Home / Australia Immigration / Business Innovation and Investor visa (subclass 188)

  Business Innovation and Investor visa (subclass 188)

Business innovation and investor visa (subclass 188) is a temporary work visa under Australian immigration for the candidates who want to establish a new business or develop an already existing business in Australia. You can apply for permanent residency in Australia after maintaining an investment or an ownership interest for 4 years in an Australian business. The subclass 188 Visa gives the candidate a temporary permit for working and living in Australia.

Business innovation and investor visa (subclass 188) has five streams-

1. The Business innovation stream

This stream is for those individuals who wish to establish, develop and manage a new or existing business in Australia.

2. The Entrepreneur stream

This stream is for those individuals who are involved in a funding agreement from a third party for a minimum amount of AUD 200000 for entrepreneur activity leading to either the commercialization of a product or service or the development of a business in Australia. Applicants must be nominated by a state or territory government.

3. The Investor stream

This stream is for those individuals who wish to invest an amount of minimum AUD1.5 million in an Australian state or territory and manage business and investment in Australia.

4. The Premium investor stream

This stream is for those individuals who wish to invest AUD 15 million into premium investments in Australia and want to maintain business and investment activity in Australia.

5. The Significant  Investor stream

This stream is for those individuals who wish to invest AUD 5 million minimum into significant investments in Australia and want to maintain business and investment activity in Australia.

Australian Investor visa (subclass 188) requirements

To be eligible to apply under the subclass 188 visa, the applicant must–

a)      Be less than 55 years of age.

b)      Meet the health and character requirements.

c)       Be nominated by state or territory government.

d)      Be invited to apply for this visa     

f)       Submit an expression of interest (EOI)

Point system:

Ø  To be eligible to apply for a Business Innovation and Investment visa (subclass 188) in the business innovation stream or the investor stream, the candidate has to score minimum 65 points (the pass mark) in the points test.

Ø  The points test does not apply to you if you are applying in the Significant Investor stream, the Premium Investor stream, the Entrepreneur stream, the Business Innovation Extension stream, or Significant Investor Extension stream.

 

Factors Description Points
Age 18–24 years 20
25–32 years 30
33–39 years 25
40–44 years 20
45–54 years 15
55 and older 0
English Language Ability Vocational English (IELTS – min 5 in each band) 5
Proficient English (IELTS – min 7) 10
Qualification Australian trade certificate, diploma or bachelor degree by an Australian education institute; or a bachelor qualification by an education institution of a recognized standard 5
Bachelor degree in business, science or technology by an Australian institution; or a bachelor qualification by an education institution of a recognized standard 10
Special endorsement The nominating state or territory government agency could decide that your proposed business is of unique and important benefit to the state or territory where the nominating government agency is located 10
Financial Assets Net business and personal assets of you, your partner or you and your partner combined in each of the preceding two years of at least:
AUD800 000 5
AUD1.3 million 15
AUD1.8 million 25
AUD2.25 million 35
Business turnover Annual turnover in your main business during a period of at least two years of the preceding four fiscal years of at least:
AUD500 000 5
AUD1 million 15
AUD1.5 million 25
AUD2 million 35
Business Innovation stream only Business experience You have held one or more businesses before you were invited to apply for the visa for:
Not less than four years within the preceding five years 10
Not less than seven years within the preceding eight years 15
Investor stream only Investor experience Eligible investment of at least AUD100 000 held for:
At least four years before the time of invitation to apply for the visa 10
At least seven years before the time of invitation to apply for the visa 15
Business innovation qualifications At the time of invitation to apply for the visa: Evidence of registered patents or registered designs 15
Evidence of registered trademarks 10
Evidence of formal joint venture agreements 5
Evidence of export trade 15
Evidence of ownership interest in a gazelle business 10
Evidence of receipt of grants or venture capital funding 10
State or territory nomination Special endorsement (limited places) 10
The test gives points for various elements of human capital and business innovation and includes objective measures of business performance.

 

Business Innovation and Investment visa (subclass 188) process–

The right time to apply for this visa, is when the employer have filed their nomination. Applicant has to reply within less than 6 months after post nomination approval.

Ø  If the applicant is 18 years or above, he/she must sign the Australian values statement in order to assure that they will respect the Australian way of life and follow Australian laws. This statement is attached with visa application form.

Ø  Applicants have to provide all the documents mentioned in a visa application as a proof.

Ø  If the documents are not in English language, you have to submit authorized English translated documents.

Ø  Applicant has to fulfill all the health and character requirements.

Ø  If the applicant is married, separated, or in de-facto relationship, he/she has to submit marriage certificate, separation certificate as per the requirement.

Ø  Applicants and other accompanying members added in the visa application have to provide the birth documents mentioning both the parents names.

Ø  If the applicant wants to take a child (less than 18 years of age) to Australia, and the child’s parent/guardian are not mentioned in the visa application, documents proofs stating that the primary applicant has lawful right to take the child to Australia, should be given like-

  • Authorized copy of a court-issued parental custody, access or guardianship order.
  • Statutory declaration stating permission.
  • Consent form in order to approve the Australian visa for 18 years below child.

Cost: Applicant inside or outside Australia

Note: All charges will be in Australian Dollars.

subclass Base application charge Additional applicant charge
18 and over

Additional applicant charge under 18

subclass 188 $4875 $2440

$1220

Second installment

Applicant must pay the second installment for all family member added in the application that are:

  • 18 years of age or above
  • Not having functional English

This charge has to be paid by the applicant prior visa grant.

Other costs

Applicant may need to pay the other costs, including health assessments costs, police certificates costs, or other certificates or tests costs. The applicant is alone responsible for organizing the needful requirements.

Benefits of Business Innovation and Investment visa (subclass 188)-

Subclass 188 visa is a form of a permanent residency visa. It allows the primary applicant and his or her family members whose visa grant has been approved to:

  • Reside in Australia permanently
  • Get employment and education in Australia
  • Get registered in Medicare which is Australia’s program for health care and related expenditure.
  • apply for citizenship in Australia, in case the applicant is eligible
  • nominate/sponsor family relatives who are eligible for permanent residency
  • Travel to and fro in Australia for a period of 5 years after the visa is granted.

We at Make visas offer immigration assistance to help you out at every single step during your visa process. We give our 100% to give wonderful overseas experience to our customers. For any type of overseas immigration queries , feel free to call us on 011-48414141 and you can also visit our official website- www.makevisas.in.

Related Links:

Temporary work (skilled) visa – Subclass 457: Abolished & Replaced

Skilled Independent Visa – Subclass 189

Skilled Nominated visa – subclass 190

Skilled Regional provisional Visa Subclass 489

Regional sponsored Migration scheme visa (Subclass 187)

Short-term Skilled Occupation List STSOL (2017-18)

Medium and Long-term Strategic Skills List MLTSSL (2017-18)

 

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