Business Visa (188)
There are 3 business visa subclasses, which are subclasses 188 (temporary), 888 (permanent), and 890 (permanent). Visas 188 and 888 have multiple streams and extensions, so within these subclasses there are more subclasses that have different conditions and requirements. The different streams of the provisional 188 visa are detailed below.
Business innovation and investment (provisional) visa (subclass 188)
With this visa you can engage in entrepreneurial activity, investment activity, or both; this is dependent on which stream your visa is in. You can also include eligible family members in your application. Additional family members that are 18 years old or older must have a level of functional English, or there will be an extra charge of $4890 per person. If the main applicant does not have a level of functional English, the extra charge is $9795. This charge is known as the second instalment, and will be refunded if the visa is not granted.
While your visa remains valid, you have the freedom to travel outside of Australia and return as frequently as desired. It is important to note that the duration of your visa does not get extended by the time spent outside of Australia. This visa lasts up to 5 years from the date the visa is granted.
To begin the application process, it is necessary to submit an Expression of Interest (EOI). Upon acceptance and nomination by an Australian State or Territory government agency, an official invitation will be extended to apply for this visa. Please note that a nomination from an Australian State or Territory is mandatory in order to receive an invitation to apply for this visa. It is crucial that the nominating agency does not withdraw their nomination after your application has been submitted, as this could result in the inability to grant you the visa.
Business innovation stream
How It Works
Holding the 188 visa in this stream allows you to either establish a new business or manage an existing one. The 5 years can be extended with a Business Innovation Extension Stream to a total of 7 years, and if you are eligible you can also apply for the permanent 888 visa in the Business Innovation stream.
The visa costs from $6270 for the main applicant. For additional family members 18 years or older, the cost is $3135 per person and for younger family members, it is $1565. This doesn’t include the second instalment charge, if that is applicable to you.
Migration Consulting Fees – a quote will be provided from the outset based on the complexity of your particular matter.
Average processing time – under 36 months.
Eligibility
Unless the investment you propose is deemed to have exceptional economic benefits by the State or Territory government agency, individuals aged 55 or older will not be extended an invitation to apply for the visa. You must also score a minimum of 65 points on the points test. Your points are determined by the following:
- Age.
- English language ability.
- Qualifications.
- Business experience.
- Net personal and business assets.
- Business turnover.
- Innovation.
- Special endorsement.
- Maintain a significant ownership stake in an Australian business.
- Participate in day-to-day management of the business at a senior level.
- Contribute to the growth of commercial activity and enhance competitiveness within the Australian economy.
- Foster business connections with international markets.
- Employ individuals within Australia.
- Facilitate the exportation of Australian goods.
- Introduce innovative technologies or enhance existing ones.
- Produce goods or services that would otherwise be imported.
Investor Stream
How It Works
This stream allows you to carry out both investment and entrepreneurial activity. You cannot extend your provisional visa, however you may be eligible to apply for the permanent 888 visa in the Investor Stream.
The visa costs from $6270 for the main applicant. For additional family members 18 years or older, the cost is $3135 per person and for younger family members, it is $1565. This doesn’t include the second instalment charge, if that is applicable to you.
Migration Consulting Fees – a quote will be provided from the outset based on the complexity of your particular matter.
Average processing time – under 42 months.
Eligibility
Unless the investment you propose is deemed to have exceptional economic benefits by the State or Territory government agency, individuals aged 55 or older will not be extended an invitation to apply for the visa. You must also score a minimum of 65 points on the points test. Your points are determined by the following:
- Age.
- English language ability.
- Qualifications.
- Business experience.
- Net personal and business assets.
- Business turnover.
- Innovation.
- Special endorsement.
For individuals who received an invitation to apply on or after 1 July 2015, it is mandatory to make a substantial investment that meets the compliance criteria, amounting to a minimum of AUD2.5 million. Moreover, the requirement entails maintaining these compliant significant investments throughout the duration of your provisional visa. You must also intend to live in the state or territory in which you made your application for at least 2 years.
Significant Investor Stream
How It Works
Holding the 188 visa in this streams allows you to carry out only investment activity. The 5 years can be extended with a Significant Investor Extension Stream up to 4 years, and if you are eligible you can also apply for the permanent 888 visa in the Significant Investor stream.
The visa costs $9195 for the main applicant, and for additional family members 18 years or older it costs $4595 per person. For family members under 18, it’s $2300 per person. This doesn’t include the second instalment charge, if that is applicable to you.
Migration Consulting Fees – a quote will be provided from the outset based on the complexity of your particular matter.
Average processing time – under 22 months.
Eligibility
If you received an invitation to apply for the visa on or after 1 July 2021, it is mandatory to make a complying significant investment of at least AUD5 million at or after the time of application. Furthermore, it is essential to demonstrate a genuine intention to hold this investment throughout the duration of your provisional visa. The investment must be allocated as follows:
- A minimum of AUD1 million in venture capital and growth private equity funds that primarily support start-ups and small private companies.
- A minimum of AUD1.5 million in approved managed funds, specifically targeting emerging companies listed on the Australian Stock Exchange (ASX).
- A ‘balancing investment’ of at least AUD2.5 million in managed funds.
Please note that these proportions and investment requirements are applicable upon receiving the invitation for the visa application.
Entrepreneur Stream
How It Works
Holding the 188 visa in this stream allows you to carry out entrepreneurial activity only. The 5 years cannot be extended, however you can apply for a permanent 888 visa in the Entrepreneur Stream. The application costs $4240 for the main applicant, and an additional $2120 for every additional family member that is 18 years or older. For additional family members who are younger than 18, the cost is $1060 per person. This does not include the second instalment charge, if that is applicable to you.
Migration Consulting Fees – a quote will be provided from the outset based on the complexity of your particular matter.
Average processing time – under 13 months.
Eligibility
In the case that you received an invitation to apply on or after 1 July 2021, it is required that you are currently engaged in or planning to engage in a complying entrepreneur activity within Australia. Additionally, you must possess a sincere intention to undertake and sustain the said complying entrepreneur activity. Unless the investment you propose is deemed to have exceptional economic benefits by the State or Territory government agency, individuals aged 55 or older will not be extended an invitation to apply for the visa. You must also have a competent understanding of English to be successful in applying for this visa.