The provisional business innovation and investment visa is a pathway to the permanent business innovation and investment visa. Therefore, if you are a successful business innovator or an investor who have a demonstrated history of success in innovation, investment and business, then this Australian migration program may be suitable for you. You must have an intention to invest or enter into business in Australia and contribute to the growth of the Australian economy.
The Business Innovation and Investment (Provisional) (subclass 188) visa has five streams:
- The Business Innovation Stream for people who want to own and manage a business in Australia;
- The Business Innovation Extension Stream for holders of the Business Innovation visa who need more time to satisfy the criteria for the permanent visa;
- The Investor Stream for people who want to make a designated investment in a state or territory bond;
- The Significant Investor Stream for people who have AUD5 million to invest in Australia; and
- The Significant Investor Extension Stream for holders of the Significant Investor visa who need more time to satisfy the criteria for the permanent visa.
Business Innovation and Investment (Provisional) (subclass 188) is part of SkillSelect, so you must first lodge an expression of interest and wait to be invited to apply for a visa.
To lodge an expression of interest for the Business Innovation or Investor Streams, other than the Significant Investor streams, you must meet the following requirements:
- You must be less than 55 years of age (though a state or territory can waive this of the proposed business is of exceptional economic benefit)
- You must have a successful business or investment history; and
- You must have adequate personal and business assets
There is also a points test – the ‘innovation points test’ – and you must score at least 65 points on this test and be nominated by a state or territory to get an invitation to lodge a subclass 188 visa.
There are then additional requirements depending in which stream you intend to apply.
For example, the Business Innovation Stream requires you to have successfully managed and had ownership interest in, a business with a turnover of at least AUD500,000 for two of the previous four fiscal years. You are also required to have total assets of at least AUD800,000.
A subclass 188 visa is valid for four years. The applicant can apply for a permanent Business Innovation and Investment (subclass 888) visa after holding the provisional visa for 2 years if in the Business Innovation Stream or 4 years if in the Investor or Significant Investor Streams. You will be required to meet certain criteria, which differ depending on the stream in which the person applied.
At the time of application for subclass 888 (permanent visa), you must have been in Australia as a subclass 188 visa holder, for a total of at least 1 year in the 2 years immediately prior to visa application. (There is no requirement of continuous stay on any one visit and the aggregate period may be composed of any number of shorter visits.)