Australia’s business innovation and investment visa subclass 188 is for those foreign nationals who are interested opening up a new business or running an existing business in Australia or planing to invest in an Australian state or territory. Subclass 188 visa is divided into three categories including business innovation, investors and significant investors. The Australian visa subclass 188 holders can travel in and out of Australia as long as the visa is valid, bring their family members and apply for Australian permanent residence in addition to owning and managing business.
Business Innovation and Investment Categories:
1.Business Innovation Category:
As an applicant of Business Innovation category, you must be under the age of 55 years, score at least 65 points and have owned a business a minimum turnover of AUD500,000 for two out of four years before you get invited to apply for Subclass 188 visa.
You and your partner combined have net assets of AUD800,000 which can be transferred to Australia within two years of visa approval.
2. Investor Category:
Investor category is for those foreign businesspersons who are under the age of 55 years, score at least 65 points and have a minimum of three years of management of qualifying business.
You and your partner must have acquired net business, investment and personal assets of at least AUD2.25 million that are available for transferring legally to Australia within two years of the visa being issued.
You must make a designated investment of at least AUD1.5 million in a state or territory government security for at least four years from date of issue in the state or territory that nominated you.
3. Significant Investor Category:
You must make a minimum investment of AUD5 million in any of the complying investment options. You and your partner combined net assists must be at least AUD5 million which can be legally transferred to Australia to make the complying investment.
The points under the Business Innovation and Investor categories are awarded based on the age, qualifications, English language skills, net assets etc. and applicant must accumulate at least 65 points in order to be eligible to apply for business innovation and investment visa subclass 188.
You must submit your expression of interest using the SkillSelect system. If you are successfully nominated by an Australian state or territory, then you will be invited to apply for the business innovation and investment visa to Australia subclass 188.
You will be required to provide documents related to your identity, relationship with your dependents, qualifications, business ownership and assets and include the following:
- Complete the online application Form 1139A Statement of Assets and Liabilities
- Certified copies of the biographical pages of the current passports or travel documents of all people included in the application.
- Two recent passport-sized photographs (45 mm x 35 mm) of each person included in the application.
- Certified copies of birth certificates or the family book showing the names of both parents of all your dependent children.
- Original police checks for everyone included in the visa application who is 16 years of age or older.
- For yourself and each of your dependents aged 18 years or older at the time of application, provide evidence of English language proficiency such as result of IELTS.
- If your name has changed or the name of anyone included in your application has changed: a certified copy of evidence of the name change.
- Certified copies of marriage certificates or relationship registrations for you and anyone else included in your application.
- Evidence of financial dependency for all your family members aged 18 or older.
- Overview of your business career and intentions in Australia.
- Evidence of net value of business and personal assets, such as bank statements, evidence of ownership etc.
- Evidence of business ownership at the time you are invited to apply.
Additional documents are also required depending on the category you opt to apply. You will also be required to make the payment of processing fee at the time of submission of your application online.