Australia’s strong economy, supportive business environment, and high quality of life make it an attractive destination for entrepreneurs and business owners from around the world. The Business Innovation and Investment Visa (Subclass 188) is a pathway for those who wish to establish or manage a new or existing business in Australia. At VisaTasker Pty Ltd, we provide expert guidance to help you navigate the application process and make your entrepreneurial dreams a reality in Australia.
What is the Business Innovation and Investment Visa (Subclass 188)?
The Business Innovation and Investment Visa (Subclass 188) is a temporary visa that allows successful business owners, investors, and entrepreneurs to live and work in Australia while managing a business or investment. The visa is divided into several streams, each tailored to different types of business activities:
- Business Innovation Stream: For individuals with a successful business career who want to establish or manage a new or existing business in Australia.
- Investor Stream: For investors who commit at least AUD 1.5 million in an Australian state or territory and maintain that investment for a specified period.
- Significant Investor Stream: For those willing to invest at least AUD 5 million into complying investments in Australia.
- Entrepreneur Stream: For individuals with innovative business ideas who have secured funding from a third party to develop their concept in Australia.
Eligibility Criteria
To be eligible for the Business Innovation and Investment Visa (Subclass 188), you must meet specific criteria based on the stream you are applying for:
1. Business Innovation Stream
- Business Experience: You must have a successful business career and demonstrate a history of ownership and management of a business with a turnover of at least AUD 500,000 per year.
- Net Assets: You and your partner must have combined net business and personal assets of at least AUD 800,000 that can be legally transferred to Australia within two years of the visa being granted.
2. Investor Stream
- Investment History: You must have at least three years of experience managing one or more qualifying businesses or eligible investments.
- Investment Funds: You must be willing to invest at least AUD 1.5 million in an Australian state or territory and maintain this investment for a specified period.
3. Significant Investor Stream
- Complying Investment: You must be prepared to make a complying investment of at least AUD 5 million in Australian investments, such as bonds, shares, or managed funds, and maintain this investment for at least four years.
4. Entrepreneur Stream
- Funding: You must have a formal agreement to receive at least AUD 200,000 in funding from an approved entity to develop an innovative business idea in Australia.
Application Process
1. Submit an Expression of Interest (EOI)
- SkillSelect: The first step is to submit an Expression of Interest (EOI) through the Department of Home Affairs’ SkillSelect system. Your EOI will be reviewed by state and territory governments, who may nominate you for the visa based on your business proposal.
2. Receive a Nomination
- State/Territory Nomination: If your EOI is successful, you will be nominated by an Australian state or territory government. This nomination is a critical step in the visa process, as it indicates that the government is interested in supporting your business or investment activities.
3. Lodge Your Visa Application
- Apply Online: Once you receive a nomination, you can lodge your visa application online through the Department of Home Affairs’ ImmiAccount portal. Ensure that all your information is accurate and that you have uploaded all required documents, such as your business history, financial statements, and investment plans.
4. Wait for a Decision
- Processing Time: The processing time for the Business Innovation and Investment Visa can vary depending on the stream and the completeness of your application. It is essential to submit all required documents promptly to avoid delays.
5. Receive Your Visa Grant
- Temporary Stay: Once your visa is granted, you can live and work in Australia while managing your business or investment. The Subclass 188 visa is typically granted for four years and three months, with the possibility of extending your stay or applying for permanent residency through the Business Innovation and Investment (Permanent) Visa (Subclass 888).
Benefits of the Business Innovation and Investment Visa
1. Business Opportunities
- Expand Your Ventures: The Subclass 188 visa provides you with the opportunity to establish or expand your business in one of the world’s most dynamic economies. You’ll have access to Australia’s skilled workforce, advanced infrastructure, and strong legal system.
2. Pathway to Permanent Residency
- Long-Term Goals: After successfully managing your business or investment in Australia for the required period, you may be eligible to apply for permanent residency through the Subclass 888 visa.
3. Family Inclusion
- Bring Your Family: The Business Innovation and Investment Visa allows you to include your immediate family members in your application, enabling them to live, work, and study in Australia.
Common Challenges in the Business Innovation Visa Process
- Complex Documentation: The application process for the Subclass 188 visa involves submitting extensive documentation, including business plans, financial statements, and proof of assets. Ensuring that all documents meet the Department of Home Affairs’ requirements is crucial.
- State/Territory Nomination: Securing a nomination from a state or territory government can be competitive. It’s essential to align your business or investment proposal with the economic priorities of the region you wish to settle in.
Why Choose VisaTasker Pty Ltd?
Navigating the Business Innovation and Investment Visa process can be complex, especially when dealing with detailed financial requirements and state/territory nominations. At VisaTasker Pty Ltd, our agents are registered with the Office of the Migration Agents Registration Authority (MARA), and we provide expert guidance to help you prepare a strong application and successfully establish your business in Australia.
Contact Us Today
Ready to start your business journey in Australia? Book a consultation with VisaTasker Pty Ltd, and let us assist you in securing the Business Innovation and Investment Visa (Subclass 188) and achieving your entrepreneurial goals in Australia.