188 Visa: Business Innovation and Investment
This subclass 188 visa is for those who have business skills and want to own and manage a new or existing business in Australia, or to invest in Australia. This visa is the first stage before becoming eligible to qualify for the Business Innovation and Investment (Permanent) visa (subclass 888).
Who Is Eligible For The 188 Visa?
The applicant must be:
- Nominated by an eligible government organisation
- Have a successful business or investment history
- Have adequate personal and business assets
The applicant must submit an expression of interest through SkillSelect in order to be invited to apply for this visa by a state or territory government.
What Are The Other Requirements For The 188 Visa?
There are three streams the applicant can apply through:
- Business Innovation Stream: this is for people with business skills who want to establish, develop and manage a new or existing business in Australia.
- Investor Stream: this is for people who want to make a designated investment of at least AUD $1.5 million in an Australian state or territory, and maintain business or investment activity in Australia.
- Significant Investor Stream: this is for people who are willing to invest at least AUD $5 million into complying investments in Australia and want to maintain investment activity in Australia.
The applicant must also score at least 65 points in the points test to be eligible to apply in the Business Innovation stream or the Investor stream. Points are awarded for:
- English language ability
- Experience in business or investment
- Net personal and business assets
- Business turnover
- Special endorsements
What Are The Benefits Of The 188 Visa?
This visa allows the applicant to:
- Establish a new or develop an existing business and/or invest in Australia
- Travel in or out of Australia for the length of the visa
- Bring family members to Australia as long as they meet the family unit requirements
- Seek permanent residence by applying for the Business Innovation and Investment (Permanent) Visa 888.