Business Innovation and Investment (Provisional) 188 Visa
Are you looking to migrate to Australia on a Business or Investment Visa? If you’re interested in starting a business in Australia, expanding your business into the Australian market or investing, it may be possible to migrate to Australia as a business owner or investor.
In Australia, visas are available to business owners and managers who would like to conduct business and investment or entrepreneurial activities. This is commonly done by applying for a Subclass 188 Business and Investment (Provisional) Visa, which has a few different streams available. Applicants must submit an Expression of Interest and be invited by the Government to apply for the visa and then be nominated by a State or Territory Government agency or Austrade. Australia’s Business Innovation and Investment Program (BIIP) targets migrants with a demonstrated history of success or talent in innovation, investment and business and who make a significant contribution to the Australian economy. Here’s what you should know.
Business Visas
If you are a business owner, you may be interested in the Business Innovation Visa stream or the Entrepreneur Stream and for those who wish to invest in Australia, investor visa options are available depending on your intended level of investment. Each of the below Business and Investor Visa Streams under the Business Innovation and Investment Temporary Visa (188) enable you to:
- Bring family members into Australia with you as part of your visa application
- Easily travel in and out of Australia for the duration of your visa (although international travel restrictions may apply during the pandemic – you may wish to seek professional migration advice)
- Transition to Permanent Residence if you meet the requirements for a Business Innovation and Investment Permanent Visa (888)
From July 2021, changes to the Business Innovation and Investment Program meant that business owners, entrepreneurs and investors could access a longer visa period in Australia and a direct Permanent Residence (PR) pathway. Also from 1 July 2021, provisional visas for the Business innovation, Entrepreneur, Investor and Significant Investor streams became valid for five years, providing additional time to meet the PR requirements. In addition, BIIP provisional visa holders can apply for PR after three years if they meet the requirements. It may also be encouraging to know that placements for the BIIP almost doubled from 6862 places in 2019-20 to 13,500 places for 2020-21 to support Australia’s COVID-19 economic recovery. It appears the program will continue to be a focus in the near future.
The Business Innovation, Significant Investor and Entrepreneur Visa streams also underwent several changes from 1 July 2021:
Business Innovation Visas
- Continued flexibility to extend provisional visas.
- The option to apply for a single two-year extension – conditions apply.
- An amended visa requirement to hold increased business assets of $1.25 million (up from $800,000 and have an annual turnover of $750,000 (up from $500,000).
Significant Investor Visas
- Continued flexibility to extend provisional visas.
- The option to apply for two lots of two-year extensions – conditions apply.
Entrepreneur Visas
- Removal of the $200,000 funding threshold.
- The addition of a visa requirement to be endorsed by a State or Territory Government.
Find out about the various 188 Business Visa Australia streams below.
Business Innovation Stream
Do you want to establish a new business in Australia or operate an existing business and do you have the business skills to enable it to thrive?
Entrepreneur Stream
Are you a startup or early-stage entrepreneur ready to establish your innovative business concepts in the Australian market?
Investor Stream
Do you have a history of successful business or investment management and have at least AUD 2.5million in funds ready to invest in Australia?
Significant Investor Stream
Are you planning on investing at least AUD 5million into various Australian investment activities?
Business Innovation Extension Stream
Are you a Subclass 188 Visa holder under the Business Innovation Stream and are you exploring your options to extend your stay?
Significant Investor Extension Stream
Do you currently hold a Subclass 188 Visa under the Significant Investor Stream and would you like to extend your stay?
Permanent Residencee as a Business Owner or Investor
Is your Business Innovation and Investment Temporary Visa (188) due to expire and are you ready to apply for permanent residence?
Read about how you can obtain a Permanent Residence as a Business Owner or Investor.
Interstaff | Business Visa Australia Migration Agents Since 1988
Our migration agents would be happy to assess your eligibility for a 188 Business Visa. We begin by reviewing a copy of your resume including your skills, experience, qualifications and assets and then advise on the options available and the requirements for applying as set by the Department of Home Affairs. During a consultation, our migration agent will also provide advice on any visa conditions that you may need to be aware of so that you can make a more informed decision. After the consultation, you can choose to engage our services to manage your visa application and receive ongoing advice on how to prepare the evidence requirements.
If you would like to understand your options to migrate to Australia through Business Visa Australia pathways, we encourage you to get in touch with Interstaff’s registered migration agents servicing Perth, Melbourne and Sydney. For more information, get in touch with us or call us on 1800 449 858.