The Business Innovation and Investment visa (subclass 188) is a temporary visa that allows business people and investors to come to Australia to develop a new or existing business. The visa subclass is comprised of four streams; the Investor Stream, the Significant Investor Stream, the new Premium Investor Stream, and the Business Innovation Stream. Holding the subclass 188 visa is the first step to acquiring the permanent Business Innovation and Investment visa (subclass 888).
All four streams require sponsorship by an Australian state or territory, and any potential visa applicant must first submit an Expression of Interest (EOI) through SkillSelect before they are invited to formally apply for the visa. The visa can be applied for and a decision can be made whilst the applicant is inside or outside of Australia. All four streams allow the visa holder to:
- make and maintain complying investments in Australia, and establish a new or develop an existing business
- travel in and out of Australia for the life of your visa
- bring family members with you to Australia
- seek permanent residence by applying for a Business Innovation and Investment (Permanent) visa (subclass 888)
[Source: Department of Immigration and Border Protection]
Each of the three investor streams has a different minimum investment amount; the Investor Stream it is at least 1.5 million AUD, the Significant Investor Stream is at least 5 million AUD, and the Premium Investor Stream is at least 15 million AUD. In addition to the requirement of state or territory sponsorship and an invitation to make an application for the visa from the minister, visa applicants must make and provide evidence of the designated investment before they can be granted the visa.
Business Innovation Stream
This stream of the Business Innovation and Investment visa is designed for business people looking to establish a new business in Australia or manage an existing business. As is the case with each of the investor streams, applicants under the Business Innovation Stream must first secure state or territory sponsorship and receive an invitation from the minister before they can apply.
Visa Application Process
As previously stated, visa applicants must first submit an EOI through SkillSelect and be nominated by an Australian state or territory (or in some cases the Australian Government) before they can apply for the Business Innovation and Investment visa. Once invited to apply, applicants have 60 days to make an application. To ensure the visa application is processed as quickly as possible, it is highly recommended that all supporting documentation is provided at time of application. The personal documentation required is the same for each of the streams, however the business-related requirements vary between streams. The complete list of documentation required for a Business Innovation and Investment visa application can be found here. For any questions related to the Business Innovation and Investment visa or any other Australian visas, please contact us so that one of our immigration lawyers and registered migration agents can assist you.