The Business Innovation stream (sub 188) visa is an Australian visa that allows foreign business owners to operate a new or existing business in Australia. This visa allows successful applicants to stay in the country for up to 5 years and bring eligible members of their families with them.
This type of visa could be perfect for foreign entrepreneurs looking to start a business in Australia, as it offers several advantages over other types of visas. It requires less capital than other visas, provides access to specialised support services, and even permits successful applicants to become permanent residents after 4 years if they meet certain criteria. Additionally, this is one of the fastest ways for individuals from overseas countries to establish their businesses in Australia.
Things you can do with this visa
The Business Innovation Stream (sub 188) visa allows business owners and investors to operate a new or existing business in Australia for up to 5 years. This visa provides an opportunity for those who have the skills, capital, and business experience to develop a successful venture in Australia, helping contribute to its economic growth. With this visa, the holder can bring eligible family members into the country.
Length
It is valid for up to 5 years and is available to applicants invited by the Australian Government on or after 1 July 2021. If applicants were invited to apply for this visa before 1 July 2021, they could stay in Australia for up to 4 years and 3 months.
Requirements
The Business Innovation stream (sub 188) of the Australian Permanent Residency Program is an exciting opportunity for business owners and entrepreneurs to secure their future in Australia. To be eligible, applicants must pass a points test with a minimum score of 65 points. Additionally, they must provide proof that they have successfully owned or operated a business. This could include demonstrating evidence of annual turnover, ownership interest or other documents to prove the success of their venture.
To be eligible to apply, you, your partner, or you and your partner together must have total net business and personal assets of at least AUD1.25 million and AUD800,000 if you were invited to apply for this visa before 1 July 2021. This visa allows individuals to develop their own businesses in Australia while also allowing them to live permanently in Australia.
Processing Time
- 25% of applications: 17 Months
- 50% of applications: 32 Months
- 75% of applications: 35 Months
- 90% of applications: 37 Months
Unfortunately, no standard processing times are available for this stream; however, certain circumstances may delay your application’s approval.
It is important that all parts of your application form are completed correctly and accurately, as any errors can lead to further delays in processing. In addition, if you have not provided sufficient information regarding your nomination or points-tested visa application, it can also add additional time to the assessment process. If there is a need for your documents to be verified by third parties, then this will also slow down the process.
Costs
This visa offers successful applicants the chance to live and work in Australia indefinitely. The main application fee is AUD6,270 for the primary applicant, plus additional application fees for each family member who applies with them. For each family member who applies with you over 18 years old, there is an additional charge of AUD3,135 and those under 18 years old have to pay AUD1,565.
Applicants who are 18 or older and have less than functional English must pay an additional charge for their second instalment.
This second instalment charge for the main applicant is AUD9795 and AUD4890 for family members. The amount of the extra fee depends on the applicant’s age when they apply and whether they have a functional level of English proficiency as determined by the department’s Language Skills Assessment Test (LSA).
Read more about the streams of Business Innovation and Investment (Sub 188) (Provisional):