Are you planning to expand your business to Australia or to conduct investment activities in Australia? If it is the case and you also need to manage your business within Australia, then you must have a valid visa first. In this article, we are going to introduce 2 types of business-related visas to you. These visas are:
- Subclass 188 Business Innovation and Investment (Provisional) Visa
- Subclass 888 Business Innovation and Investment (Permanent) Visa
Also, we will list its benefits, eligibility criteria and application process for each one of them. So you can choose which one is most suitable for you.
What is 188 Business Innovation and Investment (Provisional) Visa and its eligibility criteria?
188 business visa is designed for those who wish to manage a business, or conduct business and investment activities in Australia. Also, it is an invite-only visa.
Once you have this visa, you will be able to:
- Come to Australia and stay for up to 4 years and 3 months
- Carry out your business and investment activities in Australia
- Travel to and from Australia during the valid period of this visa
- Bring your family member with you
- Apply for Subclass 888 Business Innovation and Investment (Permanent) Visa
**Please also be aware that you are obligated to have substantial ownership of a business in Australia and take part in its day-to-day management while holding this visa.
To apply for 188 Business Innovation and Investment (Provisional) Visa, it is required for you to meet the following criteria:
- Be nominated by an Australia state or territory government agency
- You must own one or two businesses which had at least AUD 500,000 turnover in the 2 of last 4 years
- You and your partner (if applicable) own assets of at least AUD 800,000, which must be available to transfer to Australia within 2 years after this visa is issued
- You need to score at least 65 on the points test (You can check how many points you currently have from here https://immi.homeaffairs.gov.au/help-support/tools/points-calculator)
- You have a successful business career and genuinely intend to conduct business in Australia
- You must be aged under 55
The step-by-step process to apply for 188 Business Innovation and Investment (Provisional) Visa:
- Submit an Expression of Interest (EOI) to tell Australia Home Affairs Department that you are interested in applying for this visa.
- Gather all the necessary documents that can prove your eligibility for this visa, as well as support the claims you made in your EOI
- Once you are invited to apply, you can lodge your application online through https://online.immi.gov.au/lusc/login
- The application outcome will be sent to you in writing, which will inform you that the visa is granted or why your application is declined.
How to apply for 888 Business Innovation and Investment (Permanent) Visa?
888 Business Innovation and Investment (Permanent) Visa is a subsequent stream of 188 Business Innovation and Investment (Provisional) Visa. It will extend your maximum allowable period of staying in Australia to indefinitely.
Moreover, you will become an Australia permanent resident who has the right to:
- Enroll in Australia Medicare scheme
- Sponsor your relatives to come to Australia
- Apply for Australian citizenship
To apply for this visa, you must be the holder of Subclass 188 Business Innovation and Investment (Provisional) Visa or other related visas. Also, your business in Australia must meet the following requirements:
- You must have substantial ownership of your business
- You must have an annual business turnover of AUD 300,000 in the year before your application.
- Meet the assets and employee requirements set by Home Affairs Department https://immi.homeaffairs.gov.au/visas/getting-a-visa/visa-listing/business-innovation-and-investment-888/business-innovation-stream#Eligibility
- Your businesses have followed the Australia laws
- You must have stayed in Australia for at least 1 year within the 2 years before you apply for this visa
- Commit to continuing your business activities in Australia
What are the steps to apply for 888 Business Innovation and Investment (Permanent) Visa?
- Gather all the necessary documents that can prove your eligibility for this visa, as well as support the claims you made in your EOI
- Once you are invited to apply, you can lodge your application online through https://online.immi.gov.au/lusc/login
- The application outcome will be sent to you in writing, which will inform you that the visa is granted or why your application is declined
Summary:
In this article, we have introduced 2 types of business-related visas: Subclass 188 Business Innovation and Investment (Provisional) Visa and Subclass 888 Business Innovation and Investment (Permanent) Visa.
188 Business Innovation and Investment (Provisional) Visa is a temporary visa which requires its applicant to be nominated and have a certain amount of assets. Once this visa is issued, applicants will be able to stay and conduct business activities in Australia for over 4 years. During this period, 188 visa holders have the opportunity to apply for the Subclass 888 Business Innovation and Investment (Permanent) Visa by growing a successful business in Australia. 888 visa provides its applicants with permanent residency but it requires applicants to demonstrate their business in Australia can achieve a certain benchmark.
