Australia business innovation stream
The Australian business permit 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 (Subclass 188).
With this permit you can own and manage a business in Australia or conduct a business or investment activity or 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 permit sub-categories:
- Business Innovation
- Business Investment
- 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 7 CATEGORIES OF PROVISIONAL PERMIT PROGRAM
Business Innovation Stream: This provisional permit 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.
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.
Significant investor stream: People willing to invest at least AUD 5 million in Australian investments can apply for this permit. They must be nominated by an Australian State or Territory government agency or Austrade.
Business innovation extension stream: Under this stream, Subclass 188 permit holders can extend their stay in Australia for 2 more years. For this extension, applicants must have had Business Innovation stream permit for at least 3 years and must be nominated by an Australian State or Territory government agency or Austrade.
Significant investor extension stream: Under this stream, permit-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.
Premium Investor stream: This permit stream requires nomination by Austrade and an investment of at least AUD 15 million in Australian enterprises or in philanthropic contribution.
Entrepreneur stream: With a permit under this stream, you can carry out entrepreneurial activities in Australia.
STEPS TO APPLY FOR A PROVISIONAL BUSINESS PERMIT
- You must submit an expression of interest through the Department of home affairs.
- You must 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 provisional business permit.
THE BUSINESS OF THE PERMIT 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 PERMANENT RESIDENCE
The Subclass 188 permit can help you gain permanent residency in Australia. If you have been on a Subclass 188 for at least a year and meet the financial conditions, you can apply for your permanent residence. Aside from that, you will 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 partners together or individually must have a total net business and personal assets valued at AUD 800,000
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