Business Innovation and Investment {Provisional} Visa{ Subclass 188}

Do you have a successful business and looking to grow into new markets

 

There are 5 different streams under this 

1- Business innovation 

2- Investor 

3- Significant Investor{no points test}

4-Premium investor{no points test}

5- Entrepreneur{no points test}

 

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                                      This is a temporary visa which leads to Business innovation and investment {Permanent} visa {Subclass 888}.
                                      Today we will discuss about the business innovation stream. The business innovation stream is for those who want to establish new or buy existing business in Australia. You must be
                                      1-Under the age of 55{ This condition can be waived if the business is to be significant economic benefit to the nominated state or territory}
                                      2-Score 65+ points
                                      3-Minimum turnover of $500,000 in each of the years . This amount includes the applicants ownership share in one or more established businesses.
                                      4-Turnover amount to be for 2 out of the 4 years immediately before invited to apply.
                                      5-The applicant should nominate a business and at the time of invitation, yourself or/and your partner should have minimum AUD$800,000 net business and personal assets
                                      6-Shouldn't be involved in unfair unacceptable means of business practices and genuine desire to own and maintain/grow the business in Australia.

                                      Points calculation
                                      The points calculation method here is different from the general skilled migration{GSM} visas.
                                      Main business  ownership and turnover
                                      The main business should have
                                      Atleast 51% ownership with turnover of less than $400,000 a year
                                      Atleast 30% ownership of the business with turnover of more than AUD$400,000 a year
                                      Atleast 10% if its a publicly listed company

                                      Transferred in 2 years
                                      Net assets amounting to no less than AUD$800,000 must be transferred to Australia within 2 years of the visa grant. 

                                      Overall success of the business 
                                      If the applicant is declared bankrupt in the 5 years before the application or involved in a business that suffered significant losses and would not be viable in the long term can add to the chances for getting an approval for this visa. Circumstances surrounding the decline of the business can be clarified with Department of Home Affairs{DOHA}such as the presence of external factors that could have affected the applicants business history

                                      DOHA will asses the following factors
                                      The type of the business and its size
                                      The specific role of the applicant in the business and if the applicant has any industry affiliations
                                      The number of staff hired in the business 
                                      Intentions to live in Australia 
                                      There are obligations attached with this visa 
                                      Either establish a qualifying business in Australia or participate in an existing qualified business.
                                      Maintain substansive ownership of the business along with direct and continous involvement of the day to day functioning of the business along with overall direction and performance of the business 

                                      Final application 
                                      The applicant has to make 2 seperate applications. This is because of the nature of the visa which is points tested and has state/territory nomination. Both the DOHA and state nomination criteria has to be met.Each state has its own criteria just like the points tested GSM visa.
                                      If you would like to open a business in Australia feel free to contact us!

                                      Contact us to find out your options!

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