VISAS

Business innovation visas


Business Innovation and Investment (provisional) visa (subclass 188)

Overview
This Business Innovation and Investment (Provisional) visa (subclass 188) is part of the Business Innovation and Investment Programme. Must submit an Expression of Interest (EOI) through SkillSelect and be nominated by a state or territory government or Austrade on behalf of the Australian government before being invited to apply for this visa.

Holding this visa is the first stage before becoming eligible to qualify for a Business Innovation and Investment (Permanent) visa (subclass 888).
The visa includes four streams:
1. Business Innovation stream:
for people with business skills who want to establish, develop and manage a new or existing business in Australia.
2. 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.
3. Significant Investor stream:
for people who are willing to invest at least AUD5million into complying significant investments in Australia and want to maintain business and investment activity in Australia.
4. Premium Investor stream:
for people who are willing to invest at least AUD15million into complying premium investments in Australia and want to maintain business and investment activity in Australia.
Who could get this visa?
You might be able to get this visa if:
  • Nominated by a state or territory government
  • Invited to apply
  • Meet health and character requirements
A. Business Innovation stream

a. Under 55 years of age
b. Score at least 65 on the points test.
c. For two out of the four fiscal 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
d. Own at least one of the following percentage of your nominated main business:
  • 51 per cent, if the business has a turnover of less than AUD400 000 per year
  • 30 per cent, if the business has a turnover of AUD400 000 or more per year
  • 10 per cent, if the business is a publicly listed company
e. Have an overall successful business career
f. Have a genuine desire to continuously own and maintain a management role in a business in Australia.

B. Investor stream

a. Under 55 years of age
b. Score at least 65 on the points test.
c. Have a high level of management skill in relation to the eligible investment or qualifying business activity
d. Have at least three years' experience of direct involvement in managing one or more qualifying businesses or eligible investments
e. Have an overall successful record of eligible investment or qualifying business activity
f. Have a genuine and realistic commitment to continuing your business and investment activity in Australia after the original investment has matured
g. Have a genuine intention to live for at least two years in the state or territory in which you have made a designated investment.
h. You, your partner, or you and your partner combined must:
  • for at least one of the five fiscal 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 per cent ownership interest, or
    · eligible investments owned by you, your partner or you and your partner combined of at least AUD1.5million.
i. During the two fiscal 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
j. Make a designated investment of at least AUD1.5 million in a state or territory government security using unencumbered funds accumulated from qualifying businesses or eligible investments and be prepared to hold that investment for at least four years from date of issue in your nominating state or territory
K. Have had no involvement in unacceptable activities.

C. Significant Investor stream

· You must have a genuine and realistic commitment to:
  • a. Reside in the state or territory whose government agency nominated you,
  • b. continue your business and investment activity in Australia after the conclusion of your provisional visa,
  • c. Live in Australia for at least 40 days per year (calculated cumulatively) for the duration of your provisional visa, or your spouse to live for at least 180 days per year (calculated cumulatively) for the duration of your provisional visa.
· You, your partner, or you and your partner combined must have net assets of at least AUD5 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 must also make a complying investment or a complying significant investment of at least AUD5 million over four years.