Businesspersons, investors and entrepreneurs from across the world can migrate to Australia – with their families – through the highly accessible and beneficial Business Innovation and Investment (Provisional) Visa (Subclass 188). This visa allows foreign nationals to own and operate a business located in Australia, and conduct investment, business, or entrepreneurial activities in the country.
This is known as a ‘provisional’ visa since applicants are first granted temporary residence, and after completing a certain number of years in Australia, they can achieve permanent resident status. Subclass 188 visa holders can live and work in Australia for up to 4 years and 3 months. After meeting the residence requirement, the visa holder can submit an application for permanent residence in Australia under the Subclass 888 visa – subject to certain requirements.
Once the immigrant has consistently lived in Australia for four years – of which 12 months must have been as a permanent resident – they may be able to apply for citizenship. In order to obtain this visa, eligible aspirants must submit an Expression of Interest under one of the below-mentioned sub-categories or ‘streams’. Since this is a points-tested visa, candidates must score at least 65 points based on various selection factors – and meet a range of other stream-specific requirements.
Business Innovation Stream: This stream accepts people who:
- Have proven business skills
- Own a successful business
- Have a minimum net worth of AUD 800,000
- Are nominated by the governing agency of an Australian state/territory
To extend the period of stay as temporary resident for two more years, candidates can apply under the Business Innovation Extension Stream. Visa holders under this stream can apply for PR after one year of living in Australia – subject to eligibility.
Investor Stream: This Investor Visa Australia is for foreign nationals who:
- Invest AUD 1.5 million or more in an Australian state/territory
- Have a minimum net worth of AUD 2.25 million
- Can maintain investment or business activity in the country
- Are nominated by a state/territory government agency
Visa holders under this stream can apply for PR after two years of living in Australia – subject to eligibility.
Significant Investor Stream: This stream is for foreign investors who:
- Invest AUD 5 million or more in specific investments in Australia
- Can maintain investment activity in Australia
- Are nominated by a state/territory government agency or by Austrade – the federal agency for education, investment and trade promotion.
To extend the period of stay as temporary resident for four more years, candidates can apply under the Significant Investor Extension Stream. Alternatively, they can apply for PR after fulfilling the residence requirement, which can vary for every visa holder under this stream.
Premium Investor Stream: This stream is for people who:
- Invest AUD 15 million or more in investments and/or philanthropic endeavors in Australia
- Have a minimum net worth of AUD 15 million
- Are nominated by Austrade
Visa holders under this stream can apply for PR after 12 months of living in Australia – subject to eligibility.
Entrepreneur Stream: This stream is targeted towards people who wish to pursue a complying entrepreneurial activity, based on an innovative idea to commercialize a product/service or develop of business/enterprise in Australia. Visa holders under this stream can apply for PR after two years of living in Australia – subject to eligibility.
To increase your point score, enhance eligibility, and identify the most suitable stream for your profile and purpose, we encourage you to seek the assistance of licensed consultants. Even a minor error in the process can result in an unfavorable outcome. To migrate to Australia under this visa category, it is ideal to submit the application under expert supervision – which minimizes the scope of error and increases the chances of visa approval.