Why Choose Subclass 188B Visa ?
The Australian business visa program assists entrepreneurs, senior executives, and investors in establishing new or expanding existing firms in Australia. This could be a stepping stone to permanent residence. The Business Investor visa under the Investor Stream (Subclass 188B) allows you to establish your business in Australia and later apply for permanent residence.
Applicants for the 188B visa must be nominated by an Australian state or territory government. This is a four-year temporary visa for those who desire to invest in an Australian state or territory in a specific way.
Requirements for Subclass 188B
For the previous two fiscal years, your business and personal net assets totaled at least AUD 2.25 million.
You must be below 55 years, unless the nominated state or territory certifies that you would create an exceptional economic benefit.
The Business Innovation and Investment Points test must be passed to receive a passing grade (currently 65)
Prior to receiving the visa, you must invest AUD 1.5 million in Australian State or Territory bonds.
You have three years of experience operating a qualifying business or “eligible investments” and have demonstrated strong management abilities.
You have done one of the following in at least one of the last five fiscal years:
• Managed a company in which you own a 10% stake; or
• Managed at least AUD 1.5 million in eligible investment.
Eligible investments include:
• Ownership interests in a business.
• Cash on deposit.
• Stocks or bonds.
• Real estate.
• Gold or bullion.
• Loan to a business.
Application process for Business Investor Visa:
You must register with the Department of Home Affairs and submit an expression of interest.
Wait for a state or territory to nominate you, or go straight to Austrade and request an intimation.
You can apply for a visa after receiving an invitation.
Eligibility for permanent residency
You must meet the following conditions to be eligible for a permanent Business Innovation & Investment (Residence) Subclass 888 visa.
You’ve been in Australia for at least 2 years on your subclass 188B visa in the 4 years leading up to lodgment.
For the past four years, you’ve kept your investment in Australian State or Territory bonds.
Subclass 188 applicant FAQ
You can receive the visa either outside Australia or inside Australia.
Children under the age of 23 and spouses or de facto partners. Children over 18 must be financially dependent on you.
This visa does not allow for waiver of the health requirement.
This is a temporary visa that lasts for 4 years. An extension is available but all family members must still be eligible to be included under the rules above.
Business Innovation and Investment Provisional – Subclass 188
Are you someone who is looking to establish or own a new business in Australia? Are you someone who is just looking to manage an existing business in Australia? In both the cases, you are in the right place.
The business innovation stream of the Australian business migration program is a process of several steps in which candidates who can show a history of successful business practice and who have significant assets that they plan to transfer to Australia can be nominated by an Australian state or territory and granted a subclass 188 provisional visa. Only once they have proven themselves by spending time in Australia and successfully managing an Australian business will they be granted a subclass 888 permanent residency visa.
All subclass 188 and 888 visas require state or territory nomination, and each state or territory has its own requirements for nomination.
Like General Skilled Migration program visas, subclass 188 visas require meeting a minimum number of points on a points test and lodging an Expression of Interest via Skill Select. Unlike the General Skilled Migration program, as long as you have secured state or territory sponsorship and meet the minimum points requirement you can be assured of receiving an invitation to apply.
Subclass 188 application process
- If necessary, sit an English test
- Apply to an Australian state or territory for subclass 188 nomination
- If successfully nominated, lodge an Expression of Interest with SkillSelect
- Receive invitation to apply
- Make application within 60 days of invitation
Subclass 188 visa eligibility criteria
The main criteria for eligibility for a subclass 188 business innovation visa include:
- You are nominated by an Australian state or territory
- You and your partner or spouse do not have a history of involvement in business or investment activities of a nature not generally acceptable in Australia
- You have not yet turned 55, unless your nominating state or territory is satisfied that the business activity you are proposing would be of exceptional economic benefit to that state or territory
- You have reached a minimum of 65 on the business innovation and investment program points test
- You have an overall successful business career
- For at least 2 of 4 of the last fiscal years before your invitation to apply, you had an ownership interest in at least one business with an annual turnover of at least AU$500 000 in each year, and you spent more time managing the operations of the business than providing services directly to customers
- You and your spouse/partner together hold net business and personal assets of at least AU$800 000 which can be applied to an Australian business
- Your assets and your spouse/partner’s assets were lawfully acquired and are available to transfer to Australia within 2 years of visa grant
- You have a realistic commitment towards participating in business activities in Australia and maintaining ownership and management of an Australian business
- Standard health and character criteria
Some of the above requirements may be able to be waived if there are exceptional circumstances as determined by your nominating state or territory. Contact us on 08 6161 9239 for more information if you believe this may apply to you.
Common problems for applicants
- The residency requirement is not waivable. If you have not been present in Australia for 365 days in the last 2 years before applying for a subclass 888 visa, you may need to apply for an extension of your subclass 188 visa.
- We recommend that visa applicants attend an English test as soon as possible after deciding to apply for a visa, if you have not already achieved the required level of English in the last three years.
- If you want to apply from within Australia, always be aware of your current visa’s expiry date and conditions. Letting a visa expire without applying for a new one can have severe consequences, even if you try to apply the next day.
Red Earth Migration can help
Business migration is a complicated area and it can be hard to determine which is the best visa pathway for your Australian migration journey. Our expert migration consultants handle business visas on a regular basis and understand all factors involved in choosing the Australian visa that’s right for you. Call 08 6161 9239 to schedule a consult today and take the first step to living in Australia.
Subclass 188 applicant FAQ
You can receive the visa either outside Australia or inside Australia.
Children under the age of 23 and spouses or de facto partners. Children over 18 must be financially dependent on you.
This visa does not allow for waiver of the health requirement.
This is a temporary visa that lasts for 4 years. An extension is available but all family members must still be eligible to be included under the rules above.