What is Australia Business Innovation and Investment Subclass 188 Visa

If there is an innovative idea which is investible and unique as well then the business innovation visa Australia 188 is definitely a table topper. With this visa you can own and manage as well as carry out any business investment activities when you plan for your Australia Immigration.

Business Innovation stream

The Business Innovation stream that helps you eventually secure an Australia PR visa as this is a provisional visa which allows you to stay for up to 5 years, wherein you need to new or existing business in Australia.

You can apply for permanent Business Innovation and Investment (Permanent) visa (subclass 888) in the Business Innovation stream to how to immigrate to Australia as a permanent resident. For this visa, you should be nominated by an Australian State or Territory government agency to know how to immigrate to Australia.

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Business Investment stream

The business investment visa Australia is the type of visa which requires a minimum investment in Australian investments which meet some of the important requirements and as an applicant of this investment visa Australia maintain their business or even investment activity in Australia.

Other streams for this visa are Significant Investor stream, Business Innovation Extension stream, Significant Investor Extension stream, Premium Investor stream as well as Entrepreneur stream among some of the streams of this visa.

Top Benefits of 188 visa Australia

• You can temporarily stay with a possibility to apply for the permanent visa.
• Can as an applicant bring along your family members.
• You can extend your stay for 4 years or more with this 188 visa Australia
• Also, you can do a job as well as pursue other courses in Australia.
• As an applicant you can sponsor other qualified members of family for permanent residence.
• You can travel to and from Australia in the time span of 5 years or as long as the visa is valid
• Enrolment in Medicare and save colossal health costs as well as gain access to the all-inclusive Medicare health coverage with affordable health cover.
• Help via Higher Educations Loans Programs (HELP) once you get permanent residence
• You can with this kind of provisional visa even live, work and study in a designated regional area of Australia.
• After 3 years you shall even be eligible to apply for permanent residence from the time of granting of your visa.

188 visa Australia requirements for eligibility

• To apply for this visa you shall be required to submit an Expression of Interest in SkillSelect
• Also, the applicant should be Nominated by a State or Territory government agency or Austrade  and should not withdraw the nomination or else your visa shall not be granted.
• Ultimately you should be invited to apply for this visa.
• For 2 out of 4 fiscal years just prior to you getting an ITA you must have an ownership stake in 1 or 2 businesses which has either has a AUD500, 000 turnover in each of those 2 years if you were invited to apply before 1 July 2021 or a turnover of AUD750, 000 in each of those 2 years if you were invited to apply on or after 1 July 2021.
• Even if you have either 1 or 2 businesses you should be owning a minimum of 51%, of the total worth of the business if the business accrues a turnover of less than AUD400, 000 per year, 30%, of the total cost of the business if the business has a revenue of AUD400, 000 or more per year, or 10%, of the total worth of the business if the business is functioned by a publicly listed company.
• Once invited for the visa, you, your partner or both of you together should have a total minimum net business and personal assets of a minimum of a minimum of a AUD1.25 million if you receive the invitation on or after 1 July 2021 or AUD800,000 if you got the invitation to apply prior to 1 July 2021. These funds should be made available to move to Australia within 2 years of us issuance of this visa.
• Score a minimum of 65 based on the factors of age, English language expertise, credentials, business experience, net personal and business assets, business turnover, innovation as well as special endorsement
• Have a business career which has been fruitful as well as a genuine intention to consistently own and manage in Australian business for you to know how to immigrate to Australia through this route.
• Ensure that you are under 55 years of age if you want to get an invitation to apply for this visa. In case you are older which is above 55 you can be invited by State or Territory if you have a business which brings about an exceptional economic advantage.
• You should as a business investment visa Australia applicant be involved in suspicious or illegal business or investment activities considered unacceptable by Australia.
• The applicant for this kind of visa should have functional English and if you don’t then you shall be asked to make a payment of the second instalment of the visa application charge. The Department accepts test scores from approved providers like Test of English as a Foreign Language (TOEFL iBT), IELTS, One Skill Retake (OSR)*, PTE, Cambridge English (CAE) called as  C1 Advanced, and Occupational English Test (OET) which is mainly for health professionals.
• Meet health and character requirements. Can be asked for family members as well who are coming or not coming as well.
• Ensure that you sign the Australian values statement if you or your family members who have applied are above 18 years during the time of submission of application confirming that you shall respect the Australian manner of life and obey their laws and have read or explained to you the Life in Australia tool.
• Ensure that you or your family members have no money owed to the Australian government or show it has been paid back
• See to that your any previous visa has been cancelled or denied while you were in Australia and check if this cancellation affects your eligibility.

What is the step by step procedure to get an Australian business visa?

Step 1- The first step is to submit an Expression of Interest and be nominated by State or Territory, for you to be invited to apply for Australia immigration through this subclass 188 visa Australia route.

Step 2 - Assimilate all the necessary documents as well as those of your proposed investment. Also documents related to your family members need to be applied.

Step 3 - You can apply for the visa via online by creating an ImmiAccount for which firstly you need to be invited to apply. For all the documents which are uploaded from 13 November 2021, candidates must upload supporting documentation to ImmiAccount when submitting a subclass 188 Business Innovation and Investment visa application in all streams. Uploading ensures that the processing is effectual and aids in reducing the processing time on these applications. While uploading these supporting documents make sure that you use naming conventions.

Step 4 - The Home Affairs of Australia will let you know once they have received your application along with the documents.

Step 5 - The visa outcome shall be known to you in written. If the visa is granted we shall inform you about your visa grant number, the starting date of your visa and conditions of your visa. Keep a copy of all this while you are in Australia. 

If visa is refused the reason for refusal shall be mentioned and whether or not you have the right to access the decision.  No application charge shall be refunded on refusal of the application.

Processing time and fees for 188 visa Australia

For business innovation visa Australia the processing time for 25% of applications is 15 Months, 50% of applications is 18 Months, 75% of applications is 33 Months and 90% of applications is 36 Months. On the other hand when it comes to investment visa Australia the processing time of 25% of applications takes 22 Months, for 50% of applications it is 38 Months, for 75% of applications it is 41 Months and for 90% of applications it is 42 Months.

The fees for business innovation visa Australia and also business investment visa Australia starts from AUD6, 270. There is fee for every family member who applies for this provisional Australia PR visa pathway. For family members over 18 years the fee is AUD3, 135, and below 18 years the fee is AUD1, 565. The second instalment charges for the primary applicant is AUD9, 795 and for family member it is AUD4, 890. 

In case you are keen to present a submission for the Sub-class 188 Immigration Permit, please feel free send across a mail to web@abhinav.com and one of the most experience immigration consultants will get in touch with you to help you out with your questions and concerns or you can also choose to call us on +91-8595338595 or directly interact with the expert through our Live Chat window. It should comprise your business turnover in every of the previous 5 years. A higher-ranking executive will contact you to take forward the appraisal and filing course of action for the Australia Business Innovation and Investment (Provisional) (subcategory 188) Visa.

Check Your Eligibility by filling out the Assessment form below