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Know Everything About Business Innovation and Investment (Provisional) visa (subclass 188)

Are you a high net worth individual planning to invest in Australia? Is Australian citizenship on your mind? If yes, then this blog is just for you. Every year, Australia attracts wealthy overseas investors who are willing to invest in the country and obtain citizenship via entrepreneur route. With a number of business investment programs being introduced by the government of Australia, there is one program that has gained momentum over the past few years, which is Business Innovation and Investment (Provisional) visa (subclass 188).

In a nutshell, Subclass 188 Business Innovation and Investment Provisional Visa is nothing but a four-year temporary visa for investors who wish to establish a new business or buy an already existing business. It is a temporary visa which also allows an investor to apply for the permanent residency after meeting certain conditions.

There are four streams under which subclass 188 visa is granted to an individual. They are described as follows:

The subclass 188 A Business Innovation stream
The stream is designed for people with business skills who have the ability to establish a new business or managing or buying an already existing one in Australia. Under this program, an applicant is required to attain at least 65 points and is also required to apply for a state or territory nomination depending on where they would like to set-up their business.

The subclass 188B Investor stream
The subclass is mainly for high net worth overseas investors who are willing to invest around $1.5million in any Australian state, territory, or government bonds. According to this program, a candidate has to run and manage the business as well as investment activity in the country after the maturity of the actual investment amount. This is also a 4-year temporary visa, after which an investor may apply for the Australia PR visa.

The Subclass 188SIV Significant Investor Stream
The visa category is introduced for business investors who can invest 5 million AUD into complying significant investments in Australia. The investors also must main an investment activity in the country. Under this program, a candidate may either be nominated by a state or a territory on behalf of the Australian government.

The subclass 188PIV Premium Investor stream
Any investor who has significant funds and has the potential to invest around $15 million into complying significant investments can opt for this program. The visa also requires a candidate to actively run and manage an investment in Australia.

Privileges of Business Innovation and Investment (Provisional) visa (subclass 188)

  • If selected, the candidate becomes eligible to apply for the Australian Permanent Residency.
  • The investor is also allowed the privilege of travel in and out of the country
  • Can bring family members to Australia

To Conclude

Business Innovation and Investment (Provisional) visa (subclass 188) is a great option for international investors who wish to make Australia their new home. With this program, they not only bring foreign investment but also generate employment that ultimately boosts the economy and also serves a variety of national interests.

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Keen To Shine On Global Map? Apply For Australia Investment Visa!

To make it big abroad and expand horizons, Australia Investment Visa could be a very good option. Today, Oz ranks as the most favorable immigration destination for the foreign investors. The nation’s two major cities, Melbourne and Sydney, are home to majority of migrants and thus they are the most bustling metropolises.

Annually, along with a large number of tourists, the country also attracts 1000s of foreign investors who migrate to the country with the intention of taking advantage of its amazing investment opportunities.

Oz has the twelfth largest economy and the fifth highest per capita income in the world. Its economy is mainly based on tourism, education and financial industries, and is extremely rich in natural resources such as iron ore, wool, gold, and wheat.

Down Under encourages the foreign investors to migrate through its numerous investment based streams. These classes lead to the prized Permanent Residency (PR) and later candidate can apply for the much sought after Australian citizenship and settle indefinitely with their family. Thus, for the candidates, it’s a golden opportunity not to be missed.

The Department of Immigration and Border Protection (DIBP) has set up a three step process. The first and foremost step is for the foreign investors to apply for Temporary Residence Permit (TRP). The DIBP offers many temporary visas and numerous foreign investors are benefited by the 188 Visa.

To receive a TRP, under the 188 Visa, the candidate must qualify for one of the sub categories, such as business innovation, business investment or significant investor. Under the category, the candidate can bring along their family i.e. spouse or common law partners and dependent children.

Additionally, at the time of submitting the application the candidate must be below 55 years, must submit a detailed business plan–either to establish a completely new venture or invest in an existing one–and must score at least 65 points on the Points Grid, based on various factors, such as language proficiency, education, business experience, age, state or territorial nomination.

Once the candidate has met the set criteria for the Australia Investment Visa Subclass 188, they are issued a TRP for a period of four years. At the end of the period, the candidate may submit an application for the Permanent Business Visa, i.e., 888.

To qualify for the Visa 888, the candidate must meet one of the following two criteria. First, he must prove that he possesses legally acquired net value of at least 600,000 Australian Dollars. Additionally, the candidate must continue to maintain ownership interest in a business in the country and must successfully employ Australian citizens.

Secondly, the applicant qualifies for a business and has successfully sustained the investment for not less than four years. If he successfully meets the above requirements he will be granted a PR Visa.

Australia Investment Visa will ultimately lead the investor to Australian citizenship. Once the candidate has live in the country for at least four years, he can apply for Citizenship through the official process known as naturalization.

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Australia Investor Visa & Allocation of Points

Are you aware of the fact that the Australia Investor Visa is packed with many options even as the country has numerous enticing visa options, available on the temporary and permanent basis? The Investment Visa is based upon its point system. Under it, you need to secure 65 points in total.

Business Innovation and Investment (Provisional) Visa under the Subclass 188 helps the applicant-investors cross the borders provided they are eligible for immigration.

Your capital funds is the main reason of granting visas for you, but still there are other requirements that need to be fulfilled to move to Kangaroo Land.

Australia Investor Visa Points System is governed by:

  • Age–Under the age category the maximum points are 30 that an applicant can get. These points are allotted to the candidate who is in the age bracket of 25-32 years.
  • English language proficiency–An eligible youngster can get 10 points for his language skills, whereas he is assigned 5 more points if he is well versed in the vocational English. There are ILETS, Cambridge English Advanced test and OET that determine your score level in this category.
  • Managerial experience in the business–You may get the highest score of 15 points under this category. Your experience in the field helps you score more points. The higher the experience, the higher are the points allotted. If your experience is about 4 years, then you get 10 points, but with seven years of experience, you manage to grab 15 points.
  • Educational qualifications–This heading helps you get 10 points. Apart from these points, you need to meet other requirement as well, i.e., you should have a diploma in Bachelor’s Degree from an Australian educational institution. This will give you 5 points, whereas Bachelor’s Degree in science, business or technology helps you get 10 points.
  • Total net capital–Under this heading, your net capital is scrutinized before allotting points. When you and your spouse possess capital worth 800,000 Australian Dollars, then you get 5 points. If it’s 1.3 million Australian Dollars, then 15 points and for 1.8 million Australian Dollars 25 points are given. And, 35 points–the highest in this category–is assigned to the applicant who possesses 2.25 million Australian Dollars of net capital worth.
  • Business turnover–It also helps you get points. 5 points are allotted if the business turnover is 500.000 Australian Dollars. At 1.0 million Australian Dollars the points are 10, at 1.5 million Australian Dollars 25 points, and the highest score of 35 points under this category is allotted to the business turnover of 2.0 million Australian Dollars.
  • Special authorization–If your investment idea is unique and capable of taking a territory or state to the next level, then you are entitled to get extra 5 points under it.
  • Business establishment–How long you are involved in your mentioned business also helps you score some points.

The total sum of 65 points scored under this classification fosters easy and convenient Australia Investor Visa.