This category is for visa holders to own and manage one or more businesses in Australia. To be eligible for this visa the applicant is required to apply through an expression of interest, be nominated by a state or territory government and be invited to apply. The streams under this subclass include the Business Innovation stream, the Business Innovation Extension stream, the Investor stream, the Significant Investor stream, the Significant Investor Extension stream, the Premium Investor stream and the Entrepreneur stream.
In each of the streams, the applicant’s assets must be lawfully acquired and the applicant must satisfy relevant health and character requirements.
Business Innovation stream
Along with being invited, the applicant will need to meet a minimum score of 65 on a points test: Schedule 7A of the Migration Regulations 1994.
The points test awards points for age, English skill, business experience, qualifications, financial assets and business turnover.
The applicant must be younger than 55 at the time of application, unless they are proposing to establish or participate in a business or investment that the nominating state or territory government has determined is of exceptional economic benefit.
The applicant must demonstrate an overall successful business career and, for at least two of the four fiscal years prior to applying, the applicant must have had an ownership interest in at least one business with an annual turnover of at least AUD$500,000 each year.
The applicant must demonstrate that they and/or their spouse have at least AUD$800,000 in business or personal assets available to invest in Australia within two years from date of grant of visa, as well as sufficient funds to settle in Australia.
Business Innovation Extension stream
This visa is for applicants who have held a subclass 188 Business Innovation stream visa for at least three years. Applicants must not have held more than one subclass 188 visa. This the extension allows for a total period of stay in Australia of six years from the date of the original subclass 188 visa grant.
The applicant needs to demonstrate a continued need to reside in Australia for the operation of the qualifying business. At least two years before applying the applicant must have had an ownership interest in one or more businesses actively operating in Australia.
Like the Business Innovation stream, the applicant will need to meet a minimum score of 65 on a points test. Points are awarded for age, English skill, business experience, qualifications, financial assets and business turnover.
The applicant will also need to demonstrate an overall successful business or investment record. In one out of the five fiscal years immediately before being invited to apply, the applicant must have had at least 10% ownership of a business and direct involvement in its management or direct involvement of management of assets of at least AUD$1.5 million. During the two fiscal years immediately before being invited to apply, the applicant must have acquired net business, investment and personal assets of at least AU$2.25 million which are available for legal transfer to Australia within the first two years of the visa being granted.
Significant Investor stream
The applicant must have net assets of at least AUD$5 million that are available to be used to make the complying investment in Australia and must demonstrate a genuine intention to reside in the nominating state or territory. The applicant must also complete a Form 1412 – Deed of Acknowledgement, Undertaking and Release signed by each additional applicant over the age of 18.
Significant Investor Extension stream
This visa is for subclass 188 Significant Investor stream visa holders, allowing for up to six years on a subclass 188 visa from date of original visa grant.
The applicant must continue to demonstrate they have a qualifying business, unless the Minister is satisfied that the applicant has made an attempt to operate a qualifying business in Australia.
Premium Investor stream
The applicant must demonstrate a genuine intention to have a complying investment of AUD$15 million for the whole of the visa period. A completed Form 1412 – Deed of Acknowledgement, Undertaking and Release signed by each additional applicant over the age of 18 is also required.
This visa is for applicants who have proposed a complying entrepreneur activity and have a genuine intention to operate and continue the complying business in Australia. The applicant must also be under 55 unless the nominated state or territory government determines the complying entrepreneur activity is of exceptional economic benefit. At time of application the applicant must also demonstrate competent English and sufficient funds to settle in Australia.
Why Choose Impex Law?
The whole ‘lawful visa acquisition’ process can be one lengthy and paperwork intensive task. Our Immigration Lawyers have helped over a thousand people with their immigration cases and know exactly what is required to get the immigration process done smoothly. Impex Law will make the whole process easy and comfortable for you. You would only have to answer a few simple questions on our Immigration page, and we will get back to you.