Business Innovation and Investment Visa Subclass 188 & 888 | BMS Global

Business Innovation and Investment Visa Subclass 188 & 888

Would you be interested in business opportunities in Australia?

Business Visa will be great opportunities to those dynamic business persons from overseas who have passion for business investment as Australia offers tremendous opportunities in Hospitality, Tourism, Food, Mining, Construction, Oil & Gas and Engineering Industries and Wholesale & Retail Trades. Almost all International Food Franchising Companies have their outlets in Australia and new companies are coming in year by year. Although Australia has only 23 million people the size of Australia is big enough to accommodate Europe and Surrounding Asian Countries (Approx. 5,000 km Horizontally from East to West and 5,000 km from North to South).

 

Per capita income and family incomes are lot higher than many countries in the world and this has given tremendous purchasing power to Australians living in Australia. Australia is Multicultural where people from almost 200 countries live side by side peacefully. People are sports loving, keen on trying new types of food and travelling overseas. For a new person coming to Australia it provides opportunities galore. New Business Persons must keep in mind that though there would be tremendous opportunities in Australia, the process of Business visa application is not that simple and must keep in mind the complex requirements mentioned below. Applicants must first apply for the temporary visa 188, then later apply for the permanent visa 888.

 

For information on buying a business in Australia click here.

 

Business Talent (Permanent) visa (subclass 132)

​​This visa allows you to establish a new or develop an existing business in Australia.

It has two streams:

  • Significant Business History stream: for high-calibre business owners or part-owners who want to do business in Australia
  • Venture Capital Entrepreneur stream: for people who have sourced venture capital funding from a member of the Australian Venture Capital Association Limited (AVCAL).​

 

Requirements

You might be able to get this visa if you are nominated by a state or territory government agency and are invited to apply by the minister.

 

You must also either:

  • have net business and personal assets of at least AUD1.5 million and an annual business turnover of at least AUD3 million if you intend to apply for the visa in the Significant Business History stream, or
  • have obtained at least AUD1 million in venture capital funding to start the commercialisation and development of a high-value business idea in Australia if you intend to apply for the visa in the Venture Capital Entrepreneur stream.

 

Business Innovation and Investment (Provisional) visa (subclass 188)

​​​​This visa is for people who want to own and manage a new or existing business in Australia, or to invest in Australia.​​

 

Requirements

You might be able to get this visa if you are nominated by a state or territory government or Australian agency and are invited to apply by the Minister for Immigration and Border Protection.

There are four streams to this visa:

  • Business Innovation stream: for people with business skills who want to establish, develop and manage a new or existing business in Australia. Applicants must be nominated by a state or territory government.
  • Investor stream: for people who want to make a designated investment of at least AUD1.5million in an Australian state or territory and maintain business and investment activity in Australia. Applicants must be nominated by a state or territory government.
  • Significant Investor stream: for people who are willing to invest at least AUD5million into complying significant investments in Australia and want to maintain business and investment activity in Australia. Applicants can be nominated by a state or territory government or Austrade on behalf of the Australian government.
  • Premium Investor stream: for people who are willing to invest at least AUD15million into complying premium investments in Australia and want to maintain business and investment activity in Australia. Applicants must be nominated by Austrade on behalf of the Australian government.

 

If you apply under the Business Innovation stream or the Investor stream you must have 65 points to apply. Points are awarded for:

  • age
  • English language ability
  • qualifications
  • experience in business or investment
  • net personal and business assets
  • business turnover

 

The table below sets out the factors and points of the innovation points test

 

Age

18–24 20

25–32 30

33–39 25

40–44 20

45–54 5

English language

Vocational or higher    5

Proficient or higher     10

Qualifications

Australian trade certificate, Diploma or Bachelor degree or

a Bachelor degree recognised by the Minister                           5

Bachelor Degree in Business, Science or Technology                10

Business experience

Greater than four years business experience                  10

Greater than seven years business experience               15

Investment experience

Greater than four years investment experience                        10

Greater than seven years investment experience                      15

Financial metrics Net business and personal assets

$800 000         5

$1.3 million     15

$1.8 million     25

$2.25 million   35

Business turnover

$500 000         5

$1 million       15

$1.5 million    25

$2 million       35

Innovation

Registered patents or registered designs                                    15

Evidence of trademarks                                               10

Evidence of joint venture agreements                                     5

Evidence of export trade                                             15

Gazelle business                                                           10

Evidence of receipt of grants or venture capital funding          10

State or territory Nomination

Special endorsement (limited places)    10

 

Innovation points test requirements

The innovation points test for the provisional Business Innovation and

Investment (Subclass 188) is a key component of the new program. The

points test gives points for various elements of human capital and business

innovation. The test also includes objective measures of business

performance. It aims to select innovative entrepreneurs who will transfer their

skills to Australia and diversify our existing pool of business expertise.

 

Under the innovation points test, points are awarded to applicants for the

following general attributes:

  • Age
  • English language ability
  • qualifications
  • experience in business or investment
  • net personal and business assets
  • business turnover

 

Age

Applicants are eligible for points on the basis of the main applicant’s age at the time of invitation.

Applicants who are aged 55 years or older may be nominated by a state or territory government agency only if their business is of exceptional economic benefit. In this circumstance, the applicant could not be eligible for points for their age under the innovation points test.

 

English language ability

Applicants who can demonstrate vocational English are awarded five points. To demonstrate vocational English, applicants must have an IELTS test score of at least five for each of the four test components of speaking, reading, writing and listening.

 

Applicants who can demonstrate proficient English are eligible to be awarded ten points. An applicant with proficient English must have an IELTS test score of at least seven for each of the four test components of speaking, reading, writing and listening. Equivalent OET scores are also acceptable.

 

Qualifications

Applicants are awarded five points if, at the time of invitation, they have met the requirements for a trade qualification, diploma or bachelor degree by an Australian educational institution. Bachelor degrees from other educational institutions are also acceptable if the Minister is satisfied the institution meets a recognised standard. Applicants are awarded ten points if, at the time of invitation, they have met the requirements for the award of a bachelor degree in business, science or technology

by an Australian educational institution. Bachelor degrees from other educational institutions are also acceptable if the Minister is satisfied the institution meets a recognised standard.

 

Experience in business or investment

Applicants are awarded points if they have a demonstrated history of business or investment experience for a specified amount of time. Points are awarded for years of business or investment experience gained in the years immediately before the time of invitation. The experience must be relevant to the visa stream. An applicant for the business innovation stream can only claim

points for business experience, and an applicant for the investor stream can only claim points for investment experience.

 

Net personal and business assets

Net business and personal assets are mandatory threshold criteria that all applicants must meet. Business innovation stream applicants must have net business and personal assets of AUD800 000, and investor stream applicants must have net business and personal assets of AUD2.25 million. Points are awarded for meeting the minimum thresholds, and higher points will be awarded for greater levels of assets.

 

Business turnover

Business innovation stream applicants must meet the business turnover requirement of AUD500 000. There is no business turnover requirement for investor stream applicants.

 

Points are awarded for applicants in either stream where they have an ownership interest in one or more ‘main businesses’ that have a specified amount of business turnover in at least two of the four fiscal years immediately before the time of invitation.

 

Innovation

This component of the points test gives points for the following attributes. Applicants may be awarded points for more than one item under the innovation category of the points test, but points are awarded only once in relation to each item.

 

Registered patents or registered designs

o A registered patent is a set of exclusive rights granted by a national government to an inventor or their assignee in relation to an invention, which may be a product or a process, for a certain limited period, in exchange for public disclosure of the invention.

o A registered design is concerned with the appearance of products if they are new and distinctive. For example, the features of shape or configuration which have been incorporated in the product or the features of pattern or ornamentation applied to a product.

o Points are awarded when the applicant has had one or more patents or designs registered at least one year before time of invitation. The patent or design must have been used in the day–to–day activities of the main business.

 

Registered trademarks

o A trademark can be a letter, number, word, phrase, sound, smell, shape, logo, picture, aspect of packaging or any combination of these, used to distinguish goods and services of one business from those of another.

o Points are awarded to an applicant with one or more registered trademarks registered at least one year before the applicant was invited to apply for a visa. The trademark must have been used in the

day–to–day activities of the main business.

 

Joint venture agreements

o A joint venture is a commercial undertaking that has been entered into by two or more parties for the purpose of a particular activity.

o Points are awarded when at least one of the main businesses in which the applicant has held an ownership interest and participated at a senior level in the day–to–day management of the business has operated in a formal joint venture agreement for at least one year before the applicant was invited to apply for a visa.

 

Export trade

o Points are awarded when the applicant has had an ownership interest in one or more main businesses that derive not less than 50 per cent of their annual turnover from export trade for at least two of the four fiscal years immediately before the applicant was invited to apply for a visa.

 

Gazelle businesses

o Gazelle businesses are newly established businesses experiencing rapid growth during a short period of time.

o Points are awarded when an applicant’s main business has been registered for no more than five years at the time of visa invitation, and the average annualised growth in turnover has been greater than 20 per cent each year for three continuous fiscal years. The business must also have ten or more full time employees for at least one fiscal year in the same consecutive three-year period claimed for growth in turnover.

 

Receipt of grants or venture capital funding for an innovative business idea o A government grant is monetary assistance that was provided by a government or a government agency, whether local or national, of the applicant’s home country, upon specified conditions.

o Points are awarded when the applicant has received a grant of at least AUD10 000 from a government body in the applicant’s home country within four years immediately before the applicant was invited to apply for a visa. The grant must have been awarded for the purposes of

early-phase start-up of a business, product commercialisation, business development or business expansion.

o Points may also be awarded when the applicant has received venture capital funding of at least AUD100 000 within four years immediately before the time of invitation. The grant must have been awarded for the purposes of early-phase start-up of a business, product commercialisation, business development or business expansion.

 

Special endorsement

In a limited number of cases, a nominating state or territory government may determine that the business proposed by an applicant is of unique and important benefit to the state or territory. In these circumstances, an applicant can be awarded ten points.

 

 

Business Innovation and Investment (Permanent) visa (subclass 888)

​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).​

​​

Requirements

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.

 

 

Government Visa Fees (AUD)

Visa subclass Note Base application charge Non-internet application charge Additional applicant charge
18 and over
Additional applicant charge under 18
Business Talent (Subclass 132) 13a $6990 N/A $3495 $1745
Business Innovation and Investment (Provisional) (Subclass 188) – Significant investor stream 13b $7010 N/A $3505 $1755
Business Innovation and Investment (Provisional)- (Subclass 188) – Premium investor stream 13b $8410 N/A $4205 $2105
Business Innovation and Investment (Provisional)- (Subclass 188) – Business Innovation stream and Investor stream 13b $4780 N/A $2390 $1195
Business Innovation and Investment (Provisional)- (Subclass 188) – Business Innovation Extension and Significant Investor Extension streams 13c $575 N/A $290 $145
Business Innovation and Investment (Permanent) (Subclass 888) 13d $2305 N/A $1155 $575

13a For applicants who have turned 18 at the time of application and who are assessed as not having functional English the second instalment is:

  • main applicants $9795
  • secondary applicants $4890.

13b For applicants who have turned 18 at the time of application and who are assessed as not having functional English the second instalment is:

  • main applicants $9795
  • secondary applicants $4890.

This is provided that the applicant has not paid a second instalment of the visa application charge in relation to an application for a subclass 188 (Business Innovation and Investment (Provisional)) visa.

13c This visa is for existing holders of Business Innovation and Investment (Provisional) – (subclass 188) visas.

13d The second instalment of $4890 is for an applicant who:

  • has turned 18 at the time of application; and
  • is assessed as not having functional English: and
  • satisfies the secondary criteria for the grant of a Subclass 888 (Business Innovation and Investment (Permanent)) visa; and
  • has not paid a second instalment of the visa application charge in relation to an application for a subclass 188 (Business Innovation and Investment (Provisional) visa.

 

Our processing fees vary case to case and are subject to the complexity of the case and amount of work involved. We also offer initial consultations for those who want to better understand the visa process and their options, after which we will advise of our charges if you wish to proceed with us. Consultations cost from A$200 or more depending on the complexity of the case.

 

How BMS Global Can Help You

BMS Global can assist you in preparing and lodging your business visa application by providing the following immigration services:

  • We at BMS Global have 16 years of experience and sharp eyes and ears and calculative mind where we work as a team with Accountants, Lawyers, Business Brokers, Successful Business Persons and our clients and others associated with us and will provide you the best possible services for your Business Visa Application which will lead you to become a successful business person in Australia. Business persons must keep in mind that only our efforts do not bring in result but business person also must have commitment to become a successful business person in Australia.
  • We will liaise with the Department of Immigration and Border Protection on your behalf, managing all correspondence and requests they put to us
  • We will provide advice relating to the your migration goals for your selected visa category
  • We analyse current Immigration Law relating to your nominated visa category and keep you informed of any changes to Immigration Law that will affect your application as Australian Immigration laws are complex and frequently changing and should be constantly analysed
  • We assist in the completion and checking of the relevant application forms
  • Providing advice and assistance relating to documentation required to support the application Prepare any necessary supporting submissions to the Department of Immigration and Border Protection
  • Submit or lodge your application to the relevant Assessing Authority or Department for processing as soon as possible.
  • Wherever possible, supply any further documentation or information requested by the Department on receipt of documents from the applicant.
  • Wherever possible, assist you to comply with any request made by the Department

 

Please feel free to contact us at any time suitable to you and we will quote you the best possible price to carry out your work. Each case is unique and the work involved differs case to case, and accordingly we quote our price to our clients.

 

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