Australia, the Land of Kangaroos, is largely dependent on skilled workers who prefer to come to the country with the hope of better job prospects. These qualified workers coming from different parts of the world largely influence the nation’s thriving economy.
The country is also a hot immigration destination for those who wish to use their business skills and prosper. Its business friendly environment encourages business people to be a part of the country.
If you are one of those business people who think the country’s economy will help you use your business skills, then you can apply for Business Innovation and Investment (Provisional) (Sub-class 188) Visa. Initially, the Department of Immigration and Border Protection (DIBP) will issues a visa with a validity of up to four years.
You must submit an Expression of Interest (EoI) and then be invited through the SkillSelect. You may be nominated either by the territorial or state government or by the Australian agency. You may also be invited to apply by the DIBP.
The category is provisional in nature, and is given to those businessmen who wish to start their own business or manage the existing one or else simply invest in a business.
It can be an easy path for those who wish to acquire the country’s Permanent Residency (PR) and wish to permanently settle in the country along with their family members.
Business Innovation and Investment (Provisional) (Sub-class 188) Visa
The category has three major streams and they are as follow:
- Business Innovation Stream: It is for those who wish to run their own business in Oz.
- Investor Stream: It is for those who wish to make an investment of at least AUD 1.5 million n a specific state or territory with the intention of maintaining the business and continue investment even after the real investment amount has matured.
- Significant Investor Stream: It is for those who wish to invest at least AUD 5 Million in an existing business and wish to grow it further even after the real investment amount has matured.
- You may submit your petition once you have been invited to apply.
- You must hold a demonstrated business record and should be a game changer when it comes to investment activity.
- Have required asset and should be able to prove when asked.
- You are nominated by a state or territorial government.
- At the time of submitting the application, you must be below 55 years of age unless you fall under the exceptional economic category.
If you receive an Invitation to Apply (ITA), you will get not more than 60 days to apply for the visa online. During this time, you cannot change the information provided through the EoI.
Although you are not required to submit your documents along with your EoI, you will have to complete extensive documentation while you apply for visa online. Due to failure of submitting the required documents, your application may be rejected.