Business Innovation Stream
Business Innovation and Investment (Permanent) Visa (subclass 188)
This visa allows you to:
- Own and manage a business in Australia (the Business Innovation stream)
- Continue business and investment activity in Australia (the Investor stream, the Significant Investor stream and the Premium Investor stream)
- Continue entrepreneurial activity in Australia (Entrepreneur stream).
Under the Provisional Business Innovation and Investment visa subclass 188 (Business Innovation Stream) the candidate must meet certain requirements. There are a few eligibility criteria’s provided by the Australian Immigration. Some of them are listed below.
- The applicant must firstly have a nomination from the Australian state or any respective Territory government.
- Applicant is required to reside in Australia for a minimum of 4 years and he/she must possess and own one or more business in Australia for at least the previous 2 years. The respective business must have a minimum of AUD$500,000 annual turnover.
- If the annual turnover of the respective business of the candidate is less than AUD$400,000, then the candidate must own at 51% of the business.
- Similarly, if the annual turnover is more than AUD$400,000, then the candidate is supposed to own 30% of the business.
- If the business and its ownership is a public listed company, then candidate must have an ownership share of at least 10%.
- Candidates are required to possess a total funds of AUD$800,000 in any form of assets or liquid cash to prove the Australian Immigration that he/she is eligible for this Visa type. The funds and assets must be legally acquired and must be gained in the given previous 2 years with the help of the respective business and ownership. Candidate must be able to transfer them to Australia and the candidates spouse or partner counts toward the sum of the total assets.
The nominated business must meet all the above given conditions. If the business provides professional, technical or trade related services then the candidate must spend a maximum of 50% of his/her time providing the services personally and managing the services and the respective business.
The Candidate must generally be 55 years or younger to qualify for this Visa but this age criteria can be waivered according to the investment or if the suggested business by the candidate will benefit the state or territory’s economy greatly.
Candidates must acquire a minimum of 65 points on the Business Innovation and
Investment (Provisional) visa (subclass 188) points test.