This program is suspended
Passport Rank
7
Investment Amount
200,000 AUD
Processing Time
1-1.5 years
About Australia
Australia is one of the largest economic countries in the world, with its capital being Canberra. Located in the southern hemisphere of the globe, its diverse economy relies heavily on natural resources such as coal, gold, iron, and natural gas. In addition to tourism, Australia boasts a multitude of natural and cultural landmarks. The Australian government seeks to encourage innovation and development by offering incentives to startups and various enterprises. Thanks to the advanced infrastructure and open market, companies in Australia can effectively expand and grow.
- Language: English
- Currency: Australian Dollar
- System of Government: Constitutional Monarchy
- Total Area: 7,688,000 km²
- Capital: Canberra
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 for up to 7 years in one of the most competitive and thriving markets in the world.
Benefits Of Business Innovation And Investment Program – Australia
The 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.
- Inclusion of the applicant and eligible family members into the Australian healthcare system (health insurance), which is considered one of the most efficient systems in the world.
- Benefits of the best educational systems in the world.
- Enjoy a multicultural society with excellent harmony.
Business Innovation And Investment Program Requirements – Australia
- You must be the 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.
Costs Of Obtaining Business Innovation And Investment Program – Australia
The cost of the program lies in the foundational expenses of the project according to the state/region’s terms, in addition to the nature of the project and its location, plus other governmental and administrative expenses for the request.
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 for 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 out the online application.
- Market study for the state/territory interested in establishing a business in and building your business proposal.
- Submit the online application and wait for selection.
- Submit the application to the state/territory interested in establishing a business.
- Submit the application to the government of Australia to receive the residence permit for up to 7 years.
FAQ’s
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I am a senior manager, can I apply?
If you hold at least 30% of shares in a successful company, you may be eligible for the visa. If you do not own the required share percentage in a company, then you are ineligible.
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Can I reside in any state in Australia?
You must reside in the state that nominated you until you get permanent residency.
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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 another 2 years, which will give you a chance to work on the business conditions.
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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.
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Do I have to prove my English proficiency?
It is a requirement for the businessperson 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 will be paid to the government of Australia.