Business Innovation and Investment (Provisional) Visa (Subclass 188)

The Business Innovation and Investment (Provisional) Visa under subclass 188 visa allows you to own and manage a business, conduct business and investment activity, or undertake an entrepreneurial activity in Australia. This is a temporary visa that lets successful business owners invest in either a new or existing business in Australia. This visa type is specifically points-tested and is only open to applicants upon being nominated by a state or territory government, or Austrade on behalf of the Australian Government.  In addition to being nominated, applicants must also have received an invitation by the Department, once the Expression of Interest (EOI) has been lodged.

There are 7 different streams for this visa including Business Innovation Stream, Business Innovation Extension Stream, Investor Stream, Significant Investor Stream, Significant Investor Extension Stream, Premium Investor Stream, and Entrepreneur Stream.

Business Innovation Stream

The business innovation stream under the Business Innovation & Investment (Provisional) Visa (Subclass 188) is a provisional visa for people with business skills. It allows you to operate a new or existing business in Australia. You can stay for up to 5 years in Australia to operate the business, bring eligible family members with you and, apply for the permanent residency option for this visa under Subclass 888 when eligible.

Eligibility criteria for a 188 visa under the Business Innovator Stream

1. You must be nominated by an Australian State or Territory government agency, before being invited to apply for this visa.
2. For 2 out of 4 fiscal years immediately before you receive an invitation to apply, you must have had an ownership stake in 1 or 2 businesses that had at least AU$ 500,000 turnover in each of those 2 years. Whether you have 1 or 2 businesses, you must own at least:
   • 51%, of the total value of the business if the business has a turnover of less than AU$ 400,000 per year
   • 30%, of the total value of the business if the business has a turnover of AU$ 400,000 or more per year
   • 10%, of the total value of the business if the business is operated by a publicly listed company
   • If your business provides professional, technical, or trade services, you must have spent less than half your time providing those services, rather than general management of the business.
3. Both you, or you and your partner combined must have total net business and personal assets of at least AU$ 800,000. Your funds must be available to transfer to Australia within 2 years of us granting the visa
4. You must score at least 65 points on the points test. You can get points for many reasons, including your age, English language ability, qualifications, business experience, net personal and business assets, business turnover, innovation, and special endorsement.
5. You must be under 55 years old. You will not receive an invitation if you are aged 55 or older at the time of the invitation to apply for the visa. If you are older, a State or Territory might invite you to apply for this visa if your business will be of exceptional economic benefit.
6. You must meet all necessary health and character requirements.
7. You must have no debt to the Australian government.
8. Have no debt to the Australian government.
9. You must not have had a previous visa canceled or refused.
10. You should have a successful business career and a genuine desire to continuously own and manage a business in Australia.

Business Innovation Extension Stream

This business innovation extension stream under the Business Innovation and Investment (Provisional) visa (Subclass 188) allows business owners who already hold a 188 visa under the business innovation stream to extend their stay in Australia. You can stay for up to 6, 7, or 8 years in the country after the date of your grant of the original Business Innovation & Investment (Provisional) Visa (Subclass 188). This visa allows you to operate a new or existing business in Australia, bring eligible family members with you, and apply for the Business Innovation & Investment (Permanent) Visa (Subclass 888) if certain requirements are met.

Eligibility criteria for a 188 visa under the Business Innovation Extension Stream

1. You must already hold a Business Innovation and Investment (Provisional) Visa (subclass 188) Innovation stream and have held it for at least three years. You must not have held more than one Business Innovation and Investment (Provisional) visa (subclass 188) in the Business Innovation stream.
2. You must be able to demonstrate your business activities are of a nature that will require a substantial presence in Australia to operate your business and manage its day-to-day affairs.
3. Your main business must have been operating actively in Australia for at least 2 years immediately before applying for this visa. You must also continue to have an ownership interest in that main business.
4. You must have maintained your commitment to stay directly involved in the day-to-day management and decision-making of the business.
5. You must have a current nomination from a State or Territory agency before being invited to apply for this visa.
6. You and your partner must have had no history of involvement in business or investment activities that are of a nature that is not generally acceptable in Australia.
7. You must have at least functional English.
8. You must meet all necessary health and character requirements.
9. You must have no debts to the Australian government.
10. You must not have had a previous visa canceled or refused.

Investor Stream

The investor stream under the Business Innovation & Investment (Provisional) Visa (Subclass 188) requires you to invest at least AU$ 1.5 million in Australian investments that meet certain requirements and maintain business or investment activity in Australia. With this visa, you can stay in Australia for up to 5 years and carry out business and investment activity in Australia, bring eligible family members with you, and apply for permanent residency through the Business Innovation & Investment (Permanent) Visa (Subclass 888) if eligible.

Eligibility criteria for a 188 visa under the Investor Stream

1. You must be nominated by an Australian State or Territory government agency, before being invited.
2. You must have managed a qualifying business or investments to the value of at least AU$ 1.5 million for at least 1 of the 5 fiscal years immediately before being invited to apply. You must have directly managed at least one of the following:

• A qualifying business in which you, your partner, or you and your partner combined had at least 10% ownership interest.
• An eligible investment of at least AUD1.5 million owned by you, your partner, or you and your partner combined.

3. For the 2 fiscal years immediately before we invite you to apply, you, your partner, or you and your partner together, have business and personal assets with a net value of at least AU$ 2.25 million. These assets must have been lawfully acquired and be available for transfer to Australia within 2 years of the visa being granted.
4. You must make an investment of AU$ 1.5 million in your nominating State or Territory
5. You must:

• have the right experience.
• have at least 3 years’ experience managing one or more qualifying businesses or eligible investments.
• have a successful record of eligible investment or qualifying business activity.
• have demonstrated a high level of management skill in relation to the eligible investment or qualifying business activity

6. You must score at least 65 points on the points test. You can get points for multiple reasons, including your age, English language ability, qualifications, business experience, net personal and business assets, business turnover, innovation, and special endorsement.
7. You must have a genuine intention to live for at least 2 years in the State or Territory in which you have made the investment application.
8. You must be under 55 years of age.
9. You must not have a history of involvement in lawfully unacceptable activities.
10. You must have at least functional English.
11. You must meet all health and character requirements.
12. You must have no debt to the Australian government.
13. You must not have had a previous visa canceled or refused.

Significant Investor Stream

The significant investor stream under the Business Innovation & Investment (Provisional) Visa (Subclass 188) is for people who invest at least AU$ 5 million in Australian investments that meet certain requirements and maintain investment activity in Australia. You can stay for up to 5 years in Australia and carry out investment activity in the country, bring eligible family members with you, and apply for permanent residency through the Business Innovation & Investment (Permanent) Visa (Subclass 888) if certain requirements are met.

Eligibility criteria for a 188 visa under the Significant Investor Stream

1. You must make (on or after the time of application for this visa), a complying significant investment of at least AU$ 5 million when we invite you to, and have a genuine intention to hold that investment for at least 4 years. It must be invested in the following proportions:

• at least AU$ 500,000 in venture capital and growth private equity funds which invest in start-ups and small private companies.
• at least AU$ 1.5 million in approved managed funds. The managed funds must invest in emerging companies listed on the Australian Stock Exchange.
• a ‘balancing investment’ of at least AU$ 3 million in managed funds.

(The managed funds can be invested in a range of assets, including companies listed on the Australian stock exchange, Australian corporate bonds or notes, annuities and commercial real estate.)

2. You cannot include direct investment in residential real estate. This includes through managed funds.
3. You must not use investments as security or collateral for a loan.
4. You must not have a history of involvement in lawfully unacceptable activities.
5. You must have at least functional English
6. You must meet all health and character requirements.
7. You must have no debt to the Australian government.
8. You must not have had a previous visa canceled or refused.

Significant Investor Extension Stream

The significant investor extension stream under the Business Innovation & Investment (Provisional) Visa (Subclass 188) lets holders of a Business Innovation and Investment (Provisional) visa (subclass 188) via the significant investor stream holders extend their stay in Australia for up to 4 more years. This visa allows you to continue to carry out investment activities in Australia, bring eligible family members with you, and apply for permanent residency through the Business Innovation & Investment (Permanent) Visa (Subclass 888) if certain requirements are met.

Eligibility criteria for a 188 visa under the Significant Investor Extension Stream

1. You must not have held more than one Business Innovation and Investment (Provisional) Visa (Subclass 188) under the Significant Investor Extension stream.
2. You must continue to hold your complying significant investment in accordance with the complying investment framework in place at the time you applied for this visa.
3. You and your partner must have had no history of involvement in business or investment activities that are of a nature that is not generally acceptable in Australia.
4. If a family member who is part of your application did not pay a second instalment of the visa application charge for a previous subclass 188 visa application, they must be assessed as having functional English or you will need to pay the second instalment.
5. You must meet all health and character requirements.
6. You must have no debt to the Australian government.
7. You must not have had a previous visa canceled or refused.

Premium Investor Stream

The premium investor stream under the Business Innovation & Investment (Provisional) Visa (Subclass 188) is designed for individuals who are nominated by Austrade and who invest at least AU$ 15 million in Australian investments and/or philanthropic contributions. With this visa, you can stay in Australia for up to 4 years and 3 months, bring eligible family members with you, and apply for permanent residency through the Business Innovation & Investment (Permanent) Visa (Subclass 888) if certain requirements are met.

Eligibility criteria for a 188 visa under the Premium Investor Stream

1. You must be nominated by the CEO of Austrade before being invited to apply for this visa.
2. You must first submit an expression of interest to Austrade.
3. After you lodge your application, you must make a complying premium investment of at least AU$ 15 million in any of the following options:

• Australian securities exchange listed assets
• Australian government or semi-government bonds or notes
• Corporate bonds or notes issued by an Australian exchange listed entity (or wholly owned subsidiary of the Australian listed entity), investment grade rated Australian corporate bonds or notes rated by an AFS licensed debt rating agency
• Australian proprietary limited companies that operate qualifying businesses (providing goods or services to the public with a profit-making intention, and not passive or speculative in nature)
• Real property in Australia excluding residential property
• Deferred annuities issued by Australian registered life companies
• State or territory government-approved philanthropic contribution
• To be an eligible fund, a further requirement is that cash is to be no more than 20% of a fund’s net assets and derivatives are to be used for risk management purposes only.
• Premium investors may elect to make a portion or the entirety of their investment by way of a philanthropic donation (endorsed by a state or territory government.)
• Further information on the complying premium investment includes: Income that you earn from your complying premium investment in Australia is subject to tax under Australian taxation law. You must also have a genuine and realistic commitment to continue your investment activity in Australia after your visa ends. Do not make your complying premium investment before you submit a visa application. Once you have lodged an application, if we are satisfied you meet other criteria for the grant of the visa, you will be invited to make a complying premium investment.

4. You must have net assets of at least AU$ 15 million. These assets could belong to you, your partner, or you and your partner combined. They must be legally acquired, unencumbered, and available to make the complying premium investment in Australia.
5. You and your partner must not have a history of involvement in business or investment activities that are of a nature that is not generally acceptable in Australia.
6. You must agree not to bring any action against the Commonwealth for any loss relating to your complying premium investment. This also applies to any member of the family unit 18 years of age or older who is also an applicant for this visa.
7. All applicants aged 18 or over at time of application must have at least functional English. If you are unable to prove they have functional English you will have to pay the second instalment.
8. You must meet all health and character requirements.
9. You must have no debt to the Australian government.
10. You must not have had a previous visa canceled or refused.

Entrepreneur Stream

The entrepreneur stream under the Business Innovation & Investment (Provisional) Visa (Subclass 188) is for startup and early-stage entrepreneurs who have been endorsed to develop their concepts and been nominated by a State or Territory government agency. This visa lets you stay in Australia for up to 5 years and carry out entrepreneurial activities, bring eligible family members with you and apply for permanent residency through the Business Innovation & Investment (Permanent) Visa (Subclass 888) if certain requirements are met.

Eligibility criteria for a 188 visa under the Entrepreneur Stream

1. You must be invited to apply after submitting an Expression of Interest.
2. You must be nominated by a state or territory government.
3. You must be under 55 years of age.
4. You must have a complying entrepreneurial activity. A complying entrepreneur activity must relate to an innovative idea that will lead to:

• the commercialization of a product or service in Australia, or
• the development of an enterprise or business in Australia

5. This activity must not relate to any of the following categories:

• Residential real estate
• Labour hire
• Purchase of an existing enterprise or a franchise in Australia

6. You must have one or more legally enforceable agreements to receive funding with a total of at least AU$ 200,000. The funding must be from one of the following entities:

• Commonwealth Government agency
• State or Territory government agency
• Publicly funded research or innovation organization
• Higher education provider specified as a Table A or Table B provider under Part 2-1 of the Higher Education Support Act 2003
• Investor registered as an Australian Venture Capital Limited Partnership or Early Stage Venture Capital Limited Partnership

NOTE

• At least 10% of the funding must be payable to the entrepreneurial entity within 12 months of the activity starting in Australia. This must be in the agreement.
• You must have held at least 30% interest in your entrepreneurial entity when you entered into the agreement.
• You must also have a business plan for the entrepreneurial entity. This business plan should note how your innovative idea will lead to:
• the commercialization of a product or service in Australia, or
• the development of an enterprise or business in Australia
• All of the funding provided or to be provided to the entrepreneurial entity under the agreement or agreements is unencumbered and lawfully acquired.
• The entity that will conduct the entrepreneurial activity must be either an individual (yourself), a company or a partnership.

7. You and your partner must not have a history of involvement in business or investment activities that are of a nature that is not generally acceptable in Australia.
8. You must have at least competent English.
9. You must meet all health and character requirements.
10. You must have no debt to the Australian government.
11. You must not have had a previous visa canceled or refused.

Privileges linked with the 188 visa

• Right to own and manage a business, conduct business activities, or undertake entrepreneurship in Australia.
• Entitlement to live, work, and study in Australia temporarily.
• Right to bring your immediate family members to accompany you to Australia, with study benefits and work access.
• Allowed to travel in and out of Australia as many times as you want, as long as the visa is valid.
• After holding this temporary visa for two years, and satisfying certain requirements under this visa, you will be entitled to apply for permanent residence under the Business Innovation and Investment (Permanent) Visa subclass 888.

Processing time and cost for a 188 visa

Average processing time

The time period for eligible applications to be processed varies under each stream and although a guaranteed processing time cannot be determined, an average standard time taken to process these applications can be determined. The average processing period for all seven streams via which can apply for a 188 visa are mentioned below:

• Business Innovation Stream: 90% in 37 months
• Business Innovation Extension Stream: 90% in 14 months
• Investor Stream: 90% in 43 months
• Significant Investor Stream: 90% in 22 months
• Significant Investor Extension Stream: Cannot be determined
• Premium Investor Stream: Cannot be determined
• Entrepreneur Stream: Cannot be determined

The time to successfully process an application may vary depending on each case. External agencies and governmental bodies may take some time to conduct checks and verify the data presented in your application. To avoid any delays that may arise from your side, you must ensure that a complete and fully-checked application is filed on your behalf and any additional requests by the department must be handled promptly.

Average estimated cost

The fees associated with applying for 188 Visa fees are prescribed by the Department of Home Affairs and are updated from time to time which can be easily checked in the department’s online portal as well. The relevant fees are payable on the lodgment of your 188 Visa application depending upon the pathway that you are choosing.

The primary application fee of an individual applying for a 188 Visa under each stream as of now is mentioned hereunder:

• Business Innovation Stream: AU$ 9,450
• Business Innovation Extension Stream: AU$ 1,135
• Investor Stream: AU$ 9,450
• Significant Investor Stream: AU$ 13,860
• Significant Investor Extension Stream: AU$ 1,135
• Premium Investor Stream: AU$ 9,455
• Entrepreneur Stream: AU$ 6,395

However, these fees are only a general primary fee quoted by the department as of now and changes in the amount are made as per requirement by the department itself. Additional fees are applicable for individuals who are looking to include their spouse or children in their application. The amount of additional fees varies according to the age and relationship of the included individual with the applicant. This is also constantly being updated by the Department of Home Affairs and can easily be checked from their online portal as well.

Steps to apply for the Business Innovation & Investment (Provisional) Visa (Subclass 188) 

We have a very straightforward and principled process of visa appeal which ensures you the best results. Our agents and lawyers are always with you throughout the process of your application and they will make sure that your personal application is up-to-date with all the constantly changing policies and figures. You can go through these steps in order to apply for your desired visa type:

1. Schedule a free consultation with our team through our portal where we shall go over your case briefly to provide you with the necessary recommendations.
2. If applying under the Business Innovation or Investor stream, we will need to conduct a Points Test. In order to be invited to apply, you will need to score at least 65 points on the Points Test.
3. After proper assessment, we will prepare and submit your Expression of Interest through SkillSelect for you.
4. Once your EOI has been submitted, our agents shall begin the process of preparing for your appeal. We will gather and prepare all of the documentation and perform any additional checks that are necessary to lodge a visa application.
5. We will proceed towards preparing an attractive application for your case once all documentation is checked and verified.
6. The application will be lodged on your behalf in a timely manner.

(You will be granted a Bridging Visa to stay in Australia until your outcome is decided.)

7. We will then notify you of the result promptly when received.