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