188 Business Innovation & Investment (Innovation Stream) Visa

188 Business Innovation & Investment (Innovation Stream) Visa

The innovation stream of the Subclass 188 visa provides a pathway to permanent residency for business people who want to own and manage a business in Australia, or make an investment here.

188 Visa Innovation Stream

The business innovation stream of the subclass 188 visa is for applicants who have had a successful business career, and wish to own and manage a new or existing business in Australia.

At the time that you are invited to apply for this visa, you must:

• be under 55 years of age, unless your proposed business is considered to be of exceptional economic benefit to the nominating State or Territory.
• genuinely wish to own, and maintain a major management role in an Australian business.
• score at least 65 on the innovation points test (which takes into account your age, English competency, qualifications, experience, turnover and assets, amongst other factors)
• be nominated by an Australian State or Territory government agency

Business Experience

Business visa applicants must demonstrate:

• a successful business career
• in at least two out of the last four financial years, the annual turnover for their main business(es) must have had an annual turnover of at least AU$500,000

Of that main business (or main two businesses), the applicant (and the applicant’s spouse/de facto partner, if applicable) must own at least:

• 51% where the turnover was less than AU$400,000 per annum
• 30% where the turnover was AU$400,000 or more per annum
• 10% where the business was a publicly listed company
• if your business(es) provided professional, technical or trade services during at least two out of the last four years, you must have spent less than half of your time directly providing those services (as opposed to general management of the business)
• you (and your spouse/de facto partner, if applicable) must have had no involvement in unacceptable business or investment activities

Net Assets

Business visa applicants must have total net business and personal assets of at least AU$800,000, that can be legally transferred to Australia within two years of the date of visa approval.