Business Innovation and Investment visas are part of a points tested programme that allows business people who want to invest significantly in Australia to achieve permanent residency.
What type of visa?
- Business Innovation and Investment (Provisional) (subclass 188) visa – Temporary
- Business Innovation and Investment (Permanent) (subclass 888) visa – Permanent
What can you do with this visa?
- Establish a new or develop an existing business in Australia
- Make a designated investment with an Australian state or territory government
- invest at least AUD5 million in Australia
The application process
The initial visa granted will be a provisional or temporary visa. Following the fulfilment of your provisional visa conditions i.e establishing the required level of business, then you may apply for a permanent visa. This will be dependent on your intention to maintain the business after the initial investment.
To apply for a Business Innovation and Investment (Provisional)(subclass 188) visa you must lodge an Expression of Interest through Skill Select and be invited to apply for this visa.
General requirements include:
- you are invited to apply
- have a successful business or investment history
- have adequate personal and business assets
- were nominated by a state or territory government
- meeting health and character requirements
- there are also age requirements depending on which stream you wish to apply for
- Innovation point testing depending on which stream you wish to apply for. Pass mark is 65.
The visa has three streams.
- The Business Innovation stream is for people who want to own and manage a new or existing business in Australia. Minimum assets: AUD 500,000
- The Investor stream is for people who want to make a designated investment of at least AUD1.5million in an Australian state or territory. Minimum assets: AUD AUD 2.25 million
- The Significant Investor stream is for people who are willing to invest at least AUD5million into complying investments in Australia. Minimum assets: AUD 5 million
You may include family members in your application but are subject to additional requirements.
If you wish to convert your temporary visa into a permanent visa such as the Business Innovation and Investment (Permanent) (subclass 888) visa please contact us for more information
Please contact us for further information or to discuss how we can help you.