The Business Innovation stream of subclass 188 allows individuals with an overall successful record of business activity to move to Australia with their immediate family.
This pathway is suitable for those who want to establish, develop and manage a new or existing business in Australia.
Applicants for this visa must be nominated by a State or Territory Government.
The main qualifying requirements are that the main visa applicant must:
- Be younger than 55 years of age – though a state or territory can waive this requirement if the proposed business will be of exceptional economic benefit.
- Score at least 65 on the applicable points test.
- Have had an ownership interest in an established business or businesses that had at least A$500,000 turnover in each of those years for two out of the four fiscal years immediately before being invited to apply for the visa.
- Own at least one of the following percentages of the nominated main business:
- – 51 per cent, if the business has a turnover of less than A$400,000 per year
- – 30 per cent, if the business has a turnover of A$400,000 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 the nominated main business provides professional, technical or trade services, have spent no more than half the time providing those services, as opposed to general management of the business.
- Have had no involvement in unacceptable business or investment activities.
- Have total net business and personal assets of at least A$800,000 that are lawfully acquired and available for legal transfer to Australia within two years of the visa being granted.
The 188 visa is a provisional or temporary residency visa, which allows individuals holding such a visa to be in a very attractive tax position – as discussed more fully here.
It has a validity of 4 years and 3 months, and before the expiry of the visa another visa must be applied for – this is usually the subclass 888 permanent residency visa.
Provisional visa holders in the Business Innovation stream can apply for one extension for an additional two years so your visa can last up to six years.
Requirements for the subclass 888 permanent residency visa under the Business Innovation stream are discussed here.
GM Business – a division of Go Matilda Visas – is your ideal partner for guidance and advice on a business visa strategy.
We are Australian visa advisors, and our Managing Director is a qualified Chartered Accountant in Australia.
We have associates who are qualified accountants in Australia, who can provide ongoing support to you in an accounting and tax capacity as you establish and develop your business activities in Australia.
We work with our clients on the basis of fixed fees, and a wish to have a long term relationship based on our expertise, trust and a quality service.
We look forward to hearing from you.