Business Innovation and Investment (Provisional) visa (subclass 188) Business Innovation stream is a provisional visa that lets those, with business skills, establish, develop and manage a new or existing business in Australia.
Obligations for the applicant
To avail of this category of visa, there are certain requirements that you will need to fulfil. The lists are given below.
- Stay Duration– The stay duration under this provisional subclass of visa is up to 4 years and 3 months.
- Visa Cost– The cost of this visa starts from AUD 5,375.
- Things you must/ need to have: To avail of this visa you must.
- Be under 55 years of age
- Score at least 65 on the points test
- Provide proof of your business success, like ownership stake, annual turnover, etc.
- You, your partner, or you and your partner together, have total net business and personal assets of at least AUD800,000
- Comply with all visa conditions and Australian laws
- Obey Australian workplace laws
- Do at least one of these things:
- Add to commercial activity and competitiveness within the Australian economy
- Develop business links with international markets
- Employ people in Australia
- Export Australian goods
- Introduce new or improved technology, or
- Produce goods or services that Australia would otherwise import
- Activities in Australia you can undertake: With this category of visa you can-
- Stay in Australia for up to 4 years and 3 months
- Operate a new or existing business in Australia
- Include eligible family members in the visa application
- Apply for a Permanent Business Innovation and Investment (Permanent) visa (subclass 888) Business Innovation stream if certain requirements are met
FAQs of Business Innovation and Investment (Provisional) visa (subclass 188) Business Innovation stream
- Do I need to be nominated to apply for this subclass of visa?
Yes, to avail of this visa, you must be nominated by an Australian State or Territory government agency, before being invited to apply for this visa. Also, the nominating body must not withdraw their nomination after you apply, or else the visa will not be granted.
2. Is it essential to have business ownership for this visa?
Yes, you must have had an ownership stake in 1 or 2 businesses that had at least AUD 500,000 turnover in each of the 2 out of 4 fiscal years immediately before you receive an invitation to apply.
3. What is the minimum own personal and business assets are required to avail of this visa?
At the time of being invited to apply for the visa, you, your partner, or you and your partner combined must have total net business and personal assets of at least AUD 800,000. Your funds must be available to transfer to Australia within 2 years of us granting the visa.