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Investment Migration (188,888)

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BUSINESS INNOVATION AND INVESTMENT (188 VISA)

The 188A visa is only available to applicants who are nominated by an Australian State or Territory government and meet the points test for this visa. To be nominated, the applicant must lodge an Expression of Interest (EOI) through the SkillSelect system. 

This is a 5-year temporary visa, for people who want to own and manage a new or existing business in Australia. Once established an ownership interest in an Australian business, the applicant can apply for permanent residence through the Business Innovation & Investment (Residence) Subclass 888 visa. 

A 2-year extension is possible once the applicant has held the subclass 188 visa for 3 years, giving 6 years from the date of grant of the original Visa. The applicants can either be in Australia or overseas to lodge this visa. If the applicant is in Australia: Must hold a Substantive Visa or a Bridging A, B or C visa.

188A The Business Innovation Stream

You must score at least 65 points (the pass mark) in the points test to be eligible to apply for a Business Innovation and Investment (Provisional) visa (subclass 188) in the Business Innovation stream or the Investor stream. The points test does not apply to you if you are applying in the Significant Investor stream, the Premium Investor stream, or the Business Innovation Extension stream or the Significant Investor Extension stream. 

The test gives points for various elements of human capital and business innovation and includes objective measures of business performance. Points are awarded for: age English language ability qualifications experience in business or investment net personal and business assets business turnover innovation.

 Points are awarded on the basis of the factors listed in the following table. All factors are assessed as at the time you are invited to apply for this visa, unless otherwise noted.

Age

You can receive up to 30 points based on your age on the day you were invited to apply. For the Business Innovation stream or Investor stream, if you are aged 55 years or you are not eligible for points for your age under the points test.

English language ability

Vocational English- 5 points: in the 3 years before you applied for the visa, you scored one of the following:

you are a citizen of and hold a valid passport from the United Kingdom, the United States of America, Canada, New Zealand or the Republic of Ireland Proficient English- 10 points To prove you have Proficient English, show evidence that in the 3 years before we invite you to apply for the visa, you scored one of the following:

Qualifications
Experience in business or investment

Business Innovation stream: experience of 

at least four years in the preceding five years (10 points)

 at least seven years in the preceding eight years (15 points) 

Investor stream:a minimum of AUD100 000 in eligible investments for 

at least the preceding four years (10 points) at least the preceding seven years (15 points).

Net personal and business assets

To be awarded points for your assets, in each of the two fiscal years before you are invited to apply, you, your partner or you and your partner combined must have held net business and personal assets of at least:

Business turnover

You can be awarded points on the basis of the turnover of your nominated main business in at least two of the four fiscal years before you are invited to apply:

Business innovation

For the Business Innovation stream, this component of the points test gives points for evidence of the following attributes at the time you are invited to apply for this visa. You can be awarded points for more than one attribute, but only once for each of them. 

Registered patents or registered designs (15 points) 

The patent or design must have been registered at least one year.

 It must have been used in the day-to-day activities of your nominated main business. 

Registered trademarks (10 points)

 The trademark must have been registered at least one year. 

It must have been used in the day-to-day activities of your main business. 

Joint venture agreements (5 points) The agreement must be a formal agreement that has been in force for at least one year. 

You must have been involved at a senior level in day-to-day management and decision-making for the venture. Export trade (15 points)

 One or more of your nominated main businesses must have derived at least 50 per cent of annual turnover from export trade for at least two of the preceding four fiscal years.

 Gazelle businesses (newly established businesses experiencing rapid growth during a short period) (10 points) Your nominated main business must have been registered for no more than five years. The average annualised growth in turnover of the business must have been greater than 20 per cent each year for a continuous period of three fiscal years.

 The business must have had 10 or more full-time employees for at least one fiscal year in the three-year period. Receipt of grants or venture capital funding for an innovative business idea (10 points) This funding must have been for the early-phase start-up of a business, product commercialisation, business development or business expansion.

 Grants: You must have received a grant of at least AUD10 000 under specified conditions from a government body in your home country within the preceding four years. Venture capital funding: You must have received venture capital funding of at least AUD100 000 within the preceding four years. Special endorsement In a limited number of cases, a nominating state or territory government could determine that your proposed business or investment is of unique and important benefit to the state or territory. 

In these circumstances, you can be awarded 10 points. Other points: Validity of the visa: 4 years and 3 months A subclass 188 Business Innovation visa holder may be able to apply for one extension (2 years) only if certain conditions are met.

BUSINESS INNOVATION AND INVESTMENT
(PERMANENT) VISA (SUBCLASS 888)

Requirements
Introduce

The Business Innovation and Investment (Permanent) visa (subclass 888) is the second stage of the Business Innovation and Investment (Provisional) visa (subclass 188). You can apply for it after you have fulfilled the requirements of your provisional visa. 

You do not need to submit a new Expression of Interest or be invited to apply for this visa. You need to be nominated by a state or territory government agency or Austrade on behalf of the Australian government if you are seeking to satisfy the primary criteria.

 If you are the holder of a provisional Business Innovation and Investment visa (subclass 188) and the government entity which nominated you for that visa has not withdrawn the nomination, you have a current nomination by that government entity. 

If you are the holder of a Special Category visa (subclass 444), or require nomination from a different nominator than your provisional Business Innovation and Investment visa (subclass 188) you are required to obtain nomination from a state or territory or Austrade on behalf of the Australian government before you lodge an application for this visa. 

The Business Innovation and Investment (Permanent) visa (subclass 888) allows you to manage your business and investments in Australia. 

This is a permanent residence visa. It lets you and any family members who have also been granted this visa: 

stay in Australia indefinitely

 work and study in Australia 

enrol in Medicare, Australia’s scheme for health-related care and expenses

 apply for Australian citizenship (if you are eligible)

 sponsor eligible relatives for permanent residence 

travel to and from Australia for five years from the date the visa is granted (after that time, you will need a resident return visa or another visa to return to Australia). 

You might be able to get this visa if you are nominated by a state or territory or the Australian government; and hold a provisional Business Innovation and Investment visa (subclass 188) and have met the requirements of that visa in the stream in which you first applied or hold a Special Category visa (subclass 444) or a Business (Long stay) visa (subclass 457IE) and have met the requirements of the business innovation stream.

Features

This visa allows you to: continue to own and manage a business in Australia (the Business Innovation stream) continue business and investment activity in Australia (the Investor stream,the Significant Investor stream and the Premium Investor stream).

SUBCLASS 888 VISA – BUSINESS
INNOVATION AND INVESTMENT
(PERMANENT)

This is a permanent visa that allows you to live in Australian permanently.

 The subclass 888 visa has two Eligibility Streams: 

The Business Innovation Stream, and The Investor Stream. Common Criteria for both Eligibility Streams: hold a provisional Business Innovation and Investment visa have met the requirements of that visa (including the specific requirements for the stream in which you first applied) are nominated by a state or territory government

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