Business Innovation and Investment (Provisional) Visa (subclass 188)
This visa allows you and your secondary applicants included in your visa application to live and work in Australia for up to 4 years. The Business Innovation and Investor streams under this visa are points tested. The Significant Investor stream under this visa does not have a points test.
This visa allows you and your secondary applicants to travel to and from Australia during the validity of the visa.
Business Innovation stream
Eligibility – you:
- are under 55 years of age at the time you are invited to submit your visa application;
- have a total annual turnover of at least AUD500,000, in your main business or 2 main businesses, in at least 2 of the 4 fiscal years immediately before you are invited to submit your visa application;
- own at least 1 of the following percentages of that main business or those 2 main businesses:
- 51% of a business with an annual turnover of less than AUD400,000;
- 30% of a business with an annual turnover of more than AUD400,000; or
- 10% of a publicly-listed company;
- have managed a business, in which you spent less than half your time on professional (e.g. doctor, lawyer, accountant, etc.), technical or trade services;
- have a genuine desire to own and maintain a management role in a business in Australia;
- or your partner, or you and your partner combined must:
- have total assets of at least AUD800,000. These assets must have been legally acquired and be able to be legally transferred to Australia within 2 years of the visa being granted; and
- have an overall successful business career with no involvement in unacceptable business or investment activities;
- score at least 65 on the Innovation points test;
- are nominated by a state or territory;
- and your secondary applicants pass health examinations; and
- and your secondary applicants pass police checks for each country you and your secondary applicants have lived in for 12 months or more over the last 10 years since turning 16 years of age.
Obligations – you:
- must obtain and maintain substantial ownership in a business in Australia;
- must participate at a senior level in the daily management of the business; and
- in the business, must do at least 1 of the following:
- develop business links with international markets;
- create or maintain employment in Australia;
- export Australian goods;
- produce goods or services that would otherwise be imported;
- introduce new or improved technology; or
- add to commercial activity and competitiveness within sectors of the Australian economy.
Investor stream
Eligibility – you:
- are under 55 years of age at the time you are invited to submit your visa application;
- have a high level of management skill in relation to eligible investment or qualifying business activity;
- have at least 3 years of experience in directly managing 1 or more eligible investments or qualifying businesses;
- have a genuine and realistic commitment to continue your business and investment activity in Australia after the original government-approved designated investment has matured;
- or your partner, or you and your partner combined must:
- have total assets of at least AUD2,250,000 for the 2 fiscal years immediately before you are invited to submit your visa application. These assets must have been legally acquired and be able to be legally transferred to Australia within 2 years of the visa being granted;
- have an overall successful record of eligible investment or qualifying business activity with no involvement in unacceptable business or investment activities; and
- make the designated investment of AUD1,500,000 using funds you have accumulated from your direct involvement, for at least 1 of the 5 fiscal years before you are invited to submit your visa application, in 1 of the following activities:
- managing your eligible investments that total at least AUD1,500,000; or
- managing a qualifying business in which you owned at least 10% of the total value of the business;
- score at least 65 on the Innovation points test;
- are nominated by a state or territory;
- and your secondary applicants pass health examinations; and
- and your secondary applicants pass police checks for each country you and your secondary applicants have lived in for 12 months or more over the last 10 years since turning 16 years of age.
Obligations – you:
- maintain the designated investment for at least 4 years.
Significant Investor stream
Eligibility – you:
- invest at least AUD5,000,000 in the following proportions:
- at least AUD500,000 in venture capital and growth private equity funds which invest in start-ups and small private companies;
- at least AUD1,500,000 in approved managed funds which invest in emerging companies listed on the Australian Stock Exchange;
- the balance of at least AUD3,000,000 in:
- Commonwealth, state or territory government bonds;
- Australian Securities and Investment Commission (ASIC) regulated managed funds that are open to the general public and have a mandate for investing in at least 1 of the following Australian assets:
- infrastructure projects in Australia;
- cash held by Australian deposit taking institutions;
- bonds issued by the Commonwealth, state or territory governments;
- bonds, equity, hybrids or other corporate debt in Australian companies and trusts listed on any Australian stock exchange; or
- bonds or term deposits issued by Australian financial institutions; or
- have a genuine and realistic commitment to continue your business and investment activity in Australia after the complying investments have been held continuously for the life of the visa;
- have a genuine and realistic commitment to reside in the state or territory that nominated you;
- or your partner, or you and your partner combined must:
- have assets of at least AUD5,000,000. These assets must have been legally acquired, be unencumbered and be available to be invested in the complying investments in Australia;
- have no involvement in unacceptable business or investment activities; and
- agree not to take legal action against the Commonwealth for any loss of capital arising from the complying investments;
- are nominated by a state or territory;
- and your secondary applicants pass health examinations; and
- and your secondary applicants pass police checks for each country you and your secondary applicants have lived in for 12 months or more over the last 10 years since turning 16 years of age.
Obligations – you:
- hold the complying investments continuously for the life of the visa; and
- live in the state or territory that nominated you for at least 40 days per year for the duration of the visa or your spouse lives in the state or territory that nominated you for at least 180 days per year for the duration of the visa.
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The above content is general in nature and is not intended to address your specific circumstances. We welcome the opportunity to have a chat with you and assist you with your legal issues or concerns. Talk with us and see the difference.
Updated June 2019.