Business Innovation and Investment (Provisional) visa (subclass 188)
This provisional visa is one of the three categories of 188 immigrant visas, implemented by the Australian Department of Home Affairs. The application conditions for this program are relatively less restricted, the investment amount is comparatively small, and English is not required. After the visa application is approved, an applicant can enjoy local benefits, such as free Australian public education for the applicant's children and the purchase of Australian real estate.
You are aged under 55 at the time of the invitation to apply for the visa
For 2 out of 4 fiscal years immediately before you receive an invitation to apply, you must have had an ownership stake in 1 or 2 businesses that had at least AUD750,000 turnover in each of those 2 years.
Whether you have 1 or 2 businesses, you must own at least:
- 30%, of the total value of the business if the business has a turnover of AUD400,000 or more per year, or
- 10%, of the total value of the business if the business is operated by a publicly listed company
You must have total net business and personal assets of at least AUD1.25 million
You must score at least 65 points on the points test
Business Innovation and Investment (Permanent) visa (subclass 888)
With this provisional visa, if you have met the local entrepreneurship requirements in Australia during the two-year period, you can apply for a permanent Business Innovation and Investment (Permanent) visa (subclass 888) in the Business Innovation stream.
(1) You must have held the provisional visa for at least 3 years
(2) For the 24 months immediately before you apply, you must own at least:
*51% of the total value of a business with a turnover of less than AUD400,000 per year, or
*30% of the total value of a business with a turnover of AUD400,000 or more per year, or
*10% of the total value of a business that is operated by a publicly listed company
(3) You must have been physically present in Australia for at least 1 year in the 3 years immediately before you apply
With this visa you can enjoy:
Free public education
Australian public health care
Exemption from overseas purchase tax
Real estate for rent in Australia
Note: This document is for reference only, all terms are subject to written contract.