This is a 4-year provisional visa. Once you have managed an investment in Australian State or Territory for 4 years, you can apply for permanent residence along with your dependent family members through the Business Innovation & Investment (Residence) Subclass 888 visa.
Who is it for
This visa is suitable for business owners and investors who want to carry out business and investment activity in Australia; bring eligible members and apply for a permanent Business Innovation and Investment (Permanent) visa (subclass 888) Investor stream if certain requirements are met
How to qualify
This visa subclass requires you to have managed investments or owned a business, and to be ready to invest AUD 1.5 million in Australian State or Territory Government bonds.
The basic eligibility requirements are as below:
- You must be owning net assets of at least AUD 2.25 million for the last 2 fiscal years
- You must be under 55 years of age, unless the nominating state or territory accepts overaged applicants.
- Meet the 188 visa pass mark (currently 65)
- You must be ready to make an investment of AUD 1.5 million in Australian State or Territory bonds prior to grant of the visa
- You must have at least 3 years of experience either managing a successful business or qualified investments, and have revealed an excellent management skill
- For at least 1 of the last 5 financial years, you have either:
- Managed a business in which you have at least 10% shareholding; or
- Managed eligible investments of at least AUD 1.5 million
Step 1: Check if you meet the all the visa requirements
This visa is a point-tested visa. You must score the passing score in order to be eligible to submit your EOI. Currently, the passing score is 65 points. You can easily calculate your 188 visa points on government site.
Step 2: Submit an Expression of Interest (EOI) and be invited through SkillSelect to apply
You cannot apply your visa application directly. First you need to submit expression of interest (EOI) and then be invited to apply through SkillSelect. Submitting an EOI does not mean you can apply your visa. You must get invited from a State or Territory. Submitting an EOI allows a state or territory governments (or the Australian government where possible) to evaluate your business claims and determine whether or not to nominate you.
Once you get nomination from state or territory government, you will be invited to apply for the Subclass 188 visa through Skillselect portal. you will have 60 days to apply online for the visa after receiving your invitation.
Detailed Information about the state eligibilities and requirements are available on state and territory websites:
Step 3: Prepare Your Documents
Australian 188 visa requires a complex set of documents. You will have to provide all personal, business and family information in order to satisfy the visa officer. The basic documents requirements are available on the government’s portal.
Step 4: Lodge Your Application Online
Applications must be lodged only. You must have an ImmiAccount so that you can start filling up your application, upload documents and pay the required visa fees.
Step 5: Wait for a decision
188 visas will take a long time to process. The average time is between 1 year and 2 years. You must have done your medical on time to avoid delays.
Step 6: Receive your visa and start working
Once your application is finalized, you will get your visa and can start working in Australia.
The document needed
- Color copies of the pages of your current passport showing photo, personal details, and passport issue and expiry dates.
- national identity card,
- proof of change of name, if applicable
- a marriage or divorce certificate
- a statement outlining your intended business or investment activities
- a description of your research or study in relevant sectors in Australia
- a description of your business’s activities in Australia, and the period of ownership, if applicable
- Evidence of the net value of your business and personal assets
- a list of the funds in your latest SALP that you intend to use to fund your AUD 1.5 million Designated Investment
- a summary describing how these funds were sourced from your qualifying business or eligible investment activities.
- evidence should also be provided of these sources where possible, for example evidence of long‐term employment, profits earned and retained in your business, or investment yields
- share or debentures certificates, fixed interest securities, ownership and market value of claimed marketable securities (if any)
- memorandum and articles of association
- certificate of business registration, business license or business names extract for the business
- franchise agreement, company registrar, or share transfer documents
- partnership agreements between all partners
- Evidence you managed the business
- Provide a full set of financial statements for your business.
- Auditor’s reports
- a one-page organizational chart of your company
- Summary statement of assets and liabilities – Provide Form 1139A Statement of Assets and Liabilities Position.
- Provide a certified copy of the trade qualification, diploma or bachelor degree to claim points.
- For a registered trademark, provide evidence that proves ownership of the trademark.
- monthly or annual tax returns showing the cumulative export sales of the main business for the year
- Provide proof you have at least functional English.
- Character certificate
- Form 80
Each Australian state has its own requirements which you must know clearly before you submit your EOI. Investment requirements, age bars, academic qualification, IELTS and many other requirements vary from state to state.