Are you a business owner, investor, or entrepreneur who wants to migrate to Australia? If so, you may be interested in the Business Innovation and Investment (Provisional) visa – subclass 188. This state-nominated provisional residence visa allows you to establish or manage a business or invest in Australia. This is the initial stage of a two-stage process to obtain permanent residency.
Subclass 188 Visa Streams
There are four streams of the subclass 188 visa:
- Business Innovation stream: for business owners who have achieved success and wish to do business in Australia
- Investor stream: for successful investors or business owners willing to invest at least AUD 2.5 million into a complying investment fund for the duration of the provisional visa
- Significant Investor stream: for those who can commit at least AUD 5 million to an approved investment fund for the length of the provisional visa
- Entrepreneur stream: for individuals who have backing from a chosen service provider to carry out a conforming entrepreneurial activity that is intended to result in either the commercialization of a service or product in Australia or the growth of a business in Australia
Each stream has different eligibility criteria, nomination requirements and application processes. You can find more information about each stream on the websites of the Department of Home Affairs and the state or territory government that you wish to apply for nomination from.
Subclass 888 Visa Pathway
After three years on a subclass 188 visa, you may be eligible to apply for the Business Innovation and Investment (Permanent) visa – subclass 888, also known as the subclass 888 visa. This is a permanent residence visa that enables you to continue your business or investment activities in Australia. You are eligible to apply for this visa only if you have a valid subclass 188 visa in any of the four streams.
To apply for the subclass 888 visa, you need to meet certain criteria, such as:
- Having an honest and feasible commitment to preserve your business or investment activities in Australia
- Having complied with the conditions of your subclass 188 visa
- Having met certain performance benchmarks, such as turnover, assets, employment or investment outcomes
- Having lived in Australia for at least one year in the last two years on your subclass 188 visa
- Having obtained state or territory nomination
The subclass 888 visa application process is similar to the subclass 188 visa process, except that you do not need to submit an expression of interest or receive an invitation from the Department of Home Affairs.
The subclass 188 and 888 visas are great options for business migrants who want to apply for an Australia business visa contribute to the Australian economy and enjoy the benefits of living in a safe, multicultural, and prosperous country. If you are interested in applying for these visas, you should consult a registered migration agent or lawyer who can advise you on your eligibility, prepare your application and guide you through the process. If you have any questions or need more information, please feel free to call us at 8595338595 or email us at [email protected].