You must live in the designated State or Territory for at least 2 years during the validity of your provisional visa.
Business Innovation and Investment (Provisional) Visa (Subclass 188) Investor stream
Overview
The Business Innovation and Investment (Provisional) Visa (Subclass 188) Investor stream offers a pathway for individuals willing to invest in Australia’s economy. To qualify, applicants must invest a minimum of AUD2.5 million in Australian investments that meet specific requirements and commit to business or investment activities within the country.
Highlights
- Overview: The Investor stream requires a minimum investment of AUD2.5 million in Australian investments that meet specific requirements. Applicants must also commit to business or investment activities within the country.
- Stay Duration and Cost: Successful applicants are granted a provisional visa valid for up to five years, with the visa cost starting from AUD9,450.00.
- Benefits: Visa holders can engage in business and investment activities within Australia, bring eligible family members, and potentially apply for permanent residency through the Business Innovation and Investment (Permanent) Visa (Subclass 888) Investor stream.
- Eligibility Criteria: Applicants must be nominated by a State or Territory government agency, invest the required amount, score at least 65 points on the points test, and possess net assets of at least AUD2.5 million.
- Application Process and Costs: Applicants can apply both within and outside Australia. The application fee includes charges for family members, and additional fees apply for those with less than functional English proficiency.
- Compliance and Obligations: Visa holders and their family members must comply with all visa conditions and Australian laws. Applicants must live in the designated State or Territory for at least two years during the validity of the provisional visa to be eligible for permanent residency.
- Investment Requirements: A complying significant investment of at least AUD2.5 million is mandatory. Continuous investment in complying significant investments is necessary throughout the visa’s validity period.
- Health Insurance and Reciprocal Healthcare Agreements: Adequate health insurance is recommended, and comprehensive coverage is advised to limit financial liabilities.
- Travel Flexibility: Visa holders enjoy flexibility in traveling in and out of Australia during the visa’s validity period.
- Digital Visa Record: Australian visas are digital, linked to the passport digitally for easy verification of visa status.
Stay Duration and Cost
Successful applicants are granted a provisional visa valid for up to five years. The cost of this visa starts from AUD9,450.00. Processing times vary and are subject to individual circumstances.
Benefits of the Visa
Holders of this visa have the opportunity to engage in business and investment activities within Australia. Additionally, they can bring eligible family members with them and potentially apply for permanent residency through the Business Innovation and Investment (Permanent) Visa (Subclass 888) Investor stream, provided certain conditions are met.
Eligibility Criteria
To qualify for this visa, applicants must be nominated by a State or Territory government agency, invest the required amount, score at least 65 points on the points test, and possess net business, investment, and personal assets of at least AUD2.5 million.
Application Process and Costs
Applicants can apply for this visa both within and outside Australia. The visa application fee includes charges for family members, with additional fees for those with less than functional English proficiency. It’s essential to use the Visa Pricing Estimator to calculate the total cost accurately.
Maintaining Compliance and Obligations
Visa holders and their family members must comply with all visa conditions and Australian laws. This includes maintaining the investment and adhering to workplace regulations. To be eligible for permanent residency, applicants must live in the designated State or Territory for at least two years during the validity of the provisional visa.
Investment Requirements
For those invited to apply on or after 1 July 2021, a complying significant investment of at least AUD 2.5 million is mandatory. Continuous investment in complying significant investments is necessary throughout the visa’s validity period. Reinvestment of withdrawn funds into eligible investments within 30 days is permissible under certain conditions.
Health Insurance and Reciprocal Healthcare Agreements
Applicants are advised to obtain adequate health insurance to cover any medical expenses during their stay in Australia. While Australia has reciprocal healthcare agreements with some countries, comprehensive insurance coverage is recommended to limit financial liabilities.
Travel Flexibility
Holdings of the Business Innovation and Investment (Provisional) Visa (Subclass 188) Investor stream enjoy the flexibility to travel in and out of Australia as many times as desired during the visa’s validity period. However, time spent outside Australia does not extend the visa duration.
Digital Visa Record
Australian visas are digital, and no physical label is placed in the passport. Instead, the visa is linked to the passport digitally, ensuring easy verification of visa status.
Conclusion
By meeting the requirements and obligations of the Business Innovation and Investment (Provisional) Visa (Subclass 188) Investor stream, individuals can not only contribute to Australia’s economy but also secure potential pathways to permanent residency.
Eligibility Requirements for the Business Innovation and Investment (Provisional) Visa (Subclass 188)
Receiving an Invitation to Apply
Before applying for the Business Innovation and Investment Visa (Subclass 188), individuals must 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.
Nominations and Requirements
Nomination by an Australian State or Territory government agency is a prerequisite for applying for this visa. Once nominated, it’s essential that the nomination remains valid throughout the application process to ensure visa approval.
Ownership and Management of Assets
Applicants must demonstrate their ability to own and manage qualifying businesses or eligible investments. This includes having at least 10% ownership interest in a qualifying business or eligible investments totaling AUD 2.5 million (AUD 1.5 million if invited before July 1, 2021) for the specified period.
Investment Criteria
For those invited to apply on or after July 1, 2021, a complying significant investment of at least AUD 2.5 million is required. This investment must be made in venture capital, growth private equity funds, approved managed funds, and a ‘balancing investment’ as specified.
Experience and Points Test
Applicants must possess at least three years of experience managing qualifying businesses or eligible investments. Additionally, scoring at least 65 points on the points test is mandatory, with points awarded for various factors such as age, English language proficiency, qualifications, and business experience.
Residency Intentions and Age Limit
Having a genuine intention to reside in a specific State or Territory for at least two years is necessary. Additionally, applicants must be under 55 years of age at the time of invitation, unless deemed to provide exceptional economic benefit.
Character and Health Requirements
Meeting character and health requirements is essential for both the primary applicant and accompanying family members. This includes having no history of involvement in unacceptable activities and meeting functional English proficiency standards.
Australian Values Statement and Government Debts
Applicants and family members aged 18 or older must sign an Australian Values Statement, committing to respect Australian laws and way of life. Additionally, any debts owed to the Australian government must be resolved or have approved repayment arrangements in place.
Applicants and family members aged 18 or older must sign an Australian Values Statement, committing to respect Australian laws and way of life. Additionally, any debts owed to the Australian government must be resolved or have approved repayment arrangements in place.
Immigration History and Application Considerations
Applicants’ immigration history, including previous visa cancellations or refusals, is taken into account during the application process. In some cases, individuals may still be eligible for a permanent visa despite past immigration issues.
Seeking Assistance
For those in need of immigration assistance, it’s essential to consult with authorized professionals. Understanding the intricacies of the application process and meeting all requirements is crucial for a successful visa application.
Guide to Applying for the Business Innovation and Investment (Provisional) Visa (Subclass 188)
Step 1: Before You Apply
- Submit an Expression of Interest (EOI):
- Prepare your EOI to indicate your interest in applying for the visa.
- Your EOI should detail your skills, qualifications, investment experience, and preferred states or territories for investment.
- Get assistance from a registered migration agent or legal practitioner if needed.
- Check your eligibility:
- Ensure you meet all the eligibility criteria for the visa, including the points test.
- Gather your documents:
- Collect all necessary documents to support your claims in the EOI and meet eligibility criteria.
- Documents may include proof of identity, business and investment documents, evidence of funds, English language proficiency, etc.
- Check your points:
- Verify that you score at least 65 points on the points test, considering factors like age, English language ability, qualifications, business or investment experience, etc.
- Submit an EOI:
- Submit your EOI via Skillselect, specifying the Business Innovation and Investment (Provisional) visa (subclass 188).
- There is no charge for submitting an EOI.
- Await confirmation of submission via email.
Step 2: After you submit your EOI
- Stay lawful:
- Understand that submitting an EOI does not guarantee a bridging visa.
- If your current visa is expiring, apply for another visa to remain lawfully in Australia.
- Receive an invitation to apply for the visa:
- If nominated by a state or territory, you may receive an invitation to apply for the visa within 2 years of submitting your EOI.
- Upon receiving an invitation, you have 60 calendar days to apply for the visa.
- If you can’t meet the points score or other eligibility criteria:
- Refrain from applying for the visa until you can meet the requirements.
- Consider updating your EOI to better reflect your points score.
- Make sure your passports are up-to-date:
- Ensure you and your family members have valid passports before applying.
- Get help with your application:
- Seek assistance only from registered migration agents, legal practitioners, or exempt persons.
- Gather your documents:
- Collect all necessary documents as outlined in the document checklist.
- Translate and prepare your documents:
- Translate all non-English documents into English.
- Scan or photograph all documents in color, ensuring clarity.
Step 3: Involves applying for the visa online in ImmiAccount. Here’s a summary of the steps:
- Create an account or sign in to ImmiAccount: If you don’t have an account, you’ll need to create one. If you already have an account, sign in.
- Pay the application charge: ImmiAccount will provide you with the information regarding the application charge. Make sure to pay the correct charge as stated. Upon payment, note down the transaction reference number (TRN).
- Upload supporting documentation: Upload all necessary supporting documents to ImmiAccount according to the provided instructions and naming conventions. This step is crucial for efficient processing and reducing processing times.
For applications lodged prior to 13 November 2021, after submitting your application online, you’ll need to send your documents and other forms. If you’re applying from certain regions, follow specific instructions regarding document submission. For applications lodged after 13 November 2021, all supporting documentation should be uploaded to ImmiAccount during the application process.
Step 4: Involves waiting for confirmation that your application and documents have been received. Unfortunately, status updates on applications aren’t provided, and you’ll only be contacted if additional information is required.
- You don’t need to inform the authorities if you plan to travel outside Australia while your application is being processed. However, ensure you have a valid visa if you plan to return before a decision is made on your application.
- If you’re in Australia, maintain lawful status by holding a valid visa while your application is processed. If your current visa expires, a Bridging Visa A (BVA) will start, allowing you to stay in Australia while awaiting the decision on your new visa application. Don’t cancel your current visa to avoid being unlawfully present in Australia.
- After applying, additional steps include undergoing health exams and providing biometrics if requested. Ensure all required documents are submitted promptly. If you need to make your investment, wait for a written invitation before doing so. Pay any necessary instalments when invoiced.
- You can add family members to your application before a decision is made, following specific instructions for each case. Notify authorities of any changes to your circumstances after applying. Finally, await the visa outcome, which will be communicated in writing.
Exploring Life in Australia on the Business Innovation and Investment (Provisional) Visa (Subclass 188)
When You Have This Visa: Coming to Australia
Before embarking on your journey to Australia, it’s essential to ensure you have the necessary travel documents in order. This includes a valid visa, which grants you entry into the country, as well as a valid passport or other approved travel document.
At the Border: Completing an Incoming Passenger Card
Upon arrival in Australia, all travelers are required to complete an Incoming Passenger Card, which is typically provided onboard the aircraft. This form collects important information for immigration purposes.
Streamlining Your Arrival: Utilizing SmartGate
To expedite your arrival process, consider taking advantage of SmartGate, an automated system that utilizes facial recognition technology and ePassports. This innovation can significantly reduce the time spent at the airport border control.
In Australia: What You Can Do with This Visa
While holding this visa, you have the opportunity to engage in various business and investment activities within Australia. Additionally, you can travel to, enter, and remain in the country for up to five years, accompanied by eligible family members.
Maintaining Compliance: Your Responsibilities
It’s imperative to adhere to all visa conditions and Australian laws while residing in the country. This includes maintaining any investments made and complying with workplace regulations.
Ensuring Investment Continuity
Depending on your visa application date, different requirements apply regarding investment maintenance. Whether it’s holding a complying significant investment continuously or maintaining designated investments in a state or territory, ensuring investment continuity is crucial.
Adhering to Workplace Laws
As a visa holder, you must comply with Australian workplace laws, ensuring fair treatment and protection for all workers. Resources like the Pay and Conditions Tool (PACT) can assist with understanding and implementing these regulations.
Staying Informed: Keeping Authorities Updated
Any changes to personal circumstances, such as contact information, relationship status, or family composition, must be promptly reported to immigration authorities.
Understanding Your Stay Duration
This provisional visa allows for a maximum stay of five years, starting from the date of grant. Utilizing VEVO can help determine your visa’s expiration date and any conditions attached.
Extending Your Stay: Exploring Options
Should you wish to extend your stay beyond the initial five years, applying for a new visa is necessary. Permanent residence may also be attainable, provided specific criteria are met.
Travel Flexibility: Multiple Entry Privileges
Enjoy the flexibility of multiple entries and exits from Australia during the validity of your visa. Time spent outside the country does not extend the visa duration.
Documenting Your Status: Using VEVO
VEVO serves as a valuable tool for verifying visa status and conditions, providing essential information when required.
Bringing Family Along
If family members wish to join you in Australia, they must submit separate visa applications. Newborns and dependent children can be added to your application, while other family members must apply as subsequent entrants.
Departing Australia: Ensuring Compliance
Before departing Australia, verify the validity of your travel documents and visa status to avoid any issues during departure.
Efficient Departures: Utilizing SmartGate
Similar to arrival, SmartGate technology can facilitate a swift departure process, utilizing facial recognition and ePassports for efficiency.
Post-Departure: Documenting Your Visit
Upon leaving Australia, you can request international movement records to document your travel history for future reference.
By understanding and adhering to these guidelines, your journey to and from Australia can be smooth and hassle-free. Whether you’re exploring business opportunities or reuniting with loved ones, proper preparation ensures a positive experience throughout your stay.