The Business Innovation visa will allow people who have a successful business, to invest in a new or existing business in Australia.
This is a temporary business skills visa which is the first step in applying for permanent residence.
Requirements of the Business Innovation Visa – Subclass 188
Under the Business Innovation Stream you will need to satisfy the following requirements:
- You will need to submit an Expression of Interest (EOI) before you lodge your visa application so that you can be invited to apply.
- You must be willing to invest in a business in Australia for four (4) years.
- You must be less than 55 years of age, although a State or Territory can waive this requirement if your proposed investment will be of exceptional economic benefit to the nominated State or Territory.
- You must score at least 65 on the Innovation Points test. Points are awarded for:
- English language proficiency
- Experience in business or investments
- Net personal and business assets
- Business turnover
You (or your partner, or you and your partner combined) must also have:
- total assets of at least AUD 800 000
- total annual turnover of at least AUD 500 000 in at least two (2) of the four (4) fiscal years immediately before you are invited to apply
- owned at least
- 51 per cent of a business with turnover of less than AUD 400 000 per annum, or
- 30 per cent of a business with turnover of more than AUD 400 000 per annum, or
- 10 percent of a publicly-listed company
- a strong desire to own and maintain a management role in a business in Australia
- managed a business, in which you spent no more than half your time on professional, technical or trade services; and
- an overall successful business career with no involvement in any unacceptable business or investment activities.
Entitlements of the Business Innovation Visa – Subclass 188
- This visa will allow the business owner(s) to hold a temporary visa for up to four (4) years.
- Your immediate family members will be able to accompany you to Australia, and will have study rights and access to work.
- You and your family will be able to travel in and out of Australia as many times as you want, as long as the visa is valid.
- After holding this temporary visa for two (2) years, and satisfying certain requirements under this visa, you will be entitled to apply for permanent residence under the Business Innovation and Investment Visa subclass 888.