How to Qualify for the Business Innovation and Investment Visa (Subclass 188): A Comprehensive Guide

Eligibility Criteria for Subclass 188 Visa

The Subclass 188 visa has five streams, each with specific eligibility criteria:

1. Business Innovation Stream:

• Age: Applicants must be under 55 years old.

• Business Ownership: You must have a successful business career with a significant ownership interest in one or more businesses.

• Net Worth: Applicants must have net business and personal assets of at least AUD 1.25 million.

• Turnover: The business must have an annual turnover of at least AUD 750,000 for at least two of the four fiscal years immediately before the application.

2. Investor Stream:

• Age: Applicants must be under 55 years old.

• Investment Experience: Demonstrated experience in managing investments or businesses.

• Net Worth: You must have net business, investment, and personal assets of at least AUD 2.5 million.

• Investment: You must be willing to make a designated investment of at least AUD 2.5 million in an Australian state or territory.

3. Significant Investor Stream:

• Investment: Make a complying significant investment of at least AUD 5 million in Australia.

• Residency: Must spend at least 40 days per year in Australia for the duration of the provisional visa.

4. Premium Investor Stream:

• Investment: Make a complying premium investment of at least AUD 15 million in Australia.

• Nomination: Applicants must be nominated by Austrade.

5. Entrepreneur Stream:

• Funding: Secure funding of at least AUD 200,000 from a third party to undertake a complying entrepreneur activity in Australia.

• Business Plan: Submit a detailed business plan outlining the entrepreneurial activity.

Application Process for Subclass 188 Visa

The application process for the Subclass 188 visa involves several steps:

1. Expression of Interest (EOI):

• Submit an EOI through the Department of Home Affairs’ SkillSelect system. This outlines your intention to apply and your qualifications.

2. State or Territory Nomination:

• You must be nominated by an Australian state or territory government agency. Each state and territory has its own criteria and processes.

3. Invitation to Apply:

• If your EOI is successful, you will receive an invitation to apply for the visa.

4. Visa Application:

• Submit your visa application along with the required documents, including proof of business ownership, financial statements, and investment details.

5. Health and Character Requirements:

• Meet the health and character requirements as stipulated by the Department of Home Affairs.

6. Decision:

• Await the decision from the Department of Home Affairs. Processing times can vary depending on the stream and individual circumstances.

Benefits of the Subclass 188 Visa

The Subclass 188 visa offers numerous benefits, including:

• Temporary Residency: Allows you to live, work, and study in Australia for up to four years and three months.

• Pathway to Permanent Residency: Provides a pathway to the Subclass 888 visa, leading to permanent residency.

• Business Opportunities: Access to Australia's robust and growing economy, with opportunities to establish and grow your business.

• Family Inclusion: You can include your spouse and children in your application, allowing them to enjoy the same rights and privileges.

• Education and Healthcare: Access to high-quality education and healthcare services in Australia.

Conclusion

The Business Innovation and Investment Visa (Subclass 188) is a valuable pathway for entrepreneurs, investors, and business owners seeking to migrate to Australia. By meeting the eligibility criteria and navigating the application process, you can unlock numerous opportunities and benefits.