Business Innovation and Investment Visas Subclasses 188 / 888

Permanent Residency and being able to invest in and manage, or create and manage a new business in Australia is a two step process involving Business Innovation and Investment Visa (Subclass 188) followed by Business Innovation and Investment Visas (Subclass 888).

What is a Business Innovation and Investment Visa (Subclass 188)?

This temporary (provisional) visa is for people who want to own and manage a new or existing business in Australia, or who want to invest in an Australian state or territory. The visa timeframe is 5 years.

The Subclass 188 Visa allows you to travel in and out of Australia any number of times that your visa is valid. You can have your family accompany you to Australia and establish a pathway to permanent residence.

There are three ways (streams) to be granted a Subclass 188 Visa:

1. Business Innovation Stream – for people with business skills who want to establish, develop and manage a new or existing business in Australia
2. Investor Stream – for people who want to make a designated investment of at least AU$1,500,000 in an Australian state or territory
3. Significant Investor Stream – for people who want to invest at least AU$5,000,000.00 into investments in Australia

If you use the Business Innovation Stream to apply for your visa, you can renew that visa for an additional two years. Your renewal application must be lodged online and your sponsoring state or territory government must confirm, in writing, that they continue to support you.

What is a Business Innovation and Investment Visa (Subclass 888)?

The Business Innovation and Investment Visa (Subclass 888) is a permanent visa and the second stage of permanent residency in Australia through this visa class. You can apply for this permanent visa after you have fulfilled the requirements of your provisional visa (Subclass 188).

The Subclass 888 Visa allows you to work in your established business in Australia. You can travel in and out of Australia any number of times that your visa is valid. You can study in Australia and have your family accompany you to Australia.

This permanent visa allows you to live as a permanent resident in Australia for five years. If you wish to remain in Australia after those five years you will need to apply for a Resident Return Visa.

Who would a Business Innovation and Investment Visa (Subclass 188) be suitable for?

A Subclass 188 Visa would suit you if:

• you submit an Expression Of Interest through SkillSelect and it is accepted
• you are nominated by a state or territory government and then invited to apply for this visa
• you have a successful business or investment career with no involvement with unacceptable business activities
• you have a genuine and realistic commitment to being involved with investing or maintaining a business in Australia
• you are prepared to pay a non-refundable visa charge when you lodge your Expression of Interest (EOI)
• you are less than 55 years of age
• you score at least 65 on the Innovation Points Test
• you fulfil the individual requirements of the stream you chose to apply for the visa

A Subclass 188 Visa through the Business Innovation Stream would suit you if:

• you (and your partner combined) have significant total assets of at least AU$800,000.00
• you (and your partner combined) have significant total annual turnover of at least AU$500,000.00 in at least two of the four fiscal years immediately before you are invited to apply
• you (and your partner combined) owned at least 51 per cent of a business with turnover of less than AU$400,000.00 per annum, or 30 per cent of a business with turnover of more than AU$400,000.00 per annum, or 10 per cent of a publicly-listed company
• you have managed a business, in which you spent less than half your time on professional, technical or trade services

A Subclass 188 Visa through an Investor Stream would suit you if:

• you (and your partner combined) have a net value of at least AU$2,250,000.00 for the two fiscal years immediately before you are invited to apply
• you can present a successful record of eligible investment or qualifying business activity
• you have a high level of management skills in relation to eligible investments and business activities
• you have at least three years’ experience in managing one or more qualifying businesses or eligible investments
• you make your government-approved designated investment before a visa can be granted
• you can prove you have had direct involvement (for at least one of the five fiscal years you are invited to apply) in managing your eligible investments that total at least AU$1,500,000.00 or direct involvement (for at least one of the five fiscal years before you are invited to apply) in managing a qualifying business in which you owned at least 10 per cent of the total value of the business

Who would a Business Innovation and Investment Visa (Subclass 888) be suitable for?

A Subclass 888 Visa would suit you if:

• you are the primary holder of a Business Innovation and Investment Visa (Subclass 188)
• you have met the immigration requirements and commitments outlined in the Subclass 188 Visa
• you are nominated by an Australian state or territory
• you have been in Australia for at least two years on your Subclass 188 Visa (if applying through the Business Innovation Stream), or held a designated investment with an Australian state or territory for at least four years (if applying through the Investor Stream)
• you have had and continue to have a direct and continuous management role in a main business in Australia
• you fulfil the monetary income, asset holdings, and percentage of the business as specified by the visa stream you are applying through
• you have not been involved in unacceptable business or investment activities
• you have a genuine desire to continue your business and investment activity in Australia

What are the points in the Innovation Points Test based on?

• Age
• English language ability
• Qualifications
• Experience in business or investments
• Net personal and business assets
• Business turnover
• Innovation

When can you expect your Business Innovation and Investment Visas (Subclass 188 and 888) to be approved?

The processing times for the Business Innovation and Investment Visas can be found at the:
Australian Immigration and Border Protection Website

How do you apply for Business Innovation and Investment Visas (Subclass 188 and 888)?

As you can see, the requirements and commitments for the provisional visa (Subclass 188) are extensive. Before you consider taking any action towards this class of visa, please contact us at Aus Visa Specialists. We can help make the application process clearer, easier and more successful for you.