Australia Visa – Business – Innovation Investment Provisional Visa 188

1. What is the Business Innovation & Investment Visa (subclass 188)?


The Business Innovation & Investment Visa (subclass 188) is a temporary visa that allows individuals to establish a new or develop an existing business in Australia. It falls under the Business Innovation and Investment Program, which is designed to attract high net worth individuals who can contribute to the Australian economy. This visa has seven different streams, including the Business Innovation Stream, Investor Stream, Significant Investor Stream, Premium Investor Stream, Entrepreneur Stream, Business Innovation Extension Stream, and Significant.

2. Who is eligible for a Business Innovation & Investment Visa (subclass 188)?

To be eligible for this visa, individuals must:

– Be nominated by an Australian state or territory government agency or Austrade
– Meet the specific requirements of the stream in which they are applying
– Demonstrate a genuine intention to own and manage a business or make a designated investment in Australia
– Show evidence of having owned and managed at least one qualifying business or eligible investment prior to lodging the visa application

Requirements may vary depending on the stream chosen.

3. How do I apply for a Business Innovation & Investment Visa (subclass 188)?

To apply for this visa, follow these steps:

Step 1: Choose your stream – Determine which stream you are eligible for based on your individual circumstances.

Step 2: Submit an Expression of Interest – Submit an Expression of Interest (EOI) through SkillSelect.

Step 3: Obtain nomination – Once you have been selected from SkillSelect, you may receive an invitation to apply from state/territory government agency/ Austrade if you are nominated.

Step 4: Prepare documents – Gather all necessary documents to support your application such as proof of funds, education qualifications, etc.

Step 5: Lodge application – Lodge your completed application form and supporting documents online through ImmiAccount.

Step 6: Wait for a decision – Once your application is lodged, you will be given a bridging visa while waiting for a decision.

Step 7: Visa grant – If your application is approved, you will receive your visa grant letter which outlines the conditions of your temporary visa.

4. What are the different streams of the Business Innovation & Investment Visa?

There are seven streams under the Business Innovation & Investment Visa (subclass 188):

– Business Innovation Stream – For individuals who want to own and manage a new or existing business in Australia.
– Investor Stream – For individuals who want to make a designated investment of at least AUD 1.5 million in an Australian state or territory and maintain business and investment activities in Australia.
– Significant Investor Stream – For individuals who want to invest at least AUD 5 million into complying significant investments in Australia.
– Premium Investor Stream – For individuals who are nominated by Austrade and are willing to invest at least AUD 15 million into premium investments in Australia.
– Entrepreneur Stream – For individuals who have a funding agreement from a third party for at least AUD 200,000 to undertake a complying entrepreneur activity that leads to either commercialisation or development of an enterprise in Australia.
– Business Innovation Extension Stream – Allows holders of subclass 188 visas who have established their business in Australia and wish to extend their stay for an additional two years.
– Significant Investor Extension Stream – Allows holders of subclass 188 visas who have held significant investment in Australia for four years and wish to extend their stay for an additional four years.

5. How long is the Business Innovation & Investment Visa (subclass 188) valid for?

The duration of this visa will depend on the stream chosen:

– Business Innovation Stream – up to four years and three months
– Investor Stream – up to four years and three months
– Significant Investor Stream – up to four years and three months
– Premium Investor Stream – up to one year with possibility of multiple extensions totaling up to eight years
– Entrepreneur Stream – up to four years and three months
– Business Innovation Extension Stream – up to two years
– Significant Investor Extension Stream – up to four years

6. What are the financial requirements for the Business Innovation & Investment Visa (subclass 188)?

The financial requirements vary depending on the stream chosen, but generally individuals must have a sufficient amount of funds to invest in Australia and support themselves while living in Australia. For example, for the Investor Stream, individuals must have at least AUD 1.5 million designated for investment.

7. Can I include my family members in my Business Innovation & Investment Visa (subclass 188) application?

Yes, you can include your partner and dependent children in your visa application as long as they meet the eligibility requirements.

8. Can I apply for permanent residency through this visa?

Yes, after holding a subclass 188 visa for a certain period of time and meeting specific criteria, individuals may be eligible to apply for permanent residency through the Business Innovation & Investment Visa (subclass 888).

9. Can I work while holding a Business Innovation & Investment Visa (subclass 188)?

Yes, holders of this visa are allowed to work in their nominated business or investment activities in Australia.

10. Can I travel outside of Australia while holding a Business Innovation & Investment Visa (subclass 188)?

Yes, you are able to travel outside of Australia while holding this visa. However, there are certain conditions that must be met such as maintaining business or investment activities in Australia and ensuring that you do not stay outside of Australia for extended periods of time without permission from the Department of Home Affairs.

2. Am I eligible to apply for a Business Innovation & Investment Visa?


To be eligible for a Business Innovation & Investment Visa, you must meet the following criteria:

1. You must be nominated by a state or territory government agency or Austrade (on behalf of the Australian government).

2. You must be invited to apply for the visa after submitting an Expression of Interest (EOI) through SkillSelect.

3. You must have a genuine intention to own and manage a business in Australia.

4. You must meet the visa’s health and character requirements.

5. You must be under 55 years of age, unless you are nominated by a state or territory for specific purposes.

6. You must have business and personal assets worth at least AUD$800,000 that can be legally transferred to Australia within two years of the visa being granted.

7. If you are applying for a Business Innovation Stream, you must have had an ownership interest in at least one main business with an annual turnover of at least AUD$500,000 for two out of the four fiscal years immediately before receiving your invitation to apply.

8. If you are applying for an Investor Stream, you must have at least three years’ experience managing financial investments or owning and managing a qualifying business where your annual turnover was at least AUD$500,000 per year in two of the past four fiscal years.

9. If you are applying for a Significant Investor Stream, you must have between AUD$5 million and AUD$15 million in net business and personal assets that can be legally transferred to Australia within two years of the visa being granted.

10. Finally, if you are applying for an Entrepreneur Stream, you must have received funding from a third party who has agreed to finance at least 10 percent or $200,000 towards your entrepreneurial activity in Australia.

3. How do I apply for a Business Innovation & Investment Visa?

The process of applying for a Business Innovation & Investment Visa can vary slightly depending on the specific type of visa you are applying for and your individual circumstances. However, generally speaking, the following steps will apply:

1. Determine your eligibility: Before beginning the application process, it is important to make sure you meet all the eligibility requirements for the specific Business Innovation & Investment Visa you are interested in.

2. Submit an Expression of Interest (EOI): The first step in applying for a Business Innovation & Investment Visa is to submit an Expression of Interest through the Department of Home Affairs’ SkillSelect system. This will include providing information about your business or investment experience, assets, and proposed business or investment activity in Australia.

3. Receive an Invitation to Apply (ITA): If your EOI is successful and you meet all other eligibility requirements, you may be invited by the Department of Home Affairs to apply for a visa.

4. Gather required documents: You will need to gather all necessary documents to support your visa application. This may include personal identification documents, financial statements, business plans, and proof of qualifications or work experience.

5. Lodge your visa application: Once you have been invited to apply for a visa and have gathered all necessary documents, you can lodge your application online through the Department of Home Affairs website.

6) Pay applicable fees: There are various fees associated with a Business Innovation & Investment Visa application that must be paid at the time of submission.

7) Undergo health and character checks: As part of the visa application process, you will be required to undergo health and character checks to ensure that you meet Australia’s health and character requirements.

8) Wait for a decision: After submitting your application, it may take several months before a decision is made on your visa application. You can check the status of your application through the Department of Home Affairs’ online portal.

9) Receive your visa grant: If your application is successful, you will be notified and issued a visa grant. You can then make arrangements to enter Australia and commence your business or investment activities.

It is important to note that the application process for a Business Innovation & Investment Visa may vary depending on your specific circumstances, and it is recommended to seek the advice of an immigration lawyer or professional migration agent for assistance with your application.

4. What are the requirements for a Business Innovation & Investment Visa?


To be eligible for a Business Innovation & Investment Visa, an applicant must:
1. Be nominated by a state or territory government agency or Austrade and receive an invitation to apply.
2. Have a successful business career with a proven track record of success.
3. Be under 55 years of age, although certain exemptions may apply.
4. Score at least 65 points on the points test.
5. Meet health and character requirements.
6. Have at least three years of relevant business experience.
7. Want to establish, develop, or participate in an existing Australian business.
8. Have a genuine intention to live in Australia and maintain ownership interest in their Australian business.
9. Have sufficient funds to settle in Australia, including investment funds and personal assets.
10. Have not been involved in unacceptable business activities or have any previous visa cancellations.

Note: The specific requirements may vary depending on the stream of the Business Innovation & Investment Visa that the applicant is applying for (e.g., Investor Stream or Significant Investor Stream). Additionally, meeting these basic requirements does not guarantee approval for the visa – all applications are assessed on a case-by-case basis by the Department of Home Affairs.

5. Is there an age limit for the Business Innovation & Investment Visa?


Yes, the Business Innovation & Investment Visa has an age limit of 55 years old at the time of application. However, there are some exceptions for applicants who can demonstrate exceptional economic benefit to the state or territory where they plan to settle. These exceptions must be approved by the state or territory government before applying for the visa.

6. How long does it take to process a Business Innovation & Investment Visa application?


The processing time for a Business Innovation & Investment Visa can vary, but it typically takes around 12-15 months. This timeframe may be longer or shorter depending on the complexity of your case and how quickly you submit all required documents and information.

7. Can I include family members in my visa application?


The answer to this question depends on the specific visa you are applying for and the requirements set by the country you are applying to. Generally, if you are applying for a family-based visa, you may be able to include your spouse and dependent children in your application. However, different countries have different definitions of “family” and may have specific guidelines for who can be included in a family-based visa application. It is important to carefully review the requirements for the visa you are applying for and check with the consulate or embassy of the country you are applying to for further clarification.

8. Does the visa require a minimum investment amount?


It depends on the country and the specific visa program. Some countries may require a minimum investment amount for certain types of visas, such as investor or entrepreneur visas. Other visas, such as student or work visas, may not have a minimum investment requirement. It is important to research the specific requirements for the visa you are interested in applying for.

9. Do I need to have previous business experience to apply for this visa?


No, having previous business experience is not a requirement for applying for this visa. However, it may be beneficial to have some relevant experience or education in business or entrepreneurship in order to maximize your chances of success with your proposed business venture.

10. Can I change my business activities after obtaining the visa?


Once you obtain your visa, you may change your business activities as long as they fall within the category for which your visa was issued. If you are planning to engage in new business activities or change the nature of your existing business, it is always recommended to seek further guidance from a legal professional.

11. What are the conditions of the Business Innovation & Investment Visa?


The conditions of the Business Innovation & Investment Visa (subclass 188 and subclass 888) are:

1. The applicant must make a designated investment of at least AUD$1.5 million in an Australian state or territory government security, complying entrepreneurial company or philanthropic foundation for a period of at least 4 years.

2. Have a satisfactory record of business or investment activities.

3. Meet the health and character requirements set by the Australian Government.

4. Actively participate in South Australia’s State Nomination program.

5. Make a genuine commitment to maintain business or investment activity in Australia.

6. Abide by all Australian laws and regulations during their stay in Australia.

7. Inform the Department of Home Affairs within 14 days if there are any changes in the business structure, including ownership, legal entity, name and contact details.

8. Not be involved in any illegal activities while in Australia.

9. Notify DIAC within 28 days if any dependent has started work or changed address while residing in Australia on this visa.

10.Applicants must have continuously held either as holder or secondary holder of this Business Visa for four (4) years before being considered for permanent residence under “subclass 888 Business Migration – Residence” visa

11. Provide supporting evidence to demonstrate their commitment to their chosen stream as an investor/entrepreneur throughout their stay in Australia.

12. Do I need to show proof of funds for my business or investment in Australia?


Yes, you will need to provide proof of funds for your business or investment in Australia. This may include bank statements, investment records, and financial documents showing the availability of funds for your proposed venture in Australia. The specific amount required may vary depending on the type of visa you are applying for and the financial requirements set by the Australian government. It is important to thoroughly research and understand the financial requirements before applying for your visa.

13. Can I buy an existing business or start a new one under this visa category?


Yes, you can either buy an existing business or start a new one under this visa category. However, you must demonstrate that the business will create jobs for Australian citizens or permanent residents, and meet all other eligibility requirements for the visa. Additionally, if you are buying an existing business, you must show that you have sufficient skills and experience to manage and operate the business successfully.

14. Am I allowed to work in Australia on this visa?

Yes, you are allowed to work in Australia on a visitor visa, but there are limitations. As a visitor, you are only allowed to engage in certain types of work that are considered incidental to your stay, such as volunteer work or short-term paid work (less than 6 months) in certain industries. You are not allowed to work for an employer in Australia or establish a business while on this visa.

Furthermore, it is important to note that the main purpose of a visitor visa is for tourism and leisure activities, so you should not primarily be coming to Australia for the purpose of working. You may also need to apply for a separate work permit or visa if you wish to engage in full-time employment or a job that requires specific skills or qualifications.

15. Is there a points-based system for this visa category?

There is no specific points-based system for the domestic worker visa category. However, applicants must meet certain criteria to be eligible for this visa, such as having a valid job offer from a recognized employer and meeting the requirements set out by the government authorities. Each country may have its own specific criteria and processes for issuing domestic worker visas.

16. Are there any English language requirements for this visa?

Yes, you must be able to demonstrate a sufficient level of English language ability to meet the requirements for your intended study program in Australia. This may include providing results from an English language proficiency test, such as the TOEFL or IELTS, or evidence of previous education in English. The specific requirements vary depending on the level of study and institution you will be attending.

17. Can I get permanent residency through this visa?

No, the B-1 visa does not lead to permanent residency or a path to citizenship. It is intended for temporary visitors to the US for business purposes only. If you wish to pursue permanent residency in the US, you will need to explore other visa options such as employment-based visas or family-sponsored visas.

18. Can I extend my stay on this visa once it expires?

No, the B-2 tourist visa cannot be extended. You must depart the United States before your authorized stay expires. However, if you have a valid reason for needing to stay longer (such as a medical emergency or unforeseen circumstances), you may apply for an extension of status with the U.S. Citizenship and Immigration Services (USCIS). This request must be made before your current authorized stay expires. If approved, you will be given a new period of authorized stay.

19. What happens if my application for the Business Innovation & Investment Visa is refused?


If your application for the Business Innovation & Investment Visa is refused, you will receive a written notice outlining the reasons for the refusal. You may be able to appeal the decision or reapply at a later date if you are still eligible for the visa. It is important to carefully review the reasons for refusal and address any issues before reapplying or appealing the decision. Alternatively, you may consider exploring other visa options that may better suit your circumstances.

20.Can I appeal if my application is rejected?

Yes, you have the right to appeal if your application is rejected. The process for appealing a rejection will vary depending on the specific institution or program you applied to. You may need to follow a certain procedure and provide relevant documentation or evidence to support your appeal. It is important to carefully review the rejection letter or notification you received to understand the reason for the rejection and determine the appropriate steps for appealing. You may also want to seek advice from an academic advisor or contact the admissions office for more information on their appeals process.