The Business Innovation and Investment Visa (188 visa) is a provisional visa and has four streams under which an applicant can apply. Applicants must be nominated by an Australian State or Territory Government and the visa can only be applied for once the Department of Home Affairs has extended an invitation to the applicant. In order to receive an invitation, eligible applicants must submit an Expression of Interest (EOI).
a. The Business Innovation stream is for applicants who have an ownership interest in a business in their home country and want to own and manage a new or existing business in Australia.
b. The Investor stream is for applicants who want to make a designated investment of AUD $2,500,000 in an Australian state or territory and want to maintain business and investment activity in Australia after the original investment has matured.
c. The Significant Investor stream is for applicants who are willing to invest a significant amount of money (AUD$5,000,000) into complying investments in Australia and want to maintain business and investment activity in Australia after the original investment has matured.
d. The Entrepreneur stream is for applicants who have a funding agreement from a third party to undertake a complying entrepreneur activity that is proposed to lead to either the commercialisation of a product or service in Australia or the development of a business in Australia.
Am I eligible for a Business Innovation and Investment visa via the Business Innovation stream?
- I have not turned 55 years of age (unless my business is of exceptional economic benefit)
- I have/will have sponsorship from a State/Territory government
- I have scored the relevant points on the Innovation Points Test (please contact us to assess this criteria). Points are allocated for many reasons, including your age, English language ability, business experience, net personal and business assets, business turnover, innovation and special endorsement
- I have total assets of at least AUD$1,250,000 which can be transferred to Australia within 2 years of the visa being granted
- I have a total annual turnover of at least AUD$750,000 (in one or more business) in at least 2 out of the 4 fiscal years immediately before I am invited to apply
- I owned at least 51% of a business with turnover of less than AUD$400,000 p.a. OR 30% of a business with turnover of more than AUD$400,000 p.a. OR 10% of a publicly listed company
- I have an overall successful business career with no involvement in unacceptable business activities
- I have managed a business, in which I spent less than half of my time on professional, technical or trade services
- I have a genuine desire to own and maintain a management role in a business in Australia
- I meet the health and character requirements.
What does this visa allow me to do?
- Reside in Australia for 5 years and operate my proposed business
- Travel in and out of Australia during the life of my visa
- Include dependent family members so they can reside in Australia with me;
- Extend the visa for a further 2-year period to provide a maximum of 7 years in Australia by applying for the Business Innovation Extension Stream (provided I meet specific criteria)
- Apply for permanent residency (888 visa) after owning and operating my business for at least 2 years (provided I meet specific criteria).
Am I eligible for a Business Innovation and Investment visa via the Investor stream?
- I have not turned 55 years of age
- I have/will have sponsorship from a State/Territory government
- I have scored the relevant points on the Innovation Points Test (please contact us to assess this criteria). Points are allocated for many reasons, including your age, English language ability, business experience, net personal and business assets, business turnover, innovation, and special endorsement
- I have a net value of at least AUD$2,500,000 for the two fiscal years immediately before I am invited to apply
- I have an overall successful record of eligible investment or qualifying business activity with no involvement in unacceptable activities
- I have a high level of management skill in relation to eligible investments and/or qualifying business activity
- I have at least 3 years’ experience of direct involvement in managing one or more qualifying businesses or eligible investments
- I will make my government-approved designated investment of AUD$1,500,000 before a visa can be granted
- I have a genuine and realistic commitment to continuing my business and investment activity in Australia after the original investment has matured.
- I also have had one of the following:
- direct involvement, for at least 1 of the 5 fiscal years before I am invited to apply, in managing my eligible investments that total at least AUD$1,500,000, or
- direct involvement, for at least 1 of the 5 fiscal years before I am invited to apply, in managing a qualifying business in which I owned at least 10% of the total value of the business
- I am prepared to invest at least AUD$2,500,000 into complying significant investments and will hold these investments continuously for the life of the visa
- I am prepared to invest in the following proportions:
- at least AUD$500,000 in venture capital and growth private equity funds which invest in start-ups and small private companies
- at least AUD$750,000 in approved managed funds. The managed funds must invest in emerging companies listed on the Australian Stock Exchange
- a ‘balancing investment’ of at least AUD$1,250,000 in managed funds. The managed funds can be invested in a range of assets, including companies listed on the Australian stock exchange, Australian corporate bonds or notes, annuities, and commercial real estate. NOTE – only indirect investment in residential property through managed funds can apply
- I meet the health and character requirements.
What does this visa allow me to do?
- Reside in Australia for 5 years and manage my investments
- Travel in and out of Australia during the life of my visa
- Include dependent family members so they can reside in Australia with me
- Apply for permanent residency (888 visa) after managing my investments for at least 3 years (provided I meet specific criteria).
Am I eligible for a Business Innovation and Investment visa via the Significant Investor stream?
- I have/will have sponsorship from a State/Territory government
- I am prepared to invest at least AUD$5,000,000 in at least one of the following complying investments:
- At least AUD$1,000,000 in venture capital and growth private equity funds which invest in start-ups and small private companies
- At least AUD$1,500,000 in approved managed funds investing in emerging companies listed on the Australian Stock Exchange
- A ‘balancing investment’ of at least AUD$2,500,000 in managed funds that may invest in a range of assets, including ASX-listed companies, Australian corporate bonds or notes, annuities and commercial real estate. NOTE: direct investment in residential real estate is prohibited. Indirect investment in residential property through managed funds is strictly limited.
- I have a genuine and realistic commitment to continuing my business and investment activity in Australia after the complying investment has been held continuously for at least 4 years
- I have a have a genuine and realistic commitment to reside in the state or territory that provided nomination for my application
- I do not have a history of involvement in unacceptable business or investment activities
- I agree not to take legal action against the Commonwealth for any loss of capital arising from my complying investment
- I meet the health and character requirements.
What does this visa allow me to do?
- Reside in Australia for 5 years and manage my investments
- Travel in and out of Australia during the life of my visa
- Include dependent family members so they can reside in Australia with me
- Extend the visa for a further 4-year period to provide a maximum of 9 years in Australia by applying for the Business Innovation Extension Stream (provided I meet specific criteria)
- Apply for permanent residency (888 visa) after managing my investments for at least 5 years (provided I meet specific criteria).
Am I eligible for a Business Innovation and Investment visa via the Entrepreneur stream?
- I have not turned 55 years of age
- I have/will have sponsorship from a State/Territory government
- I am prepared to undertake a complying entrepreneur activity in Australia and have a genuine intention to continue this activity. The activity relates to an innovative idea that will lead to the commercialisation of a product or service in Australia, or the development of an enterprise or business in Australia. A complying entrepreneur activity must relate to an innovative idea that will lead to:
- the commercialisation of a product or service in Australia, or
- the development of an enterprise or business in Australia
- This activity must not relate to any of the following categories:
- residential real estate
- labour hire
- purchase of an existing enterprise or a franchise in Australia (NOTE: The activity must not relate to any of the following categories – residential real estate, labour hire or purchase of an existing enterprise or a franchise in Australia)
- I have received one or more legally binding agreements to receive funding worth at least AUD$200,000 from one of the following entities:
- Commonwealth Government agency
- State or Territory Government
- Publicly Funded Research Organisation
- Investor registered as an Australian Venture Capital Limited Partnership or Early State Venture Capital Limited Partnership
- Specified Higher Education Provider
- I understand that under the agreement at least 10% of the funding must be payable to the entrepreneurial entity within 12 months of the day the activity starts to be undertaken in Australia
- I hold at least 30% interest in the entrepreneurial entity when I entered into the agreement
- I meet the health and character requirements.
What does this visa allow me to do?
- Reside in Australia for 5 years and carry out entrepreneurial activities
- Travel in and out of Australia during the life of my visa
- Include dependent family members so they can reside in Australia with me
- Apply for permanent residency (888 visa) after carrying out entrepreneurial activities for at least 3 years (provided I meet specific criteria).
We chose Immigration Downunder for our spouse visa application as Joe had already had a great experience with them before with a work visa. From the beginning to the end of our visa application Ben and Kelly demonstrated their expertise in this area and they made us feel confident in our application. We also felt they went above and beyond our expectations, by helping us to lodge our initial application in a short time frame to assist us in starting the process on-shore before Joe needed to travel again for work. We are pleased to say we were successful with our application and wouldn’t hesitate to recommend Immigration Downunder to others.