The Business Innovation and Investment (Provisional) visa (subclass 188)
The Business Innovation and Investment (Provisional) visa (subclass 188) is a temporary visa that allows eligible individuals to live and work in Australia for up to 5 years. The visa is designed for people who have a business or investment plan that will benefit the Australian economy.
There are three streams of the subclass 188 visa:
- Business Innovation stream: This stream is for people who want to start or acquire a new or existing business in Australia. Applicants must have a business plan that is viable and will create jobs.
- Significant Investor stream: This stream is for people who want to invest at least AUD5 million in Australian investments. Applicants must have a proven track record of investment success.
- Investor Extension stream: This stream is for people who already hold a subclass 188 visa in the Significant Investor stream and want to extend their stay in Australia for up to 4 more years. Applicants must maintain their investment activity in Australia.
To qualify for a subclass 188 visa, you must meet the following requirements:
- Be at least 18 years old
- Have a genuine intention to live and work in Australia
- Meet the English language requirements
- Score at least 80 points in the Department of Home Affairs’ points test
- Have a business plan or investment proposal that meets the requirements of the relevant stream
If you are granted a subclass 188 visa, you will be able to:
- Live and work in Australia for up to 5 years
- Bring your family members with you
- Apply for a permanent visa (subclass 888) after 2 years of holding the subclass 188 visa
The subclass 188 visa is a great option for people who want to start or grow a business in Australia, or who want to invest in the Australian economy. It is a temporary visa, but it can lead to permanent residency after 2 years.
Here are some additional details about the subclass 188 visa:
- The visa application fee is AUD4,045 for the Business Innovation stream and AUD4,495 for the Significant Investor stream.
- The processing time for the visa is typically 6 months to 1 year.
- You can apply for the visa online or through a registered migration agent.
If you are interested in applying for a subclass 188 visa, I recommend that you speak to a registered migration agent who can help you assess your eligibility and prepare your application.