This Visa is granted to individuals who are willing to own and manage a new/ existing business in Australia, and are therefore nominated by an Australian state or territory government or an Australian agency. The office of the Minister of Immigration and Border Protection sends an invitation to apply to such individuals.
With the Business Innovation and Investment (Provisional) visa (Subclass 188) an individual gets the right to invest in Australia, by establishing a new business or developing an existing business, or make and maintain complying investments in Australia. The individual, and her/ his family may seek to apply for Permanent residence for a Business Innovation and Investment (Permanent) Visa (Subclass 888).
This visa has four streams:
• Business Innovation Stream: This stream targets people with business skills who wish to establish, develop, and manage a new or an existing business in Australia. One of the most important requirements for individuals applying under this stream is that they had had ownership interest in an established business/ businesses that had atleast AUD 500,000 turnover in atleast two out of the previous four years immediately prior to applying. Applicants who fulfill this, score the required minimum points in the point-based system, and fulfill other criteria can seek sponsorship from the State government, which is required to apply for this visa. Minimum investment requirements vary for each state.
• Investor Stream: Individuals who apply under this stream must make a minimum investment of AUD 1.5 million in an Australian state or territory and want to maintain business and investment activity in Australia. Among other requirements for this stream, it must be establishes that in the two years, immediately prior to applying, the applicant legally acquired net personal, business and investment assets worth AUD 2.25 million that are available for legal transfer to Australia within 2 years after they are granted the visa.
• Significant Investor Stream: Individuals who apply under this stream must make a minimum investment of AUD 5 million over four years in complying significant investments in Australia and want to maintain business and investment activity in Australia. These investments need to be made in a certain proportion in venture capital and growth private equity funds, approved managed funds investing in emerging companies listed on the Australian Stock Exchange, in other managed funds that may invest in a range of assets including commercial real estate, Australian corporate bonds and others.
• Premium Investor Stream: Individuals who apply under this stream must be willing to invest atleast AUD 15 million in complying significant investments in Australia and want to maintain business and investment activity in Australia. There is a list of options of complying investment for this stream.
Visa Subclass 188 is valid for four years from the date it is granted, after which you are eligible to apply for subclass 888 Permanent Visa. Also, applicants holding this visa under the Business Innovation and the Significant Investor Streams may be eligible to apply for extension under the extension stream if they need more time to fulfill the criteria for permanent (subclass 888) visa.
HNI’s and UHNW individuals seek this visa as a means to invest in Australia and migrate along with their families.