188 Business Innovation and Investment Visa (PROV)
This is the visa designed for successful business people or those who make career in investments, and really wish to be involved in doing serious business or making investments in Australia.
This visa is also the first stepping stone towards being awarded a permanent Business Skills visa.
You have to pay a one-off, non-refundable visa charge once you submit your Expression of Interest (EOI).
Am I eligible for a Business Innovation and Investment Visa (188)?
This visa is aimed at investors/business people from abroad who would like to invest some capital in a business and/or specific investment in Australia in the period of four (4) years. Before being invited to apply for the visa, you need to submit your Expression of Interest (EOI).
You may not be older than 55 years old, however, a given state or territory may omit this requirement providing your business will bring significant economic benefits to the region in question..
You have to achieve at the score of at least 65 in the Innovation Points test. Points are given for:
- Your age
- Your fluency in English
- Your qualifications
- Your personal experience in business or investments
- Your net personal and business assets
- Your average business turnover
In some rare cases, the government of the appointing state of territory may add 10 additional points to your test score if they decide that your prospective business is of significant economic benefit them. Hyperlink to Innovation Points test.
The remaining Requirements for a Business Innovation and Investment Visa (188)
Depending on whether you apply for the Business Innovation stream or for the Investor stream, you will have to meet the following requirements:
Business Innovation stream
If you decide to apply for the Business Innovation stream, you (or your partner, or you and your partner together) need to have:
- total assets of not less than AUD800 000
- total annual turnover of not less than AUD500 000 in no fewer than two of the four fiscal years immediately preceding your invitation to apply
- possesed at least:
- 51 per cent of a business with turnover of less than AUD400 000 per annum, or
- 30 per cent of a business with turnover of more than AUD400 000 per annum, or
- 10 per cent of a publicly-listed company
- run a business, in which you spent less than half your time on professional, technical or trade services
- managed a business, in which you spent less than half your time on professional, technical or trade services
- a strong willingness to hold and maintain a executive position in a business in Australia.
If you decide to apply for the Investor stream, you (or your partner, or you and your partner together) must:
have a net value of no less than AUD2.25 million for the two fiscal years immediately preceding your invitation to apply
have a generally successful record of eligible investments or qualifying business activity with no involvement in illegal / inappropriate activities
have highly developed management skills in relation to acceptable investments and/or eligible business activity
have no less than three years' experience of direct involvement in running one or more qualifying businesses or eligible investments
make your government-approved designated investment before a visa can be granted
carry out your designated investment, accepted by the government, before you can be awarded the visa have and show strong willingness to continue your business and investment activities in Australia after completing the original investment .
You (or your partner, or you and your partner combined) must also have had one of the following:
- direct involvement, for no shorter than at least one of the five fiscal years preceding your invitation to apply, in conducting your eligible investments that amount to at least AUD1.5 million, or
- direct involvement, for no shorter than at least one of the five fiscal years preceding your invitation to apply, in conducting a qualifying business in which you owned no less than 10 per cent of the complete value of the business.
Benefits of the Business Innovation and Investment Visa (188)
If you possess this visa you may travel in and out of Australia as many times as you want, as long as the visa is valid. Your family will be also free to accompany you to Australia, receiving the right to work or study there, which will give you the opportunity to obtain the permanent residence status.
If you are in the Business Innovation stream, you may apply for the renewal of your visa for an additional two years. The application has to be submitted online and your state or territory government have to certify, in writing, that they are willing to further support you.
- 1st instalment of $4,065.00 (AUD) payable once you are invited.
- 2nd instalment has to be paid before the visa is issued if you are accompanied by a person relying on your support who is 18 years of age or older and who has less than functional English.