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About Business Innovation And Investment Program – Australia
The Australian Business Innovation Visa (subclass 188) is a visa for successful business owners who wish to establish a business in Australia. The visa awards successful applicants with a temporary visa of 5 years in one of the most competitive and thriving markets in the world.
Benefits of Business Innovation And Investment Program – Australia
Australia Business Innovation Program offers an abundance of benefits to any potential investor, with the foremost of them being:
- Obtain an Australian residency for yourself and eligible dependents (spouse and children below 23)
- Full work rights for the spouse.
- Right to establish and operate your own business
- Benefit from one of the most efficient healthcare systems in the world
- Benefit of the best educational systems in the world
- Enjoy the multicultural society with excellent harmony
Business Innovation And Investment Program Requirements – Australia
- You must be an owner of a successful business in your country of residence.
- You must have had an ownership stake in 1 or 2 main businesses that had at least AUD750,000 turnover in 2 out of the 4 last fiscal years
- You must possess a clean criminal record
- Be in good health
- Own personal assets amounting to at least $1.25 million AUD
- Score at least 65 points on the points test (age, english language proficiency, business experience, and else)
- You must be under the age of 55
- Be nominated by one of the states/territories.
Cost of obtaining Business Innovation And Investment Program – Australia
Company start up financial requirements depending on the state/territory requirements, industry, as well as the location of the business to be established.
Other administrative and application fees apply.
Process and steps of Business Innovation And Investment Program – Australia
- Submit an online application to show your interest to migrate to one of the States/territories of Australia.
- Prepare a business plan to one of the states/territories and all required documents to be submitted to the state/territory of your business and residence interest.
- Submit an application upon receipt of invitation from the Australian state/territory.
- Relocate to Australian state or territory once the visa is issued and establish the business
- Apply for permanent residency after you fulfill the requirements of the business and the physical residency in Australia
How To Apply:
- Prepare the needed information to fill in the online application
- Market study for the state/territory interested to establish a business in and build your business proposal
- Submit the online application and wait for selection
- Submit the application to the state/territory interested to establish a business in
- Submit the application to the government of Australia to receive the residence permit of 5 years.
I am a senior manager, can I apply?
If you hold at least 30% shares in a successful company, you may be eligible for the visa. If you do not own the required shares percentage in a company then you are ineligible.
Can I reside in any state in Australia?
You must reside in the state that nominated you until you get permanent residency.
What if I did not meet the requirements for Permanent Residency, what can I do?
If you were not able to fulfill the requirements within the visa validity period, you can apply for an extension for further 2 years which will give you a chance to work on the business conditions.
What is the processing time for the application?
There are no standard processing times for this type of visa yet from experience it would take a year to a year and a half on average.
Do I have to prove English proficiency?
It is a requirement for the business person and any dependent aged 18 and above to prove functional English proficiency in an approved English language test. If this requirement is not fulfilled, additional fees shall be paid to the government of Australia.