Business Innovation stream
This visa is a temporary visa granted for a period of 4 years and is for applicants who want to establish, develop and manage a new or existing business in Australia. Holding the provisional subclass 188 visa is a prerequisite to applying for the Business Innovation subclass 888 visa, which is a permanent visa.
What criteria do I have to satisfy?
To be able to apply for this visa, applicants must submit an Expression of Interest ('EOI') through the SkillSelect platform, be nominated by a State or Territory Government and then be invited to apply for the visa by the Minister.
Once an invitation to apply has been received, applicants have 60 days to submit the visa application. As a result of this deadline, applicants may want to consider collating the required supporting documentation for the visa application before submitting the EOI.
Business Innovation stream applicants also require to be under 55 years of age (although State or Territories can waive this requirement in certain circumstances), score 65 points in the relevant points test, have had an ownership interest in an established business(es) for two out of the four years immediately before being invited to apply and for the business turnover to be at least $500,000 in each of those years, own at least 51% of the nominated main business if the turnover of that business is less than $400,000, own at least 30% if the turnover is more than $400,000 or 10% if the business is a public listed company. Applicants also require to demonstrate that they have had a successful business career and that they have a genuine desire to own and manage the business in Australia.
At the time of invitation, the applicant or the applicants partner or both, must have total net business and personal assets of at least $800,000 that have been lawfully acquired and are available to transfer within 2 years of the visa being granted.
The Business Innovation and Investment points test
Applicants for this visa must score at least 65 points to be eligible to apply. Points are awarded for age, English language skills, qualifications, business experience, net assets, business turnover and innovation.