Understanding the Business Innovation and Investment Visa for PR
The Business Innovation and Investment Visa is an excellent pathway and a golden opportunity for entrepreneurs, business owners, and investors to secure Permanent Residency (PR) in Australia. This visa is designed to attract global talent and offers a wealth of opportunities for individuals seeking to establish or grow their business, contribute to Australia’s economy, and gain access to one of the most stable and prosperous markets globally.
Business Innovation and Investment Visa
Business Innovation and Investment Visa (subclass 188/888) is part of Australia’s migration program designed for individuals with:
- Entrepreneurial skills.
- Business ownership experience.
- A strong investment portfolio.
This visa allows you to:
✔ Establish or manage a business in Australia.
✔ Make a designated investment in Australia.
✔ Engage in innovative or entrepreneurial activities.
✔ Transition to Permanent Residency (PR).
This visa is categorized into multiple streams, each tailored to suit different types of applicants, from experienced entrepreneurs to high-net-worth investors.
Key Streams of this Visa
The visa program is divided into several streams, each with unique eligibility criteria and benefits:
Business Innovation Stream (Subclass 188A)
This stream is for individuals with a successful business career who wish to establish, develop, or manage a new or existing business in Australia.- Eligibility Criteria:
- It requires ownership of an active business with proven turnover of AUD 750,000 in at least two of the last four fiscal years.
- Minimum net personal and business assets of AUD 1.25 million.
- Commitment to owning and operating a business in Australia.
Investor Stream (Subclass 188B)
Designed for individuals willing to invest in Australian state or territory bonds.- Eligibility Criteria:
- Investment of AUD 2.5 million in a complying Australian investment.
- At least three years of professional business or investment experience, i.e., a history of managing investments.
Significant Investor Stream (Subclass 188C)
Targeted at individuals who can make a substantial investment in Australia.- Eligibility Criteria:
- Requires an investment of AUD 5 million in complying significant investments.
- No upper age limit or points test requirement.
Entrepreneur Stream (Subclass 188E)
This stream supports individuals with innovative business ideas and funding, i.e., open to individuals with an entrepreneurial idea funded by a third party.- Eligibility Criteria:
- Must be endorsed by an Australian state or territory government.
- Have funding of at least AUD 200,000 from an approved third party.
Premium Investor Stream (Subclass 188D)
Designed for ultra-high-net-worth individuals making substantial investments.- Eligibility Criteria:
- It requires a minimum investment of AUD 15 million in complying premium investments.
- Nominated by Austrade on behalf of the Australian Government.
Benefits of this Visa
- Pathway to Permanent Residency: Successful visa holders can transition to permanent residency through the Subclass 888 visa.
- Business Opportunities: Access to Australia’s Market and opportunity to operate in a stable and high-growth economy.
- Family Inclusion: The visa allows you to bring family members to Australia.
- World-Class Lifestyle: Access to Australia’s healthcare, education, and social systems.
- Global Connectivity: Live in one of the most liveable countries.
Step-by-Step Process to Apply for this Visa
Assess and Check Your Eligibility
Evaluate your qualifications against the criteria for the relevant stream.- Age: Under 55 (exceptions apply).
- Points Test: Minimum of 65 points.
- Business/Investment Thresholds: Depends on the chosen stream.
Expression of Interest (EOI)
Lodge an EOI through the SkillSelect portal, specifying your preferred state or territory.- Submit an EOI through the SkillSelect system.
- Indicate your interest in the Business Innovation and Investment program.
Obtain State or Territory Nomination
Secure a nomination from an Australian state or territory government.- Each state has specific requirements for nomination.
Prepare Documentation to Lodge the Visa Application
- Gather documents, including proof of assets, business history, and identity.
- Gather required documents:
- Business and financial records;
- Proof of investments;
- Personal identification;
- Detailed business or investment plan.
Lodge the Visa Application
Submit your application online through the Department of Home Affairs website.Meet Visa Conditions
- Ensure compliance with all conditions during the visa validity period.
Await Processing
- Processing times vary based on stream and demand.
Receive the Visa
- If successful, you’ll be granted a visa allowing you to manage your business or investment in Australia.
Choose VIAVIFA Global Immigration Services!
At VIAVIFA, we simplify the complex visa application process with a suite of tailored services and provide end-to-end support for your Business Innovation and Investment Visa application:
- Personalized Consultations: Detailed guidance on selecting the right visa stream.
- Tailored Consultations: Personalized advice to identify the right visa stream.
- Application Management: End-to-end expert handling of your visa application.
- Assistance with state/territory nominations.
- Business and Investment Plans: Assistance in preparing and creating compelling business proposals.
- Permanent Residency Visa: Step-by-step guidance for PR pathways.
- Post-Arrival Support: Assistance in settling and navigating the Australian market.