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

The visa subclass 188 is a provisional or temporary visa for the applicants who want to establish a new or develop an already existing business in Australia by investing a specific or designated amount of money with the Australian territory or state government.

Business and innovation visa has three subcategories:-

  1. The Business Innovation stream-It is for the people who want to own or manage a new or existing business entity.
  2. The Investor stream-It is mainly for the people who want to invest a designated amount of money in any Australian states and territories and maintain the country's business activity once the original investment gets matured.
  3. The Significant Investor stream-It is for the people who want to invest at least 5 million AUD in complying with Australia's investment once the original investment gets matured.
  4. Significant Investor Visa is an intermediate stream between The Significant Investor streams.
  5.  It is not required to meet the innovation point test for this visa. For this visa stream, the applicant should spend at least 160 days out of 4 years on Business Innovation and Investment (Provisional) (Subclass 188) visa.

Complying Investments for this Visa:-

Commonwealth, State or Territory government bonds

  • Australian Securities and Investment Commission (ASIC) regulated managed funds with a mandate for investing in Australia infrastructure projects in Australia
  • Cash held by Australian deposit-taking institutions
  • Bonds issued by the Commonwealth or a State or Territory government
  • Bonds, equity, hybrids or other corporate debt in companies and trusts listed on an Australian stock exchange
  • Bonds or term deposits issued by Australian financial institutions
  • Real estate in Australia; and Australian agribusiness

Direct investment into Australian proprietary comp to be considered as Complying investment they must meet the following criteria:-

  • The company must genuinely operate a qualifying business in Australia
  • The applicant must obtain an ownership interest in the company
  • The company must be registered with ASIC; and
  • The business must have an Australian Business Number.

Applicants may invest in any of the above options and can change between these complying investments.

The investment must be made and held by:-

  1. The applicant alone or along with their spouse or de-facto partner.
  2. A company where the total number of shares is owned by the applicant alone or with their spouse or de-facto partner.
  3. Trust where either the applicant alone or their spouse or de-facto partners together are included in the list of trustees or beneficiaries.

Requisites:-

These visas are invitation based and in alignment to get the request to apply, the aspirant must:-

  1. Be under 55 years of age.
  2. Submit an Expression of Interest (EOI)
  3. Should obey the health and character requirement.
  4. By state or territory Government.
  5. Have successful business and investment history

Business Innovation stream

  1. Be under 55 years of age
  2. Score a minimum of 65 points in the point test.
  3. Have a total turnover of AUD 500000 in one or more business in 2 out of 4 years before receiving the invitation to apply.
  4. Own at least one of the following percentage:-
    1. Percent of a business with a turnover of less than AUD400 000 per annum
    2. Percent of a business with a turnover of more than AUD400 000 per annum
    3. Percent of a publicly-listed company
  1. Have been engaged in a business where less than half of the time has been spent on professional, trade or technical service.
  2. Should have a genuine interest to own or manage a business in Australia.
  3. Your partner or combined own at least 800000 AUD of assets legally owned and can be transferred easily to Australia within 2 years of visa grant.
  4. Have a successful business career with no illegal activities in the past.

Visa Obligations:-

  1. Obtain and maintain ownership of a business in Australia
  2. Participate in regular business management activities as a senior manager.
  3. Develop business links with international markets or
  4. Create or maintain employment in Australia or
  5. Export Australian goods or
  6. Produce goods or services that can be imported or
  7. Introduce new or improved technology or
  8. Add to commercial activity and competitiveness within sectors of the Australian economy.

Factor Description Points

Age

  • at time of invitation 18-24 (inclusive) 20
  • 25-32 (inclusive) 30
  • 33-39 (inclusive) 25
  • 40-44 (inclusive) 20
  • 45-54 (inclusive) 15
  • 55 and older – you may be nominated by a state or territory government agency if your business is of exceptional economic benefit, but you cannot count your age towards the innovation points test 0

English language ability

  • At time of invitation Vocational or higher – IELTS 5 on each of the four components of speaking, reading, listening and writing 5
  • Proficient or higher – IELTS 7 on each of the four components of speaking, reading, listening and writing 10

Qualifications

  • At the time of invitation, Australian trade certificate, Diploma or Bachelor degree or a Bachelor degree recognized by the Minister 5
  • Bachelor Degree in Business, Science or Technology recognized by the Minister 10
  • Business experience At least four years of business experience 10
  • At least seven years of business experience 15
  • Investment experience At least four years of investment experience 10
  • At least seven years of investment experience 15

Financial Metrics:

  • Net Business and personal assets: AUD800 000 -5
  • 3 million 15
  • 8 million 25
  • 25 million 35
  • Financial Metrics:
  • Business turnover AUD500 000 5
  • AUD1 million 15
  • 5 million 25
  • AUD2 million 35
  • Innovation Registered patents or registered designs 15
  • Evidence of trademarks 10
  • Evidence of joint venture agreements 5
  • Evidence of export trade 15
  • Gazelle business 10
  • Evidence of receipt of grants or venture capital funding 10
  • State or territory nomination Special endorsement (limited places) 10

Privileges of the Visa:

  1. Seek permanent residence by applying for a Business Innovation and Investment (Permanent) visa (subclass 888).
  2. Travel in and outside Australia any number of times.
  3. Bring family member along.
  4. Establish a new or develop existing business, make designated and complying investments in Australia.

Investor Visa

  1. Be under 55 years of age.
  2. Score a minimum of 65 points in the point test.
  3. Have a total turnover of AUD 2.5 million in one or more business in 2 out of 4 years before receiving the invitation to apply.
  4. Have a successful business career with no illegal activities in the past.
  5. Be ready to invest government-approved fund of AUD 1.5 million that has been acquired in the last 1.5 years before being invited by direct involvement into either of the two:-
    1. Managing qualifying investment amounting to at least 1.5 million AUD.
    2. Managing an eligible business where the applicant's total share is not less than 10 % of the business's total value.
  6. Have a minimum of three years of experience in directly managing the eligible business and qualifying investment.
  7. Have a genuine interest and commitment to continue business activity after the original investment has been matured.
  8. You and your partner own at least 2.25 million AUD assets legally owned and can be transferred easily to Australia within 2 years of visa grant.

Visa Obligation

After entering Australia, the applicant should maintain the designated investment for a period of at least 4 years.

Point System

Factor Description Points

 Age

  • at time of invitation 18-24 (inclusive) 20
  • 25-32 (inclusive) 30
  • 33-39 (inclusive) 25
  • 40-44 (inclusive) 20
  • 45-54 (inclusive) 15
  • 55 and older – you may be nominated by a state or territory government agency if your business is of exceptional economic benefit, but you cannot count your age towards the innovation points test 0

English language ability

  • At time of invitation Vocational or higher – IELTS 5 on each of the four components of speaking, reading, listening and writing 5
  • Proficient or higher – IELTS 7 on each of the four components of speaking, reading, listening and writing 10

Qualifications:

  • At the time of invitation, Australian trade certificate, Diploma or Bachelor degree or a Bachelor degree recognized by the Minister 5
  • Bachelor Degree in Business, Science or Technology recognized by the Minister 10
  • Business experience At least four years of business experience 10
  • At least seven years of business experience 15
  • Investment experience At least four years of investment experience 10
  • At least seven years of investment experience 15

Financial Metrics:

  •  Net Business and personal assets: AUD800 000 5
  •  AUD1.3 million 15
  •  AUD1.8 million 25
  •  AUD2.25 million 35
  •  Financial Metrics:
  •  Business turnover AUD500 000 5
  •  AUD1 million 15
  •  AUD1.5 million 25
  •  AUD2 million 35
  •  Innovation Registered patents or registered designs 15
  •  Evidence of trademarks 10
  •  Evidence of joint venture agreements 5
  •  Evidence of export trade 15
  •  Gazelle business 10
  •  Evidence of receipt of grants or venture capital funding 10
  •  State or territory nomination Special endorsement (limited places) 10
  •  The Visa's privileges
  1. seek permanent residence by applying for a Business Innovation and Investment (Permanent) visa (subclass 888).
  2. Travel in and outside Australia any number of times
  3. Bring family member along.
  4. Establish a new or develop existing business, make designated and complying investments in Australia.

Significant Investor VISA

Significant Investor Visa is an intermediate stream between The Significant Investor stream.

It is not required to meet the innovation point test for this visa. For this visa stream, the applicant should spend at least 160 days out of 4 years on Business Innovation and Investment (Provisional) (Subclass 188) visa.

Complying Investments for this Visa:-

Commonwealth, State or Territory government bonds

  • Australian Securities and Investment Commission (ASIC) regulated managed funds with a mandate for investing in Australia; infrastructure projects in Australia
  • Cash held by Australian deposit-taking institutions
  • Bonds issued by the Commonwealth or a State or Territory government
  • Bonds, equity, hybrids or other corporate debt in companies and trusts listed on an Australian stock exchange
  • Bonds or term deposits issued by Australian financial institutions
  • Real estate in Australia; and
  • Australian agribusiness an
  • Direct investment into Australian proprietary comp

Direct investment into Australian proprietary comp to be considered as Complying investment they must meet the following criteria:-

  • The company must genuinely operate a qualifying business in Australia
  • The applicant must obtain an ownership interest in the company
  • The company must be registered with ASIC; and
  • The business must have an Australian Business Number.

Applicants may invest in any of the above options and can change between these complying investments.

The investment must be made and held by:-

  1. The applicant alone or along with their spouse or de-facto partner
  2. A company where the total number of shares issued is owned by the applicant alone or along with their spouse or de-facto partner
  3. Trust where either the applicant alone or their spouse or de-facto partners together are included in the list of trustees or beneficiaries.
  4. Agree to never complain commonwealth in case of loss of capital arising from complying investment

Your partner or combined own at least 5 million AUD of assets legally owned and can be transferred easily to Australia within 2 years of visa grant.

Obligation

Applicant must hold the complying investment for the entire tenure of the visa. However, they can switch between different complying investment if:

  1. Reinvest several funds you withdraw from your current complying investment should be reinvested into another within 15 days.
  2. The sum withdrawn should be equivalent to the sum reinvested without considering and profit or loss due to its financial market exposure.

How much the visa costs:-

  • Business Innovation and Investment (Provisional) (Subclass 188) visa- AUD 8,925 (Base Application Charge)
  • Non- Internet Application Charge-N/A
  • Additional Applicant Charge 18 and over- AUD 4,465
  • Additional Applicant Charge 18 and under- AUD 2,235
  • Additional charges:-
  • Medical Examination:-To be paid directly to the doctor conducting a medical examination
  • Police check:-To the corresponding authorities in the respective countries where you have lived for more than 6/12 months, depending on the visa subclass
  • Certification/Translation of Docs-Depending on the certifying person and number of copies to be certified.

We at Visas Avenue provide you with invaluable advice on all your visa needs and difficulties to make the migration journey pleasurable. We specialize in providing advice and services for more than 40 countries in the world. For Australia visas, our immigration specialists guide you for the document preparation giving weightage to every minute details related to your case and prepare you for the visa interview process to achieve a successful outcome.

To apply for relevant visa in Australia this year, you may contact Visas Avenue vastly experience Australia Migration expert on Toll-Free No. 78-18-000-777 or you can drop us an e-mail at info@visasavenue.com

You may also fill the free assessment form to get a call back from our immigration expert.

 

Disclaimer: Visas Avenue does not deal with any job or job assistance services. Visas Avenue is not a job recruitment agent or job service provider. Visas Avenue does not offer consultancy on / overseas jobs/work permits/international or domestic placements.

 

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