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.