Business Investment 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 188B.
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 188B visa
This is a provisional visa to allow you to stay up to 4 years and 3 months. There is no provision for you to extend this visa. If you want to stay longer, you must apply for a new visa.
Applicants must meet the points test requirement to get 65 points to be eligible for applying for this visa;
You will need to maintain your investment activity with the sponsored State or Territory government after your visa is granted;
You must maintain 4 years of investment of government bond and meeting the criteria for subclass 888;
You must reside in Australia for a minimum of 2 years to be eligible for applying for a PR visa;
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$500,000 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$800,000 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.
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.