The Business Innovation and Investment (Provisional) visa (subclass 188)

About the Visa

The Business Innovation and Investment (Provisional) visa (subclass 188) is part of the Business Innovation and Investment Programme.

You must submit an Expression of Interest (EOI) through SkillSelect and be nominated by a state or territory government or Austrade on behalf of the Australian government before being invited to apply for this visa.

The visa includes five streams:

· Business Innovation stream:  for those who have business skills who want to establish, develop and manage a new or existing business in Australia. Applicants must be nominated by a state or territory government.

· Investor stream: for those who want to make a designated investment of at least AUD1.5million in an Australian state or territory and maintain business and investment activity in Australia. Applicants must be nominated by a state or territory government.

· Significant Investor stream: for those who are willing to invest at least AUD5million into complying significant investments in Australia and want to maintain business and investment activity in Australia. Applicants can be nominated by a state or territory government or Austrade on behalf of the Australian government.

· Premium Investor stream: for those who are willing to invest at least AUD15million into complying premium investments in Australia and want to maintain business and investment activity in Australia. Applicants must be nominated by Austrade on behalf of the Australian government.

· Entrepreneur stream: for those who have a funding agreement from a third party for at least AUD200 000 to undertake a complying entrepreneur activity that is proposed to lead to either the commercialization of a product or service in Australia or the development of a business in Australia. Applicants must be nominated by a state or territory government.

 

Who are eligible (Eligibility and requirement)

Basic requirements for all streams:

You might be able to get this visa if:

· the candidate is nominated by a state or territory government or Austrade on behalf of the Australian government

· the candidate is invited to apply

· The candidate (and all members of your family unit ) meet certain health and character requirements

· The candidate meets the additional requirements for the stream in which you apply.

· The candidate must meet certain health requirements. The results are usually valid for 12 months.

· The candidate must meet certain character requirements. He/she must be prepared to provide a police certificate from each country he/she have lived in for 12 months or more during the past 10 years after he/she turned 16 years of age

· If the candidate is 18 years of age or older, he/she must sign an Australian Values Statement to confirm that he/she will respect the Australian way of life and obey Australian laws. 

· The candidate must have repaid, or have arranged to repay, any outstanding debts to the Australian government.

Eligibility criteria for the different streams:

· Business Innovation Stream

· Investor Stream

· Significant Investor stream

· Premium Investor Stream

· Entrepreneur stream

 

What visa lets you do?

This visa lets you:

· establish a new or develop an existing business and/or invest in Australia, make a designated investment with an Australian state or territory government, make and maintain complying investments in Australia or participate in a complying entrepreneurial activity in Australia

· travel in and out of Australia for the life of your visa

· bring members of your family unit with you to Australia

· Seek permanent residence by applying for a Business Innovation and Investment (Permanent) visa (subclass 888).

 

Cost*

From AUD 585

You might have to pay additional costs for:

· additional applicant 18 and over

· additional applicant under 18

You might have to pay other costs, such as the costs of health assessments, police certificates, or any other certificates or tests. You are responsible for making the necessary arrangements.

 

Processing time

15-21 months

 

Link: https://www.border.gov.au/Trav/Visa-1/188-

 

* This is the DIBP prescribed cost of the application. This does not include Migration agent’s fees. To obtain the current fees, kindly refer to the above link or DIBP website.

 

Consult migration agent in your area