Oz is one of the most developed countries with strong economy. The beautiful country has mesmerizing beaches, a booming economy, well developed and maintained infrastructure. Keeping in mind all these facts, the country is a hot destination for people who intend to invest or set up a business venture.
The 188 Business Innovation and Investment Subclass visa (provisional) has been developed for those investors and business professionals who intend to establish their business in the country. The visa is quite popular among business professionals, is valid for 4 years, and meant for those applicants who have been nominated by an Australian State or Territory government.
Benefits of Business Innovation and Investment Subclass visa (provisional)
I. Allows you to establish a new or develop an existing business or make a investment in the Land of Kangaroos,
II. Allows to travel in and out of the nation for the life of your visa without any restriction, and also to bring along your family members with you to the country.
III. Allows you to seek Permanent Residence (PR) by applying for a Business Innovation and Investment (Permanent) visa (subclass 888).
The visa is valid only for 4 continuous years post investment for four years or establishment of a business. You are free to apply for permanent residence through the Business Innovation and Investment (Residence) Subclass 888 Visa.
I. Applicant must be nomination by an Australian state or territory government
II. Invited to apply through Australian Skill Select.
III. At the time of submitting an application the applicant must be below 55 years of age, until and unless the nominating state or territory certifies that you will make an exceptional economic benefit.
IV. The aspirants should score a minimum of 65 points in the Business Innovation and Investment Points Test.
V. Have an overall successful career in business or investment.
Business Stream Requirements
This visa is developed for people with a successful background as a business owner following are the desired criteria:-
I. Applicant must have scored at least 65 on the Business Innovation and Investment Points Test.
II. For at least two of the last four years you have held an ownership interest and directly managed up to two main businesses which had a minimum annual turnover of AUD 500,000 in each of those years.
III. Your total business and personal assets have a net value of at least AUD 850,000.
IV. You have not been engaged in a business where the provision of professional, technical or trade services took up more than 50 per cent of your time.
V. You are less than 55 years of age.
Investor Stream Requirements
I. Applicants should have invested or willing to invest AUD 1.5 million in Australian State or Territory Government bonds.
II. You must make an investment of AUD 1.5 million in Australian State or Territory bonds prior to grant of the visa.
III. You must have 3 years of experience either managing a qualifying business or eligible investments. You should have also showed a high level of management skill.