What is the Business Innovation Stream of the 188 Visa?
The Business Innovation and Investment (Provisional) Visa, Subclass 188, is a temporary visa that allows you to establish and manage a new or existing business in Australia. Once granted the visa, you can live and conduct business activities in Australia for up to 4 years and 3 months. You can be in or outside Australia when applying and when the decision is made. If eligible, you can apply for the Business Innovation & Investment (Permanent) Subclass 888 Visa.
Am I eligible to apply for the Business Innovation Visa?
You may be eligible if you meet the following requirements
- you are nominated by an Australian State or Territory government agency prior to your application
- you have at least AUD $800,000 of net personal and business assets
- you have a suitable skills assessment including meeting the minimum points pass mark of 65 points
- you are under 55 years of age
- you do not have any previous visa cancellations and have complied with conditions of your previous visa
- you meet health and character requirements
- you meet functional English language requirements. See below tab for more information on this requirement
- you own a business at least
- 51%, of the total value of the business if the business has a turnover of less than AUD400,000 per year
- 30%, of the total value of the business if the business has a turnover of AUD400,000 or more per year, or
- 10%, of the total value of the business if the business is operated by a publicly listed company
Functional English Evidence Requirements You will meet the functional evidence requirement if you meet one of the following:
What are the benefits of the 188 Visa?
With the Business Innovation and Investment (Provisional) Visa (Subclass 188) you can:
- stay and operate a new or existing business in Australia for up to 4 years and 3 months
- travel to and from Australia as many times as you want until the validity of your visa expires
- bring your dependent family with you
- apply for the Business Innovation & Investment (Permanent) Subclass 888 Visa for the permanent residency
What are the costs of the 188 Visa?
The Department of Home Affairs visa cost for the main applicant of the Business Innovation and Investment (Provisional) Visa is AUD $5,375
The cost for an additional applicant over 18 years old of the Business Innovation Visa is AUD $2,685
The cost for an additional applicant under 18 years old of the Business Innovation Visa is AUD $1,345
How long does it take to get the 188 Visa?
The Department of Home Affairs assesses applications on a case-by-case basis and processing time is not available for the Business Innovation Visa. Completing application with necessary documents, responding to any requests quickly and providing required information can help expedite the process.
Frequently Asked Questions for Business Innovation Stream
Can I extend the Business Innovation Stream of the 188 Visa? Yes, 2 years of extension is available. Once you held the 188 Visa, you can apply for the extension visa.
Can I include my family members to Australia on the 188 Visa? Yes, you can include your family members when you apply or any time before a decision is made.
Why choose us for the Business Innovation Visa?
At Best Immigration Lawyers we have made visa application process easier and faster for many clients. Our firm specialises in Business and Investor Visas and has experienced legal professionals and resources required to provide you with the guidance and representation that is needed to ensure you reach your immigration goals. Please book a meeting online or call us on 0292830888 for professional assistance.
