Business Innovation stream is one of the four streams within the Australian Government’s Business Innovation and Investment(Provisional) subclass 188 visas. Normally it is referred as subclass 188A.
This stream of visa is designed to attract overseas successful business people who are willing to invest and migrate to Australia and want to maintain business and investment activity in Australia.
Features of 188A visa
Low level of business and personal assets required;
Applicants must meet the points test requirement to get 65 points in order to be invited;
This is a provisional visa to allow you to stay up to 4 years and 3 months;
You may apply for extension after the initial 4-year visa expires;
You will need to run a new or existing business in Australia within two years after you are granted the subclass 188 visa;
You and your partner together must have total net business and personal assets of at least AU$1,250,000.00;
You may apply for PR after at least two years of innovation or doing business and meeting the criteria for subclass 888;
Criteria to meet for this visa
In order to be eligible for this visa stream, applicants need to meet the following criteria before they can apply:
You must have a history of successful business with successful business career of at least 2 years or more;
Your business has had at least AU$750,000 turnover in each of these 2 years for the past 2 out the 4 years- If your business has a turnover of less than AU$400,000 per year, you must have 51% of the total value of the business;
– If your business has a turnover of more than AU$400,000 per year, you must show you have 30% of the total value of the business;
– If your business is a publicly listed company, you can have 10% of the total value of the business;
Your personal and business assets must be of at least AU$1,25,000 in value. This includes the assets under you and your partner or together; These funds must be available to transfer to Australia within 2 years after the grant of the 188 visa;
You need to score at least 65 on the points test. Points are calculated based on age, English proficiency, academic qualifications, business experience, net personal and business assets, business turnover, innovation etc.;
You must be under 55 of years age;
You and your partner must have no history of involvement in business or investment activities that are of a nature that is not acceptable in Australia.
Better to have functional English. If not, you can alternatively pay for English course fees at your second instalment of the visa application charge;
You and family also have to meet health and character requirements before the visa can be granted.
You should maintain a good record of visa history, not to have had a visa cancelled or refused before while you were in Australia.
How you can prove your funds and assets ?
At the time of visa application, applicants need to provide their asset portfolio’s source of funds. The sources of the funds for their asset portfolio must be declared to have been lawfully acquired.
Accepted sources of funds include profits made out of the business operation and investment for the past years when doing the business under your name and or under your partner’s name or combined together.
When to apply for permanent resident visa subclass 888 ?
Business innovation 188a is a temporary visa only with a validity of 4 years and 3 months. Visa holders must engage in doing business or innovation for at least 2 years in Australia and meet other criteria before they can apply for permanent residence visa subclass 888. Click here to find out more about the detailed requirements.
Check with Korrylink for your eligibility for this visa.
Are you a business owner and sponsor, and looking for skilled workers overseas? Korrylink may help you recruit staff you need to fill the vacancies and help them with their visa process. Click here to find out more.
Korrylink also offers labour hire and staff recruitment services. Overseas labour hire agencies or recruiters are most welcome to contact us for collaboration. Click here to find out how we can do business together.