Australia Business Innovation & Investment (Provisional)–A Broad Look
Apart from skilled workers a large number of business professionals prefer to move to the ‘Land of Kangaroos’, namely, Australia. The reason is simple: Oz is a business-friendly country and the kind of economy the nation has is best suited for the enterprising and motivated foreign business professionals.
If we go by some available facts on the issue, Down Under has the 12th largest economy in the world, and second highest Human Development Index (HDI). And with more than 26 million people, it is also the sixth largest country in the world.
Australia Business Innovation & Investment (Provisional)
This takes us to the title of the edit. If you wish to start a new business venture or overtake/manage an existing venture, then you may like to consider Australia Business Innovation & Investment (Provisional).
Now let’s have a clear understanding of the Australia Business Innovation & Investment (Provisional) (subclass 188)!
It is basically a state/territory nominated temporary visa and valid only for a period of four years. It is an easy path for those who wish to acquire Australian Permanent Residency (PR). At the time of submitting the application, you can either be in the ‘Land of Kangaroos’ or can be outside the country. However, in case you are in the country, you must possess a Bridging A, B or C or Substantive Visa. Yes, it is important!
You must submit an application using SkillSelect. You are required to submit an Expression of Interest (EOI), and if you meet the set criteria, you get 60 days to apply online for your visa. During this period, under no circumstances whatsoever you can amend the information mention in your EoI.
What you may do under the Provisional Visa?
- To begin with, you may start a new or manage the exciting business venture.
- You may also invest with a territory government or state government.
- As long as your visa is legally valid you may travel in and out of the country any number of times. Isn’t it great?
- You may bring along your family members and feel at home in an alien area.
- You may apply for the prized and the much sought after Australian PR.
Provision Visa 188 Streams
Provision Visa 188 mainly has four main streams, and they are:
Premium Investor Stream: you may be eligible if you have AUS $15 million either to invest or maintain a business venture of your choice. However, on the behalf of the Australian government, the candidate must duly be nominated by Austrade.
Investor Stream: you may be eligible if you have AUS $1.5 million to invest or maintain a business venture in specific state or territory.
Significant Investor Stream: You may be eligible if you have at least AUS $5Million either to invest or else wish to maintain a business venture in the country. On behalf of the Australian government, applicants can also be nominated by the Austrade or else nominated by the territory or state government.
Premium Investor Stream: You may be eligible if you have at least AUS$ 15 Million either to invest in the country or run a business activity. On behalf of the Australian government, applicants might be nominated by the Austrade or else may be nominated by the territory or state government.
Provision Visa 188—Key Requirements
These basic criteria must be followed by the interested candidates:
- They must be nominated by territory or state government.
- They must possess successful demonstrated business skills.
- They must file an application via SkillSelect.
- They must be below 45 years old at the time of filling an application. For those who are above this age, the territorial or state government must be convinced that you have exceptional business talent that will be beneficial for the economy.
- They must score the pass marks i.e. 65 in the Business Innovation and Investment Points test.