The Business Innovation and Investment (Provisional) subclass 188 visa is an ideal choice for successful and high-calibre business owners who want to set up or manage a business in Australia. This is a 4-year temporary visa that allows entrepreneurs and investors to invest in an Australian state or territory. Once the business ownership is completely established in an Australian business, the applicant becomes eligible to apply for permanent residence status via the Business Innovation & Investment (Residence) Subclass 888 visa. You must be nominated by a state or territory government to get this visa.
The subclass 188 has three streams
Business Innovation stream:
for entrepreneurs who want to establish or develop, own and manage a new or existing business in Australia.
for investors who are able to invest a minimum of $1.5 million into a State or Government bond for 4 years, and have net business and personal assets of $2.25 million.
Significant Investor stream:
for business owners with net assets of at least $5m and are willing to invest at least $5m in complying investments over the period four years.
In order to apply for subclass 188 visa, you must be:
Must have a genuine commitment to be involved as an owner of a new or existing business in Australia.
The processing time of your application depends on various factors, such as whether you have submitted all necessary documents or how timely you respond to the DHA requirements. But, in most common cases- an application under subclass 188 Business Innovation Stream takes around 15 to 22 months, and applicants under Investor Stream might have to wait around 18 to 20 months to know their application result.
This visa costs AUD5, 375 for the primary applicant.
There are also additional charge for each family member included in the application:
Applicant over 18 years old: AUD2, 685
Applicant under 18 years old: AUD1, 345