Business Innovation and Investment

Business Innovation and Investment

(Provisional) visa (subclass 188)

Features

Visa Summary Features

This visa is for people who want to own and manage a new or existing business in Australia, or to invest in an Australian state or territory.​​

Requirements

Visa Summary Requirements

You might be able to get this visa if you are nominated by a state or territory government agency and are invited to apply by the Minister for Immigration and Border Protection

You might be able to get this visa if:

  • you are nominated by a state or territory government
  • you are invited to apply
  • you (and all your family members) meet certain health and character requirements
  • you meet the additional requirements for the stream in which you apply.

Health requirements

You must meet certain health requirements. The results are usually valid for 12 months.

This also applies to all dependent family members included in your application, whether they are migrating or not.

Character requirements

You must meet certain character requirements. You must be prepared to provide a police certificate from each country you have lived in for 12 months or more during the past 10 years after you turned 16 years of age. Do not arrange for police certificates until we ask you to.

This applies to you and all the dependent family members listed in your application, whether they are migrating or not.

For each person included in the application aged 16 years or older you will need to complete:

  • Form 80Personal particulars for assessment including character assessment (386kB PDF)

If you have served in the armed forces of any country, provide certified copies of military service record or discharge papers.

See: Character and Penal Clearance Requirements

Sign the Australian values statement

If you are 18 years of age or older, you must sign an Australian Values Statement to confirm that you will respect the Australian way of life and obey Australian laws. The statement is included in the visa application form. You must have read, or had explained to you, the Life in Australia book before you sign the statement.

Debts to the Australian Government

You must have no outstanding debts to the Australian Government or have arranged to repay any outstanding debts to the Australian Government before this visa can be granted.

Business Innovation stream

You must:

  • be under 55 years of age, although a state or territory can waive this requirement if your proposed business will be of exceptional economic benefit to the nominating state or territory.
  • score at least 65 on the points test
  • for two out of the four fiscal years immediately before you are invited to apply, have had an ownership interest in an established business or businesses that had at least AUD500 000 turnover in each of those years
  • own at least one of the following percentage of your nominated main business:

    • 51 per cent, if the business has a turnover of less than AUD400 000 per year
    • 30 per cent, if the business has a turnover of AUD400 000 or more per year
    • 10 per cent, if the business is a publicly listed company
  • have an overall successful business career
  • have a genuine desire to continuously own and maintain a management role in a business in Australia.

If your nominated main business provides professional, technical or trade services, you must have spent no more than half your time providing those services, as opposed to general management of the business.

At the time of invitation, you, your partner, or you and your partner combined must have total net assets of at least AUD800 000 that are lawfully acquired and available for legal transfer to Australia within two years of the visa being granted.

You and your partner must have had no involvement in unacceptable business or investment activities.

Investor stream

You must:

  • be under 55 years of age, although a state or territory can waive this requirement if your proposed investment will be of exceptional economic benefit to the nominating state or territory
  • score at least 65 on the points test
  • have a high level of management skill in relation to the eligible investment or qualifying business activity
  • have at least three years' experience of direct involvement in managing one or more qualifying businesses or eligible investments
  • have an overall successful record of eligible investment or qualifying business activity
  • have a genuine and realistic commitment to continuing your business and investment activity in Australia after the original investment has matured
  • have a genuine intention to live for at least two years in the state or territory in which you have made a designated investment.

You, your partner, or you and your partner combined must:

  • for at least one of the five fiscal years immediately before you are invited to apply, have directly managed one of the following:

    • an interest owned by you, your partner or you and your partner combined of at least 10 per cent in a qualifying business
    • at least AUD1.5million in eligible investment owned by you, your partner or you and your partner combined
  • during the two fiscal years immediately before you are invited to apply, have legally acquired net business, investment and personal assets of at least AUD2.25 million that are available for legal transfer to Australia within two years of the visa being granted
  • make a designated investment of at least AUD1.5 million in a state or territory government security using unencumbered funds accumulated from qualifying businesses or eligible investments and be prepared to hold that investment for at least four years from date of issue in your nominating state or territory
  • have had no involvement in unacceptable activities.

Income that you earn from your designated investment in Australia is subject to tax under Australian taxation law.

Significant Investor stream

You must make a complying investment of at least AUD5 million in any of the following options, in any proportion, and hold that investment continuously for at least four years:

  • Commonwealth, state or territory government bonds
  • Eligible managed funds – that are limited to investing in any or all of the following Australian assets:

    • infrastructure projects in Australia
    • cash held by Australian deposit-taking institutions
    • bonds issued by the Australian Government or a State or Territory government
    • bonds, equity, hybrids or other corporate debt in Australian companies and trusts listed on any Australian stock exchange
    • bonds or term deposits issued by Australian financial institutions
    • real property in Australia
    • Australian agribusiness
    • annuities issued by an Australian registered life company
    • loans secured by mortgages over the investments listed above
    • derivatives used for portfolio management and non-speculative purposes (which constitute no more than 20 per cent of the total value of the managed fund)
    • other managed funds that invest in the investments listed above
  • direct investment into private Australian companies – in which you have an ownership interest.  The company must operate  a qualifying business.

Income that you earn from your complying investment in Australia is subject to tax under Australian taxation law.

You must also have a genuine and realistic commitment to:

  • reside in the state or territory whose government agency nominated you
  • continue your business and investment activity in Australia after your complying investment matures
  • live in Australia for at least 160 days over four years while holding your provisional visa.

You, your partner, or you and your partner combined must have net assets of at least AUD5 million that are legally acquired, unencumbered, and available to be used to make the complying investment in Australia.

You and your partner must not have been involved in unacceptable business or investment activities.

You, your partner and other family members aged at least 18 must agree not to bring any action against the Commonwealth for any loss relating to your complying investment

 

(Permanent) visa (subclass 888)

Features

Visa Summary Features

This visa allows you to:

  • continue to own and manage a business in Australia (the Business Innovation stream)
  • continue business and investment activity in Australia (the Investor stream and the Significant Investor stream

Requirements

Visa Summary Requirements

You might be able to get this visa if you are nominated by a state or territory; and

  • hold a provisional Business Innovation and Investment visa (subclass 188) and have met the requirements of that visa in the stream in which you first applied

or

  • hold a Special Category visa (subclass 444) or a Business (Long stay) visa (subclass 457IE) and have met the requirements of the business innovation stream.

You might be able to apply for this visa if:

  • you are the primary visa holder of a provisional Business Innovation and Investment visa (subclass 188) and have met all the requirements of your provisional Business Innovation and Investment visa in the stream in which you first applied; or
  • you hold a Specal Category visa (subclass 444) or a Business (Long stay) visa (subclass 457IE) and have met the requirements of the business innovation stream; and
  • you and your partner have not been involved in any unacceptable business or investment activities
  • you and your partner have a satisfactory record of complying with Commonwealth laws, and of each State or Territory in which you operate a business and employ employees in the business, relating to your business.
  • you have been nominated by an Australian state or territory
  • you and all your family members meet health and character requirements – you do not need to prove this again if you have already done this for the provisional Business Innovation and Investment visa (subclass 188)
  • have a realistic commitment to maintain business or investment activities in Australia

Other requirements depend on the stream in which you held your provisional Business Innovation and Investment visa (subclass 188).