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.
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 metSource: Department of Home Affairs, Australia
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:
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.Source: Department of Home Affairs, Australia
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.Source: Department of Home Affairs, Australia