Australia business innovation stream
The Australian business visa program assists entrepreneurs, senior executives, and investors in establishing new or expanding existing firms in Australia. This could be a stepping stone to permanent residence. One of these options is the Business Innovation stream is also called the Business Innovation and Investment (Provisional) visa (Subclass 188)
With this visa you can own and manage a business in Australia or conduct a business or investment activity entrepreneurial activity in Australia.
Submission of your Expression of Interest in SkillSelect
Nomination from a state or territory government agency or Austrade
Invitation to apply
The applicant must qualify for either one of the three visa sub-categories:
Classification as a significant investor.
The applicant must be below 55 years when submitting the application. They should have a detailed plan for the business or be willing to invest in an existing business in Australia. He should have at least 65 points which are based on various factors that include age, education, previous business activities, and investment experience.
The provisional visa program has seven categories:
1.Business Innovation Stream- This provisional visa allows you to operate a new or existing business in Australia. You must be nominated by an Australian State or Territory government agency or Austrade.
2.Investor stream- For this you will require at least AUD 1.5 million in an Australian state or territory and maintain your business and investment activity in Australia.
3.Significant investor stream- People willing to invest at least AUD 5 million in Australian investments can apply for this visa. They must be nominated by an Australian State or Territory government agency or Austrade.
4.Business innovation extension stream- With this visa holders of the Business Innovation and Investment (Provisional) visa can extend their stay in Australia for 2 more years. For this extension applicants must have had Business Innovation stream visa for at least 3 years and must be nominated by an Australian State or Territory government agency or Austrade.
5.Significant investor extension stream- With this visa holders of the Significant Investor stream can extend their stay in Australia for up to 4 more years. For this extension applicants must have had Significant Investor stream for at least 3 years and must be nominated by an Australian State or Territory government agency or Austrade.
6.Premium Investor stream-This visa requires nomination by Austrade and an investment of at least AUD 15 million in Australian enterprises or in philanthropic contribution.
7.Entrepreneur stream-With this visa you can carry out entrepreneurial activities in Australia.
Steps to apply for a provisional business visa
You must submit an expression of interest through the Department of home affairs
Wait for a nomination from a state or territory or from Austrade by waiting for an intimation from them or you can contact them directly
Once you receive an invitation you can apply for a visa
The business of the visa holder must do any one of the following activities
Build business links with international markets
Generate employment in Australia
Use Australian goods and services
Produce goods or provide services that would alternatively have to be imported
Create new and improved technology
Path to PR visa
The Business Innovation and Investment (Provisional) visa, also known as Subclass 188, can help you gain permanent residency in the United States. If you have been on a Subclass 188 visa for at least one year and meet the financial conditions, you can apply for your PR visa. Aside from that, you’ll have to show that you have a long-term commercial interest by making frequent investments and hiring local staff.
What are the eligibility requirements for Australia Business innovation stream?
You should have a score of 65 points on the points test
You should provide proof of the success of your business
You and your together or individually must have a total net business and personal assets valued at AUD 800,000.
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