The Business Innovation and Investment (Provisional) visa subclass 188 allows business people to migrate to Australia, taking their business and investment to another level. There are many conditions attached to this visa, and the applicant must be able to show that they have the required capital to back up their plans and have invested in an eligible business in Australia.
This visa can be applied for by a person who is under 55 years of age at the time of application and has an existing, genuine job offer from an eligible business in Australia. An eligible business is one that is trading, has been trading for at least 2 years, employs at least 1 other full-time employee, or has a turnover of greater than $3 million in their most recent financial year.
The provisional visa allows you to stay in Australia on a temporary basis while your application is being processed and you are required to maintain your investment during that period.
What do you mean by Business Innovation and Investment (Provisional) visa subclass 188?
Business Innovation and Investment (Provisional) visa subclass 188 is a state-nominated residence visa. It is mainly granted to business owners, investors, and entrepreneurs. This visa allows you to own or manage a business, conduct business, investment activity, or undertake an entrepreneurial activity in Australia.
Basic Eligibility to Apply for Business Innovation and Investment Visa 188:
- You must hold a relevant stream concerning the subclass 188 visa applications.
- You may save an appropriate stream of a Special Category subclass 444 visa or a Business Long Stay subclass 457 Visa granted in certain circumstances.
- You should be nominated by a State or Territory agency or Austrade –
- It would be best if you were state-nominated by Skilled & Business Migration of the Department of Home Affairs and met all nomination criteria.
- You are invited to use the visa.
- In Skill Select, you need to submit an expression of interest (EOI) –
Who can apply for Business Innovation and Investment Visa 188?
This visa offers applicants the selection of 4 streams across different categories:
- The business Innovation stream is applicable for Business owners who have undertaken a complying investment and commercial activity in South Australia and fulfill the requirement of ‘benefit to the state.’
- The Investor stream is applicable for persons over 55 years of age having AUD 3.75 million for the duration of stay into a complying investment fund.
- Significant Investor stream: under this category, the person must Have invested about AUD$5 million for the duration of the provisional visa into a complying investment fund.
- Entrepreneur stream: Firstly, to apply in this category, you must be nominated by an Australian State or Territory government agency to operate your business in South Australia and meet the obligations to maintain your nomination status. Besides that, you must own a funding agreement with a third party to carry out entrepreneurial activities.
Applicants must generally be 55 or younger to qualify for this visa. Still, the age requirement is often waived off if the proposed business significantly benefits the state or territory’s economy.
Steps to Apply for a Business Innovation and Investment (Provisional) Visa (Subclass 188):
- Check if you successfully meet all the visa requirements.
- Submit an Expression of Interest (EOI).
- It would be followed by an invitation through Skill Select to apply.
- Prepare Your Documents.
- Fill in Your Application Online.
- Wait for a decision.
Finally, receive your visa and start working.
Benefits to Apply for Business Innovation and Investment Visa:
- Establish a replacement business or develop an existing business or invest in Australia.
- Transact a delegated investment with a State or Territory government in Australia.
- Transact and maintain complying investments in Australia.
- You may consider traveling in and out of Australia as long as the visa is valid.
- Establish the residence of your relations in Australia.
- Seek provisional residence by becoming eligible for the Business Innovation and Investment (permanent) visa (subclass 888).
How long does it take a 188 visa to be granted? What is the cost associated with it?
- 90% of the applications are processed within 35 months in the business innovation stream. It can cost up to AUD 6085.
- 90% of the applications are processed within 35 months in the business innovation stream. It can cost up to AUD 6085.
- 90% of the applications are processed within 25 months in the significant investor stream. It can cost up to AUD 8925.
- 90% of the applications are processed within 18 months in the business innovation extension stream. It can cost up to AUD 730. It can extend your stay for up to 2 more years.
- 90% of the applications are processed within 13 months in the significant investment extension stream. It can cost up to AUD 730. It can extend your stay for up to 4 more years.
- 90% of the applications are processed within 7 months in the entrepreneur stream. It can cost up to AUD 4115.
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FAQ Related to Business Visa 188
Business Innovation and Investment visa 188 is only open to those who meet the following criteria: The applicant must be 18 years or older. In addition, the applicant must have been invited to invest $200,000 in a new or existing Australian business employing at least two Australians full-time. They must also show proof of liquid assets worth at least $2 million. The visas are granted for four years, with an option for the Minister for Immigration and Border Protection to extend this period by up to two more years if certain conditions are met.
Business Innovation and Investment visa 188 offers foreign investors a pathway to residency in Australia. Applicants must demonstrate that they can substantially contribute to Australia’s economic development, either by making a substantial investment in an Australian business or by establishing an innovative new business that will generate employment opportunities.
You will be eligible to run any business as long as it is not a prohibited business or is not associated with a prohibited activity. This includes the following activities: Designing, developing, producing or promoting goods or services; providing investment advice on securities; acting as an agent for another person concerning the sale of goods or services; and performing any other function approved by the Department of Home Affairs (DHA) in writing.
The most important thing to remember about the 188 visas is that you can only apply for them if you’re an Australian citizen or permanent resident. Also, you can’t apply for it if you’re coming to Australia on a temporary visa. On top of that, you have to show that you’re coming to Australia for a limited time to develop your business idea or establish your new business. This will ensure you don’t overstay your visa or try to immigrate to Australia. Finally, you have to prove that you plan on returning home once your time is up.
The requirements for a Business Innovation and Investment visa 188 are as follows: A completed application form and all supplementary forms, A non-refundable application fee of AUD 8,000, Evidence that the applicant has invested at least AUD 5 million in Australia (for instance, purchasing or starting a business); Evidence that the applicant has made at least AUD 1 million in investment into Australian venture capital funds or Australian managed funds.
To be eligible for the 188 visas, you must be a national of a qualifying country. The qualifying countries are Australia, Canada, New Zealand, Japan, Korea (South), and Singapore. Citizens of these countries can obtain the Business Innovation and Investment visa 188 if they meet the following criteria: They have invested $200k in one or more new businesses in Australia. In addition, they intend to live in Australia for at least four years after obtaining their visa.
The Business Innovation and Investment (provisional) visa under subclass 188 may be a state-nominated temporary visa. It is valid for four years. It may serve as a pathway to provisional residency through the Business Innovation and Investment (provisional) (subclass 888) visa.
The central point of difference between visitor visas and tourism visas is the nature of entry that both visas offer. A tourist visa is used chiefly for tourism and leisure purposes. In contrast, a visit visa is often used for business meetings, attending a seminar, or any other purpose.
A spouse or former spouse, child, parent, grandparent, grandchild or sibling of an employee, or a toddler, parent, grandparent, grandchild, or sibling of an employee’s spouse or de facto partner is legally considered an instantaneous loved one in Australia.
This blog has covered different aspects of Business Innovation and Investment (Provisional) visa subclass 188.