The subclass 188 Business Innovation Extension stream is an option for subclass 188 Business Innovation stream visa holders who have an ownership interest in a business in Australia, and who have not yet managed to reach the required financial thresholds for the granting of a subclass 888 permanent residency visa.
To be eligible for an extension of the subclass 188 visa an interest in a business in Australia must have been in place for at least 2 years, and the visa holder must be the holder of a subclass 188 visa that was granted under the Business Innovation stream.
Documents to be submitted to the Department of Immigration are similar to those required for a permanent residency visa application under the Business Innovation stream of subclass 888, and include:
- Confirmation of the ownership interest in an Australian business for at least 2 years
- Evidence of participation in the day to day management of the business for at least the two years immediately before the visa application is submitted to the Department of Immigration.
Only one extension of the 188 visa is permitted for those seeking permanent residency under the Business Innovation stream of subclass 888, and if granted the total period the visa holder is permitted to stay in Australia will be extended to 6 years from the date the initial subclass 188 visa is granted.
Please feel able to contact Go Matilda Business Visas if you have a subclass 188 visa and would like to discuss your visa strategy from where you are now.