SUBCLASS 188A (PROVISIONAL) VISA – BUSINESS INNOVATION STREAM
As a four-year visa on a temporary basis, this option is for individuals who plan on owning and managing a new or existing business onshore in Australia. Once you have proved ownership/interest in said business and meet a set of requirements, you can apply for permanent residency through the Business Innovation & Investment (Residence) Subclass 888 visa. An extension of up to two years is also available once you have obtained the Subclass 188 visa, and carried it for three years. This then gives six years from the initial date of the visa grant.
Essential requirements of the Subclass 188A visa application
To obtain the Subclass 188A (Business Innovation Stream), you must meet a number of factors, including:
Holding an investment of AU$5 million, deemed as a ‘complying investment’. This is intended for the Significant Investor Visa and must be comprised of:
- Owning a business that meets a turnover of a minimum of AU$500,000 for a minimum of two years within the last four fiscal years.
- At least AU$800,000 net personal/business assets.
- Must be under the age of 55, unless your dominated state/territory exempts you.
- Pass the Business Innovation and Investment Points test (as it stands, this benchmark is 65 points).
- A successful career in the field of business.
How to get permanent residency
If you are looking to obtain permanent residency through the Subclass 188A visa in Victoria, you must reach the following criteria:
Resided in Australia with a Subclass 188A visa for a minimum of 12 months, within two years before lodging.
Owned a business and successful operation of it within Australia for a minimum of two years before lodging the application. You must have a turnover of a minimum of AU$300,000.
The ability to fulfil two out of three of the following benchmarks:
- Have assets equating to AU$200,000.
- AU$600,00 in net personal or business assets within Australia.
- At least two employed Australians (full-time basis) within your business in Australia.
For more information on these factors, please visit this website.
Why is it worth getting a Subclass 188A visa?
There are a number of advantages to carrying this type of visa:
- The ability to operate a new/existing business in the country.
- The allowance to bring your family over to Australia.
- The opportunity to apply for permanent residency in Australia through the Subclass 888 visa.
Getting started on your application
To ensure the process moves as swiftly and quickly as possible, we recommend familiarising yourself with the guidelines for your nominated state.
Step one: Submit your EOI (Expression of Interest) and apply for nomination through your nominated state. You will then receive an invitation.
Step two: Gather all the relevant information and documents. You will need to prove identity, and provide all essential information around your business, including its assets. You’ll also be asked to submit documents around any family members that are applying with you.
Step three: Apply for the relevant visa online. You can do this through the ImmiAccount section. However, you must be invited to submit an application.
More information about this process can be found here.
The outcome
We understand that making the decision to migrate to Australia is a big one to make. Having worked right across the field, we can help you transition smoothly and quickly, guiding you through the completion of all necessary documentation and approvals regarding business visas.
As reputable lawyers and consultations relied upon in both Victoria and wider Australia, our team can support you from start to finish, complete with transparency and respect.
Our skill sets are significantly recognised across the world, especially in Australia. We also work with individuals throughout Hong Kong, Malaysia, Taiwan, China, Macau, Singapore, Indonesia, USA, Japan, Vietnam, and the UK.
To start your application, get in contact with AIM Lawyers & Consultants on (03) 9017 4470 or by sending through an email at info@aimlawyers.com.au.
Getting started
We understand that making the decision to migrate to Australia is a big one to make. Having worked right across the field, we can help you transition smoothly and quickly, guiding you through the completion of all necessary documentation and approvals regarding business visas.
As reputable lawyers and consultations relied upon in both Victoria and wider Australia, our team can support you from start to finish, complete with transparency and respect.
Our skill sets are significantly recognised across the world, especially in Australia. We also work with individuals throughout Hong Kong, Malaysia, Taiwan, China, Macau, Singapore, Indonesia, USA, Japan, Vietnam, and the UK.
To start your application, get in contact with AIM Lawyers & Consultants on (03) 9017 4470 or by sending through an email at info@aimlawyers.com.au.
