Key changes from 1 July 2021 include:
* Business annual turnover requirement increased from AUD500,000 to AUD750,000
* Business and personal asset requirement increased from AUD800,000 to AUD1,250,000
Who is Business Innovation and Investment 188A visa suitable for?
Business Innovation and Investment 188A visa is suitable for applicants who are experienced business owners with experience in managing their businesses. To be eligible for Business Innovation and Investment permanent visa 888A, the 188A visa holder must use their business experiences and start-up or purchase an existing business in Australia and manage the business operations. You can check the eligibility requirement of the Business Innovation and Investment 188A visa below.
There are a few key benefits of a 188A Business Innovation and Investment visa. It has low asset requirement of AUD1,250,000, compared to AUD2,500,000 for 188B.
188A Main Eligibility
- Requires invitation to apply for the visa
- Be less than 55 years old (exemption applies)
- Has at least 65 points for the Expression Of Interest
- Has overall a successful business career
- Owns one or more established main businesses with at least AUD750,000 annual turnover for at least 2 of last 4 fiscal years
- Has at least AUD1,250,000 business and personal assets and available to transfer to Australia within 2 years
- Genuine intention to do business in Australia
188A Main Conditions
- For offshore applicants, first entry must be made before the date specified by the Minister
Main Eligibility to Permanent Resident Visa
- Be in Australia for at least 1 year in the 3 years immediately before applying for Subclass 888 visa
- Has held the 188A visa for at least 3 years
- Own and manage a business in Australia for 2 years immediately before applying
- Meet the ownership interest requirement for 2 years immediately before applying
- 51% of the total value of a business with a turnover of less than AUD400,000 per year, or
- 30% of the total value of a business with a turnover of AUD400,000 or more per year, or
- 10% of the total value of a business that is operated by a publicly listed company
- Your business had an annual turnover of at least AUD300,000 in the 12 months immediately before applying
- In the 12 months immediately before applying, meet 2 of the 3 requirements below:
- Have assets of AUD200,000 net value in your business
- Have personal and business assets of AUD600,000 in net value
- Employ at least 2 full-time eligible employees
Did you know for 188A?
- For 188A Business Innovation visa, you are required to operate a business in Australia with at least AUD300,000 annual turnover to be eligible for Subclass 888 permanent resident visa
- You may be required to employ at least 2 Australian Citizen or Permanent Resident full-time to be eligible for Subclass 888 permanent resident visa
188A Business Innovation Additional Information
|Stay||Up to 5 years with pathway to Business Innovation and Investment (Permanent) visa subclass 888 which is a permanent visa|
|Cost||AUD6,085 for primary applicant|
AUD3,045 for additional applicant over 18 years
AUD1,520 for additional applicant under 18 years
If applicant does not have at least Functional English, they are required to pay the second instalment charge as follows:
AUD9,795 for primary applicant
AUD4,890 for secondary applicant over 18
|Processing Time||75% of applications: 30 months|
90% of applications: 35 months
You and your family members may be required to take a health examinations to meet the health requirement to show that you are free from any disease or condition that is:
- a significant healthcare and community service cost to the Australian community
- likely to limit the access of Australian citizens and permanent residents to healthcare and community services that are in short supply by placing demand on those services.
Your health examination will include the standard medical examination. Additional tests (such as TB Screen test, chest x-ray, and HIV test) will be required by different age groups. In some circumstances, you may be required to take additional tests such as: hepatitis B and C test, syphilis test, HIV test, and tests that address your specific health risks.
You must be of good character and pass the character test. There are a number of circumstances where you may not pass the character test. For example, if you have a substantial criminal record. A substantial criminal record means if you have been:
- sentenced to death or imprisonment for life
- sentenced to a term of imprisonment of 12 months or more
- sentenced to two or more terms of imprisonment (even if served concurrently) where the total is 12 months or more
- found by a court to not be fit to plead in relation to an offence but found to have committed the offence and detained in a facility or institution
You may be required to obtain one or more documents to prove your character, such as: a police certificate, Form 80, character statutory declaration, military certificate, or a letter of good conduct from an employer.
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