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    Australia Pathways

    Business Innovation and Investment (Provisional) Visa (Subclass 188)

    Overview

    Are you a business-savvy individual looking to expand your horizons? Australia beckons with its Business Innovation and Investment (Provisional) Visa (Subclass 188), tailor-made for entrepreneurs like you. This provisional visa is your gateway to operating a new or existing business in the land down under.

    Business Innovation and Investment (Provisional) Visa (Subclass 188)

    Highlights

    1. Entrepreneurial Opportunity: The Subclass 188 Business Innovation and Investment visa offers business-savvy individuals the chance to expand their horizons and operate a new or existing business in Australia.
    2. Duration and Cost: With a duration of up to 5 years and a starting cost of AUD9,450.00, this visa provides ample time and access to opportunities for aspiring business leaders.
    3. Eligibility Criteria: Applicants must meet specific criteria, including scoring at least 65 on the points test, demonstrating business success, and possessing a minimum net worth, among other requirements.
    4. Family Inclusion: The visa allows for the inclusion of eligible family members, fostering a supportive environment for business endeavors.
    5. Processing Times: While processing times may vary, applicants can utilize the visa processing time guide tool for estimates, offering insights into the journey ahead.
    6. Business Obligations: Visa holders must maintain a substantial ownership interest in an Australian business, participate in its management, and contribute to the country’s economic growth.
    7. Compliance with Laws: Adherence to Australian workplace laws is crucial for visa holders, ensuring ethical and legal business practices.
    8. Health Insurance: Prioritizing health insurance is essential to safeguard against unforeseen medical expenses, highlighting the importance of personal well-being during the entrepreneurial journey.
    9. Travel Flexibility: The visa offers flexibility for travel outside Australia, facilitating global business engagements without constraints.
    10. Digital Visa Integration: Australian visas are now digital, streamlining the application process and eliminating the need for physical labels in passports, enhancing convenience for applicants.

    Stay

    With a duration of up to 5 years, this visa offers ample time to establish and nurture your entrepreneurial endeavors in the Australian business landscape.

    Cost

    The cost for this visa starts from AUD9,450.00, ensuring access to a world of opportunities for aspiring business leaders.

    Eligibility Criteria

    To qualify for this visa, applicants must meet certain criteria, including:

    • Scoring at least 65 on the points test.
    • Providing evidence of business success, such as annual turnover and ownership interest.
    • Possessing a total net worth of at least AUD1.25 million (for invitations post-July 2021) or AUD800,000 (for invitations pre-July 2021), among other requirements.

    Family Inclusion

    One of the appealing aspects of this visa is the provision to bring eligible family members along on the journey, fostering a supportive environment for your business endeavors.

    Processing Times

    While processing times may vary, applicants can utilize the visa processing time guide tool for an estimate, offering valuable insights into the journey ahead.

    Business Obligations

    Upon receiving the visa, holders must adhere to certain obligations, including:

    • Maintaining a substantial ownership interest in an Australian business.
    • Participating in its day-to-day management at a senior level.
    • Contributing to the growth and competitiveness of the Australian economy through various means, such as adding to commercial activity, developing business links internationally, or employing local talent.

    Compliance with Australian Laws

    As with any endeavor, compliance with Australian laws is paramount. Visa holders must ensure adherence to Australian workplace laws, encompassing aspects like pay rates, leave arrangements, and workplace conditions.

    Health Insurance

    While exploring business opportunities in Australia, it’s essential to prioritize health insurance to safeguard against unforeseen medical expenses, underscoring the importance of personal well-being during the entrepreneurial journey.

    Travel Flexibility

    The visa offers the flexibility to travel outside Australia and return as needed, facilitating business engagements on a global scale without constraints.

    Visa Label

    In line with digital advancements, Australian visas are now digital, eliminating the need for physical labels in passports and streamlining the application process for greater convenience.

    Conclusion

    The Business Innovation and Investment (Provisional) Visa (Subclass 188) presents a myriad of opportunities for enterprising individuals seeking to make their mark in the Australian business landscape. With its emphasis on innovation, investment, and entrepreneurship, this visa paves the way for a fulfilling and prosperous journey in one of the world’s most dynamic economies.

    Eligibility Requirements for the Business Innovation and Investment (Provisional) Visa (Subclass 188)

    Receive an invitation to apply

    To embark on the journey towards obtaining the Business Innovation and Investment (Provisional) Visa (Subclass 188), individuals must first submit an Expression of Interest (EOI). Upon acceptance and nomination by an Australian State or Territory government agency, applicants will receive an invitation to apply for the visa, setting the stage for their entrepreneurial endeavors in Australia.

    Be Nominated

    Nomination by an Australian State or Territory government agency is a crucial step in the visa application process. Once nominated, applicants are one step closer to realizing their business aspirations in Australia. It’s important to note that the nominating agency must maintain their nomination throughout the application process to ensure a successful outcome.

    Have business ownership

    Ownership and management experience in the business realm are essential prerequisites for this visa. Applicants must demonstrate ownership stake in one or two businesses, meeting specific turnover criteria depending on the timeline of their invitation. Additionally, the ownership percentage varies based on the business’s annual turnover, ensuring a diverse pool of eligible candidates.

    Own personal and business assets

    Financial stability is paramount for visa applicants. Individuals, along with their partners, must showcase a substantial net worth in both personal and business assets. These funds must be readily available for transfer to Australia within two years of visa approval, underscoring the commitment to the entrepreneurial journey in the country.

    Score at least 65 on the points test

    Success in the points test is a crucial determinant of visa eligibility. Applicants accrue points based on various factors, including age, English language proficiency, qualifications, business experience, assets, turnover, innovation, and special endorsements. Achieving a minimum score of 65 is imperative to progress in the application process.

    Have a successful business career

    A proven track record of business success is a fundamental requirement for visa applicants. Demonstrating a genuine desire to own and manage a business in Australia, coupled with a history of entrepreneurial achievements, strengthens the candidacy for the Business Innovation and Investment Visa.

    Be under 55

    Age limitations apply to visa eligibility, with individuals aged 55 or older at the time of invitation excluded from consideration. However, exceptions may be made by State or Territory governments for applicants whose businesses offer exceptional economic benefits to Australia.

    Not have a history of involvement in unacceptable activities

    Ethical integrity is non-negotiable for visa applicants and their partners. A clean record, devoid of involvement in business or investment activities deemed unacceptable in Australia, is imperative to pass this criterion.

    Have functional English

    Proficiency in the English language is essential for effective communication and integration into the Australian business landscape. Applicants aged 18 or older must demonstrate at least functional English proficiency or fulfill additional visa application requirements.

    Meet health and character requirements

    Ensuring the well-being and integrity of visa holders and their accompanying family members is paramount. Meeting health and character requirements, including signing the Australian values statement, underscores the commitment to upholding Australian laws and values.

    Clear financial obligations

    A clean financial slate is necessary for visa approval. Applicants and their family members must have no outstanding debts to the Australian Government, showcasing financial responsibility and reliability.

    Maintain a clean immigration history

    A history of visa cancellations or previous application refusals may impact visa eligibility. Applicants must maintain a favorable immigration history to enhance their chances of securing the Business Innovation and Investment Visa.

    Conclusion

    Navigating the eligibility criteria for the Business Innovation and Investment (Provisional) Visa (Subclass 188) requires diligence, expertise, and a genuine commitment to entrepreneurial success in Australia. By meeting these stringent requirements, individuals can lay the foundation for a prosperous business journey in one of the world’s most vibrant economies.

    Guide to Applying for the Business Innovation and Investment (Provisional) Visa (Subclass 188)

    Step 1: Expression of Interest (EOI)

    1. Check Eligibility: Make sure you meet all eligibility criteria for the visa.
    2. Gather Documents: Collect all necessary documents to support your claims in the EOI.
    3. Check Points: Ensure you score at least 65 points on the points test.
    4. Submit EOI: Submit your EOI via SkillSelect. Select the subclass 188 visa category.
    5. After Submission: SkillSelect will estimate your points score. If it’s at least 65 and your skills match what State or Territory governments need, you may receive a nomination.

    Step 2: After Invitation

    1. Receive Invitation: If nominated, you’ll receive an invitation to apply for the visa within 2 years of submitting your EOI.
    2. Apply for Visa: Within 60 days of receiving the invitation, apply for the visa. Provide accurate information and demonstrate meeting all eligibility criteria.
    3. If Not Invited: If you don’t receive an invitation within 2 years, your EOI will expire, and you’ll need to submit a new one if you still want the visa.

    General Document Checklist

    1. Identity Documents: Passport, national identity card, and proof of any name changes.
    2. Business and Assets Documents: Overview of business career, evidence of net assets, business ownership, financial statements, etc.
    3. Evidence of Business Experience: Documents showing your involvement in managing the business.
    4. Evidence of Business Registration: Business registration certificate or license.
    5. Financial Statements: Full set of financial statements for the business.
    6. Organizational Chart and Business Premises: Organizational chart, photos of business premises.
    7. Information about Losses or Insolvency: Details if applicable.
    8. Net Assets: Summary statement of assets and liabilities, evidence of asset ownership and value.

    Additional Points Test Documents

    1. English Language Ability: Evidence of English proficiency.
    2. Qualifications: Certified copies of trade qualifications, diplomas, or degrees.
    3. Business Turnover: Financial statements showing business turnover.
    4. Business Experience: Evidence of holding a main business for a certain period.
    5. Innovation: Evidence for specific innovation-related points.

    Other Required Documents

    1. Health Documents: Not needed; the doctor will send them to the authorities.
    2. Character Documents: Form 80, overseas police certificates, military service records, etc.
    3. Partner Documents: Identity, character, and relationship documents if applicable.
    4. Dependents Documents: Birth certificates, adoption papers, proof of dependency, etc.

    Remember to translate all non-English documents into English and provide clear scans or photographs of all documents. Ensure accuracy and completeness in your application to improve your chances of success. If needed, seek assistance from a registered migration agent or legal practitioner.

    Step 3: Apply for the Visa

    Apply Online in ImmiAccount

    • Create or Sign in: Access ImmiAccount and either create a new account or sign in to your existing one.
    • Pay Application Charge: Pay the required application charge and note the transaction reference number (TRN).
      • The charge details will be provided by ImmiAccount. Your application won’t be processed until the correct charge is paid.

    Sending Documents

    • For Applications Lodged Prior to 13 November 2021: After submitting your application online, send documents and forms via specified methods.
    • For Applications Lodged After 13 November 2021: Upload supporting documentation directly to ImmiAccount.

    Step 4: After You Apply

    • Status Updates: There won’t be updates on applications. Contact will be made if additional information is needed.
    • Travel: You don’t need to inform authorities if you travel outside Australia while the application is processed. Ensure you have a valid visa for return.
    • Health Exams and Biometrics: If health examinations or biometrics are required, you’ll be notified accordingly.
    • Provide More Information: If any documents were not provided initially, submit them promptly.
    • Stay Lawful: Ensure you hold a valid visa while the application is processed. Bridging visas may be granted if needed.
    • Pay Second Instalment: If applicable, pay the second instalment after receiving an invoice.
    • Adding Family Members: You can add dependent children or subsequent entrants to your application. Follow the provided instructions and pay any additional charges.
    • Newborn Children: If your child is born after application, follow the necessary steps.
    • Mistakes on Application: Notify authorities of any mistakes made on your application using the provided form.
    • Help with Application: Notify authorities if you no longer require assistance or if there are changes in your circumstances.
    • Tell Us if Things Change: Notify authorities of any changes to contact information, marital status, birth of a child, or if you wish to withdraw your application.

    Step 5: Visa Outcome

    You’ll be notified in writing of the decision on your visa application. If granted, details such as visa grant number, start date, and conditions will be provided. If refused, reasons will be given, and review options explained.

    Exploring Life in Australia on the Business Innovation and Investment (Provisional) Visa (Subclass 188)

    Preparing for Your Trip

    • Before You Leave: Ensuring Smooth Travel
    • Before embarking on your journey to Australia, it’s essential to ensure you have all the necessary travel documents in order. A valid visa is a primary requirement for entry, along with a valid passport or other acceptable travel document.

    At the Border: Arrival Procedures

    • Completing an Incoming Passenger Card
    • Upon arrival in Australia, all incoming passengers are required to complete an Incoming Passenger Card. This card will be provided to you onboard the aircraft before landing.
    • Facilitating Swift Departure
    • To expedite your exit from the airport, consider utilizing SmartGate, an automated process that utilizes facial recognition technology and your ePassport. This can significantly reduce your wait time at the airport.

    During Your Stay: Understanding Your Visa

    • Activities Permitted with the Visa
    • The Subclass 188 Business Innovation and Investment visa allows for various activities during your stay in Australia. While it’s not a permanent visa, holders can engage in business and investment activities, travel to, enter, and remain in Australia for up to five years, and bring eligible family members along.
    • Compliance and Obligations
    • To maintain your visa status, it’s crucial to comply with all visa conditions and Australian laws. This includes meeting specific business obligations and adhering to workplace laws. Failure to do so could jeopardize your visa status.
    • Duration of Stay and Extensions
    • This visa is provisional, allowing for a maximum stay of five years. If you wish to extend your stay or apply for permanent residence, you’ll need to explore your visa options and meet the necessary requirements.

    Departure Procedures

    • Leaving Australia: Departure Essentials
    • Before departing Australia, ensure you have a valid passport or travel document. Additionally, take advantage of the automated departure process using SmartGate to expedite your exit from the airport.
    • Proving Travel History
    • To obtain proof of your travel history in and out of Australia, you can request your international movement records.

    Adding Family Members

    • Expanding Your Visa Application
    • Family members wishing to apply for the same visa must submit separate online applications. Additional family members are referred to as subsequent entrants and can be added to the application.
    • Application Process for Family Members
    • Complete the online ‘Application for a Business Innovation and Investment (Subsequent Entrant) Visa’ form in ImmiAccount. Note that an application charge applies for each additional family member.

    Conclusion

    Navigating the process of obtaining a Subclass 188 Business Innovation and Investment visa for travel to Australia involves several essential steps, from ensuring you have the necessary travel documents to understanding your visa conditions and obligations. By familiarizing yourself with these requirements and procedures, you can ensure a smooth and hassle-free travel experience to Australia.

    FAQ

    To be eligible, you must meet several criteria, including having a successful business career, scoring at least 65 points on the points test, having a genuine desire to continuously own and manage a business in Australia, and not having a history of involvement in unacceptable activities.

    The thresholds vary depending on when you were invited to apply for the visa. If invited on or after 1 July 2021, you must have at least AUD1.25 million in total net business and personal assets. If invited before 1 July 2021, the threshold is AUD800,000.

    Visa holders must comply with all visa conditions and Australian laws. Additionally, they must meet certain business obligations, such as having a substantial ownership interest in a business in Australia, participating in its day-to-day management at a senior level, and contributing to the Australian economy in various ways outlined by the government.

    Visa holders can stay for up to 5 years if invited to apply on or after 1 July 2021. The duration varies depending on the date of invitation, with shorter stays for invitations received before certain dates.

    The visa costs AUD9,450.00 for the main applicant, with additional charges for family members. These charges vary based on the age of the applicant and their English language proficiency level.

    Various documents are necessary, including those demonstrating business registration, ownership or share of ownership of the main business, financial statements, organizational charts, photos of business premises, and information about any losses or insolvency.

    The application process begins with submitting an Expression of Interest (EOI) via SkillSelect, followed by nomination by an Australian State or Territory government agency, and then an invitation to apply for the visa.

    If you can’t meet the points score and all other eligibility criteria, the visa will not be granted. You may need to update your EOI to better reflect your points score if you want to reapply after the initial invitation period.

    Applicants have 60 calendar days to apply for the visa after receiving an invitation. This time frame will not be extended.

    Generally, applicants aged 55 or older at the time of invitation will not receive an invitation. However, a State or Territory might still invite them if their business will be of exceptional economic benefit.

    To demonstrate English language ability for the visa application, you must have either vocational English or proficient English.

    To claim points for qualifications, you need to provide a certified copy of the trade qualification, diploma, or bachelor degree.

    Evidence of net assets can be provided by submitting Form 1139A Statement of Assets and Liabilities Position as of the 2 fiscal years prior to the invitation to apply for the visa.

    To support claims for business turnover, you need to provide a full set of financial statements prepared by an independent accountant to International Accounting Standards, including a balance sheet, profit and loss statement, and notes to the accounts. Additionally, submitted VAT or Income Tax Returns for the business can further support turnover claims.

    Evidence of business experience includes showing that you have held one or more main businesses for a specific duration immediately before applying for the visa. This evidence could include financial statements, tax documents, or other business records.

    Ownership of a registered patent or design can be proven by providing evidence issued by the relevant national or regional intellectual property administration office. Additionally, a statement outlining the relevance of the patent or design to the main business and its application in day-to-day activities must be provided.

    To prove ownership of a registered trademark, you need documentation issued by the relevant national or regional intellectual property administration office. Additionally, a statement detailing the trademark’s relevance to the main business and its application in day-to-day activities must be provided.

    For export trade claims, evidence must demonstrate that at least 50% of the turnover of the main business related to export trade for at least 2 of the 4 fiscal years prior to applying for the visa. This evidence could include tax returns, customs declarations, or underlying source documents related to export transactions.

    To demonstrate receipt of grant or venture capital funding, certified copies of grant letters and bank records or final contracts between you and the venture capital firm are required. Additionally, evidence showing receipt of funding from either the government grant or a venture capital firm within the 4 years prior to applying for the visa must be provided.

    All non-English documents must be translated into English, and the translators must include their full name, address, telephone number, qualifications, and experience in the language they are translating. Translators in Australia must be accredited by the National Accreditation Authority for Translators and Interpreters.

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