Business Innovation and Investment (Provisional) Visa.
Business Innovation and Investment (Provisional) Visa – Subclass 188 – Business Innovation stream
Business Innovation & Investment (Provisional Visa) allows business persons to own/start & manage a business in Australia. Business persons are allowed to undertake an entrepreneurial activity in Australia . This visa is for business persons who posses business skills, experience and other related aspects. Business persons can also apply for the Permanent immigration in Australia only if they fulfil the qualifying criteria and the terms of Australian Immigration Authorities .
This is a temporary visa meant for people with business skills. By means of this visa, an individual can operate a new or existing business in Australia, stay in Australia for up to 4 years and 3 months and apply for a permanent Business Innovation and Investment visa under the Business Innovation stream.
MAKE AN ENQUIRY
- The maximum age limit for this visa is 55 years, which means that an applicant has to be less than 55 years of age. In case one is older, one may be invited to apply for this visa by a state or territory if his or her business will be of exceptional economic benefit.
- The applicant must have a successful business career along with a genuine desire to continuously own and manage a business in Australia.
- As for ownership of business, out of the 4 fiscal years immediately before one receives an invitation to apply, for 2 years one must have had an ownership stake in one or two businesses which had a turnover of at least AUD 500,000/- in each of those 2 years. Irrespective of whether one has one or two businesses, his or her ownership must at least be as per the following:-
- For a business with an annual turnover of less than AUD 400,000/-, the ownership must be at least 51 percent.
- For a business with an annual turnover of more than AUD 400,000/-, the ownership must be at least 30 percent.
- For a business that is a publicly listed company, the ownership must be at least 10 percent.
In case your business is into providing professional, technical or trade services, it is mandatory on your part that instead of general management of the business, you should have spent less than half your time providing those services.
- Upon being invited to apply for this visa, either you or your partner, or you and your partner combined ought to have total net business and personal assets worth at least AUD 800,000/-. Also, within 2 years of grant of the visa, your funds must be available to transfer to Australia.
- For businesses or investment activities that are generally not acceptable in Australia, you and your partner must not have involvement of any sort.
- A candidate is awarded points based on factors such as age, qualifications, English language ability, business experience, business turnover, net personal and business assets, innovation, special endorsement etc. It is mandatory to score at least 65 points on the points test.
- Before being invited to apply for this visa, one must be nominated by a state or territory, or Austrade.
- Health requirements must be met by you and any family members who apply for the visa with you. Additionally, those family members who might not be accompanying you to Australia may also have to meet certain health requirements.
- Character requirements have also to be met by you and family members aged 16 years and above who apply for the visa with you. Additionally, those family members who might not be accompanying you to Australia may also have to meet the character requirement.
- For applicants who are 18 years or older, they must:-
- Have either read, or had the book ‘Life In Australia’ explained to them.
- Sign an Australian Values Statement confirming that they will obey Australian laws and also respect the Australian way of life.
- Those applicants whose age is 18 years or above at the time of application must have at least functional English. However, those applicants who are unable to satisfy functional English requirements will be required to pay the second instalment.
- The applicant or any of his or her family members must not have any debt to the Australian Government. In case money is owed to the Australian Government, it is mandatory to pay it back or arrange to pay it back.
- In case an applicant had had a visa cancelled or refused while he or she was in Australia, his or her eligibility for this visa stands cancelled.
Duration of stay
The date of grant of the visa is the date it starts. Since this is a provisional visa, therefore, the duration of stay in Australia is limited up to 4 years and 3 months. For those who had applied before 1 July 2015, the stay can be up to 4 years. Note that this visa is granted with multiple entry, which means that during the validity period of the visa, one can leave and re-enter Australia as many times as one wants. However, the time spent by one outside Australia will not extend the visa.
The Business Innovation and Investment (Permanent) visa (subclass 888) Business Innovation stream enables the holder of the visa to apply for permanent residence. In case an applicant needs more time to apply for permanent residence, he or she can apply for extension of this visa for an extra 2 years. Such an extension is granted only once.
Incurred costs/ expenditures
The cost of this visa is AUD 4,985/-. Additionally, for each family member who applies for the visa with the applicant, there are the following charges:-
- For each additional applicant who is over 18 years of age, the fee is AUD 2,495/-.
- For each additional applicant who is under 18 years of age, the fee is AUD 1,245/-.
A second installment is payable for any applicant whose age is 18 years or above and who has less than functional English. The charges of this second instalment are:-
- AUD 9795/- for the main applicant.
- AUD 4890/- for family members.
In addition, the applicant will also be required to bear the costs of health checks, police certificates and biometrics.
Your obligations after grant of the visa
- It is mandatory for the applicant and his or her family members to meet all visa conditions and obey Australian laws.
- Besides obeying Australian workplace laws, the following business obligations must be met by the applicant:-
- To have a substantial ownership stake in a business in Australia.
- To participate, at a senior level, in the day-to-day management of the business.
- To add to the competitiveness and commercial activity of the business within the Australian economy.
- To develop commercial and business links with international markets.
- To provide employment to the people of Australia.
- To export Australian goods.
- To introduce new or improved technology, or produce goods or services that Australia would otherwise import.
- To follow and meet Australian workplace laws when operating your business in Australia.