Business Innovation and Investment Visa (subclass 188) Explained
The Business Innovation and Investment Visa (subclass 188) is a temporary visa that allows individuals who are looking to invest in or start a new business in Australia to do so. This visa is part of the Australian Government’s Business Innovation and Investment Program which aims to attract and retain high-caliber business people and entrepreneurs from around the world.
To be eligible for this visa applicants must be nominated by an Australian state or territory government agency or by Austrade (Australian Trade and Investment Commission).
There are five streams under the subclass 188 visa
Business Innovation Stream
This visa is for individuals who have a successful business career and are willing to invest in a new or existing business in Australia. To be eligible for this stream applicants must be nominated by an Australian state or territory government agency, have a net worth of at least AUD 800,000 and have a minimum of three years of business experience.
Investor Stream
This visa is for individuals who are willing to make a designated investment in Australia for a minimum of four years. To be eligible for this stream, applicants must be nominated by an Australian state or territory government agency, have a net worth of at least AUD 2.25 million and make a minimum investment of AUD 1.5 million in an Australian state or territory.
Significant Investor Stream
This visa is for individuals who are willing to make a significant investment in Australia for a minimum of four years. To be eligible for this stream applicants must make a minimum investment of AUD 5 million in complying investments which can include Australian securities, managed funds and bonds.
Premium Investor Stream
This visa is for individuals who are willing to make a significant investment in Australia for a minimum of four years. To be eligible for this stream visa applicants must make a minimum investment of AUD 15 million in complying investments.
Entrepreneur Stream
This visa is for individuals who have a funding agreement from a third party for at least AUD 200,000 to undertake a complying entrepreneur activity in Australia. To be eligible for this stream, applicants must be nominated by an Australian state or territory government agency and have a, “genuine and realistic commitment to continuing their entrepreneurial activity in Australia after the visa period.”
Benefits of the Business Innovation and Investment Visa
- The visa allows the applicant and their family to stay in Australia for up to four years, with the option extend.
- The visa holder and their family are entitled to access education and healthcare services in Australia.
- After holding the visa for two years the holder is eligible to apply for permanent residency through the Business Innovation and Investment (Permanent) Visa (subclass 888).
- The visa holder can start or invest in a business in Australia.
- The visa holder can use Australia as a base to access markets in the Asia-Pacific region.
- Australia is known for its high standard of living making it an attractive destination for many migrants.