188-A - Business Innovation Visa
188 – Business Innovation Stream
One of the subclass 188 visas, the Business Innovation and Investment (Provisional) visa, is geared toward small- and medium-sized business shareholders. The holder of this visa is permitted to remain in Australia for a maximum of five years. Successful candidates must invest at least AUD 200,000 and run a business in Australia for at least two years. They can apply for Australian Permanent Residence if they are successful in fulfilling the business and residential conditions. This visa is appreciated by many SME owners due to its simple requirements and affordable cost. Applicants’ children are entitled to free public education while on an 188A Temporary Visa.
Application Requirements
You must meet the following criteria in order to be granted a temporary visa (188A):
1. The primary applicant must be under the age of 55, and any accompanying children must be enrolled full-time in school and unmarried, no older than 23;
2. The family’s and the couple’s combined net worth should equal at least AUD 1,250,000;
3. In at least two of the four fiscal years before to the application, the company’s yearly turnover must have exceeded AUD 750,000;
4. For at least two of the four fiscal years, the couple must own at least 30% of the company’s shares (or 10% if it is a publicly traded corporation).
5. An EOI score of at least 65.
Program Benefits
- If certain conditions are met, you can apply for a permanent Firm Innovation and Investment (Permanent) visa (subclass 888) in the Business Innovation stream
- Run a new or existing busness in Australia,
- Stay in Australia for up to 5 years, and Bring eligible family members with you.
