The five-year provisional Business Innovation and Investment visa (subclass 188) is a state-nominated visa. It is a stepping stone in obtaining permanent residency, which leads to eligibility for the Business Innovation and Investment (Permanent) Subclass 888 visa.
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Eligibility criteria for the Australian Immigration Program's Business Innovation and Investment Visa (Subclass 188) encompass several key aspects:
Prospective candidates must submit an Expression of Interest (EOI) via SkillSelect and obtain a nomination from either an Austrade representative or a state or territory government agency. Applicants must meet the requirements of one of the three visa sub-categories—Business Innovation, Business Investment, or Significant Investor—after accepting an invitation.
When submitting the application, applicants must be under the age of 55 and must have a clear business plan or be prepared to invest in an established Australian company. A minimum of 65 points is required, derived from factors such as age, education, past business ventures, and investment expertise.
These visa applications are evaluated individually, and the processing time may change depending on whether or not certain requirements are met. The filing of a thorough application, along with all necessary supporting documentation, is an essential aspect. The speed with which you answer any requests for additional information, how long it takes the authorities to confirm the information you have provided, and how long it takes the authorities to receive this additional information all have an impact on how quickly your application will be processed. Additionally, the number of openings in the migration program affects how long it takes to process an application.
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The Australian government created the Significant Investor Visa, a type of investor visa, in 2012. Through investment-based immigration, this route provides High Net Worth Individuals (HNWIs) with expedited possibilities for Permanent Residency (PR).
The 188 Visa in Australia is intended for people with business abilities who want to run and own a new or existing business in Australia.
Business owners or affluent investors who agree to invest a minimum of AUD 1.5 million in Australia for a period of four years are eligible for the Business Investment Visa.
Applicants must spend at least 50% of their time providing professional, technical, or trade services and no more than 50% of their time managing the business if the nominated business is in this line of work.
There are no requirements for a points test or age requirements when applying for a visa through the Significant Investor or Premium Investor streams.
Business Innovation Stream:
This program is designed for experienced business owners who want to establish a business in South Australia. This visa allows the operation of a new or existing business in Australia, requiring nomination by an Austrade or Territory government agency or Australian State.
Investor Stream:
Designed for successful investors or business proprietors willing to commit and maintain AUD 2.5 million (or AUD 3.75 million if aged over 55) into a complying investment fund for the entire duration of the provisional visa. Applicants must have AUD 1.5 million to invest in a state or territory of Australia while continuing their company and investment operations there.
Significant Investor Stream:
Candidates for this category must be nominated by the Austrade or Territory government agency or Australian State and must be willing to invest at least AUD 5 million in Australian investments.
Business Innovation Extension Stream:
The Business Innovation and Investment (Provisional) visa holders are permitted to extend their stay by 2 years if they have held the Business Innovation Stream visa for a minimum of 3 years and obtained a nomination from the Austrade or Territory government agency or Australian State.
Significant Investor Extension Stream:
This is intended for applicants who are prepared to make an AUD 5 million commitment to a compliant investment fund and maintain that investment for the duration of their provisional visa. For holders of the Significant Investor stream, this visa extends their stay for up to 4 more years, provided they have had the Significant Investor stream for a minimum of 3 years and receive a nomination from an Australian State or Territory government agency or Austrade.
Premium Investor Stream:
This visa, proposed by Austrade, calls for a minimum AUD 15 million donation to nonprofit organizations or investment in Australian businesses.
Entrepreneur Stream:
This visa allows for business ventures in Australia. This stream is intended for persons who have the support of a designated Service Provider and want to engage in legal entrepreneurial activity. It should be possible for this action to lead to the commercialization of a good or service in South Australia or the foundation of a company there.
Candidates must be nominated by the Department of Home Affairs in order to be considered for this visa, and they must also satisfy the eligibility requirements of the Department of Home Affairs. With years of experience establishing the complexity of Australian immigration, particularly with regard to the Subclass 188 Visa category, ImmiLaw Global offers a team of skilled immigration legal professionals. Due to our focus on immigration law, ImmiLaw Global are always aware of the most recent laws, practices, and trends, allowing us to provide accurate and current advice. Our team of Australian immigration consultant in Kerala maintain transparent communication, providing guidance to keep you well-informed and confident.
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