All You Require To Know About Australia Business Innovation and Investment Visa
Australia Business Innovation and Investment Visa
Australia is a haven of sorts for those keen to run and establish a business or venture in the country, and acquire its prized Permanent Residence (PR) status. The increasing number of applications submitted to the Department of Immigration and Border Protection (DIBP) of Oz for a Business or Investment Visa, such as the Australia Business Innovation and Investment Visa, clearly substantiates the assertion.
There are various state nominated visa options available for the applicants wanting to establish a business or invest in Australia, and one of them as mentioned, just a short while ago, is the Business Innovation and Investment Visa. This specific visa programme has two forms–Provisional and Permanent. In this article you will offer a detailed introduction to both of these popular programmes.
Business Innovation and Investment (Provisional) Visa (Subclass 188): It is suitable for the individuals with business skills who want to own and manage a new or existing business in the country, or invest in an Australian state or territory. It’s a Temporary Visa which may allow you to apply for a Permanent Residency Visa (Business Innovation and Investment (Permanent) Visa (subclass 888)) if you satisfy particular criteria.
You must submit an Expression of Interest (EOI) through SkillSelect and be nominated by a state or territory government or Austrade on behalf of the Australian government, before being invited to apply for this particular visa.
This visa has three streams:
- Business Innovation Stream: It is for a person who wants to establish or develop, own and manage a new or existing business in the country.
- Investor Stream: It is for a person who is willing to invest at least 1.5 Million Australian Dollars in a State or Territory Government security and maintain business and investment activity in the nation.
- Significant Investor Stream: It is for those willing to invest at least 5 Million Australian Dollars in certain investments in the nation and maintain business and investment activity there in.
What does the Subclass 188 Visa allow you to do?
- You can own and manage a new or existing business in the country, or you can make an investment there in.
- You can travel in and out of Oz for the duration of your visa (4 years).
- You can bring eligible family members with you to Australia.
- You can seek Permanent Residence by applying for the Subclass 888 Visa.
Business Innovation and Investment (Permanent) Visa (Subclass 888): This visa is the permanent stage for the Subclass 188 Visa. It allows people to continue to own and manage a business in the county, or to continue business and investment activity in an Australian state or territory.
It has two streams:
- Business Innovation Stream: It requires you to have established a business in the nation which meets certain asset and turnover requirements.
- Investor Stream: You must have held an investment in Australia bonds for four years.
- You do not need to submit a new Expression of Interest (EoI) or be invited to apply for this visa. You must be nominated by a state or territory government agency or Austrade on the behalf of the Australian Government, if you are seeking to satisfy the primary conditions.
- If you have the Provisional Business Innovation and Investment Visa (subclass 188) you should provide evidence that the government entity which nominated you for that visa has not withdrawn the nomination.
- If you are the holder of the Special Category Visa (Subclass 444), or require nomination from a different nominator than your provisional Business Innovation and Investment Visa (subclass 188), you are required to obtain nomination from a state or territory or Austrade, on the behalf of the Australian government, before you lodge an application for this visa.
In case you are looking to establish your business in Down Under now is the right time! Seek professional help an direction from an established and skilled immigration consultant for a smooth immigration process! Check the credentials and standing of the organization though well in advance before you hire it!