Have at least AUD 1.5 Million to invest (Investor Stream)

Have at least AUD 5 million to invest (Significant Investor Stream)

Have at least AUD 15 million to invest (Premium Investor Stream)

• You and all members of your family unit meet Health and Character requirements

• No outstanding debts to the Australian Government

Location: You can be in or outside Australia when you apply for the visa and when a decision is made on the visa

1. Business Innovation Stream

Eligibility

You must:

• be under 55 years of age
• score at least 65 on the migration points test
• for two out of the four years immediately before you are invited to apply, have had an ownership interest in an established business or businesses that had at least AUD500 000 turnover in each of those years
• own at least one of the following percentage of your nominated main business:
  • 51%, if the business has a turnover of less than AUD400 000 per year
  • 30%, if the business has a turnover of AUD400 000 or more per year
  • 10%, if the business is a publicly listed company
• have an overall successful business career
• have a genuine desire to continuously own and maintain a management role in a business in Australia.
• At the time of invitation, you, your partner, or you and your partner combined must have total net business and personal assets of at least AUD800 000 that are lawfully acquired.

COST: 5,375

2. Business Innovation Extension Stream

This provisional visa lets holders of the Business Innovation and Investment (Provisional) visa (subclass 188) in the Business Innovation stream extend their stay in Australia for 2 more years.

Eligibility

• Must be the holder of a Subclass 188 visa for at least 3 years
• You can only have held 1 Business Innovation and Investment (Provisional) visa (subclass 188).
• You must hold a Subclass 188 visa in the Business Innovation stream.
• You must be nominated by an Australian State or Territory government agency.

Stay: 6 years after the date of the grant of the original Business Innovation and Investment (Provisional) visa (subclass 188) Innovation stream

What this visa allows you to do:

Extend your stay for up to 2 more years. This means you can stay in Australia for a total of 6 years from the date of grant of your Subclass 188 visa in the Business Innovation stream.

3. Investor Stream

Eligibility

You must:

• be under 55 years of age
• score at least 65 on the points test
• have a high level of management skill
• have at least three years' experience of direct involvement in managing one or more qualifying businesses or eligible investments
• have an overall successful record of eligible investment
• have a genuine and realistic commitment to continuing your business
• have a genuine intention to live for at least two years in the state or territory in which you have made the investment

have a genuine intention to live for at least two years in the state or territory in which you have made the investment

• for at least one of the five years immediately before you are invited to apply, have directly managed one of the following:
  • a qualifying business in which you, your partner or you and your partner combined had at least 10% ownership interest, or
  • eligible investments owned by you, your partner or you and your partner combined of at least AUD1.5million.
• during the two years immediately before you are invited to apply, have legally acquired net business, investment and personal assets of at least AUD2.25 million that are available for legal transfer to Australia within two years of the visa being granted
• make a designated investment of at least AUD1.5 million in a state or territory government security
• have had no involvement in unacceptable activities.

Cost: AUD 4,985

4. Significant Investor Stream

You must show a genuine commitment to:

• reside in the state or territory through which you were nominated
• continue your business and investment activity in Australia your provisional visa expires
• continue your business and investment activity in Australia your provisional visa expires
• You, your partner, or you and your partner combined must have net assets of at least AUD5 million that has been acquired legally
• You and your partner must not have been involved in unacceptable business or investment activities.
• You, members of your family unit aged at least 18 must agree not to bring any action against the Commonwealth for any loss relating to your complying investment.
• You must also make a complying investment or a complying significant investment of at least AUD5 million over four years.

Cost: AUD 7,150

5. Significant Investor Extension Stream

This provisional visa lets holders of a Business Innovation and Investment (Provisional) visa (subclass 188) Significant Investor stream holders extend their stay in Australia for up to 4 more years.

Eligibility

• You must hold a Subclass 188 visa in the Significant Investor stream for at least 3 years, or a Subclass 188 visa in the Significant Investor Extension stream.
• You cannot have held more than 1 Subclass 188 visa in the Significant Investor Extension stream.
• You must be nominated by an Australian State or Territory government agency or the CEO of Austrade.

Stay: Extend stay for an additional 4 years

Cost: AUD 600

What this visa allows you to do

Extend your stay for up to 4 more years. This means you can stay in Australia for a total of 8 years from the date of grant of your Subclass 188 visa in the Significant Investor stream.

Premium Investor Stream

The Premium Investor stream is by nomination of Austrade on behalf of the Australian government only. You must make a complying investment of at least AUD15 million in any of the following options:

• Australian securities exchange listed assets.
• Australian government or semi-government bonds or notes.
• Corporate bonds or notes issued by an Australian exchange listed entity
• Australian proprietary limited companies.
• Real property in Australia excluding residential property.
• Deferred annuities issued by Australian registered life companies.
• State or territory government approved philanthropic contribution.
• Income that you earn from your complying investment in Australia is subject to tax under Australian taxation law.
• You must also have a genuine and realistic commitment to continue your business and investment activity in Australia after the conclusion of your provisional visa.
• You, your partner (spouse or de facto), or you and your partner combined must have net assets of at least AUD15 million that are legally acquired, unencumbered, and available to be used to make the complying investment in Australia.
• You and your partner must not have been involved in unacceptable business or investment activities.
• You, your partner and other family members aged at least 18 must agree not to bring any action against the Commonwealth for any loss relating to your complying investment.

Cost: AUD 8,770

Entrepreneur Stream

You must:

• be under 55 years of age
• Show evidence of competent English. IELTS 6 | PTE 50
• be undertaking or proposing to undertake a complying entrepreneur activity in Australia
*A Complying Entrepreneur Activity is an activity that relates to an innovative idea that will lead to the commercialization of a product or service in Australia.
• This activity must not relate to any of the following excluded categories:
• Residential real estate
• Labor hire
• Purchase of an existing enterprise or a franchise in Australia.
• you have one or more legally enforceable agreements to receive funding with a total of at least AUD200 000 from one of the following entities:
  • Commonwealth Government agency
  • State or Territory Government
  • Publicly Funded Research Organization
  • Investor registered as an Australian Venture Capital Limited Partnership or Early State Venture Capital Limited Partnership
  • Specified Higher Education Provider
• under the agreement at least 10% of the funding must be payable to the entrepreneurial entity within 12 months of the day the activity starts to be undertaken in Australia.
• You held at least 30% interest in your entrepreneurial entity when you entered into the agreement.
• You have a business plan for the entrepreneurial entity noting how your innovative idea will lead to the commercialization of a product or service in Australia

Stay: temporary

Cost: AUD 3755

What you can do with this visa

• Own and manage a business in Australia (The business Innovation Stream)
• Conduct Business and investment activity in Australia (The Investor Stream, The Significant Investor Stream, and the Premium investor stream)
• Undertake an entrepreneurial activity in Australia (Entrepreneur stream)
• Establish a new or develop an existing business/ invest in Australia
• Make a designated investment with an Australian State or territory government
• Make and maintain complying investments in Australia or participate in a complying entrepreneurial activity in Australia.
• Travel In and out of Australia indefinitely
• Bring members of your family unit with you to Australia
• Seek Permanent Residence by applying for a Business Innovation and Investment (Permanent) Visa Subclass 888.