As the name suggests this visa is basically for the businessmen. Let us understand the details about this visa.
The important points about the sub class 188 visa:
The Australia Business Sub Class 188 has the following features:
This visa has the Business Innovation stream which lets the applicant own and manage a business in Australia.
Next it has the Investor stream which, lest the visa holder to carry out investment activities in Australia. This is further divided into two streams the Significant Investor stream and the Premium Investor stream.
Through the Entrepreneur stream the visa holder can carry out entrepreneurial work in Australia.
The length of stay is 4 years and 3 months.
The eligibility criteria of the visa:
It is mandatory that the applicant has been invited by a government organization
The person needs to get an invitation to apply for the visa
In order to apply under the Business Innovation stream the applicant must be a business owner and must be operating a business.
To apply under the Investor stream the applicant must have a minimum of AUD 1.5 million to make an investment
To apply under the Significant Investor stream the applicant must have a minimum of AUD 5 million to invest.
To apply under the Premium Investor stream the applicant must have a minimum of AUD 15 million to invest.
Any other requirement that is needed to apply for a visa under a particular stream has to be fulfilled by the applicant.
The processing time for the visa:
The processing time for the Business Innovation and Investment (Provisional) visa (subclass 188) will vary and it will depend on the stream under which the applicant is applying.
The Business Innovation stream, the visa processing can take around 15 to 22 months.
The processing time for Significant Investor stream, Premium Investor and for the Entrepreneur stream may vary depending on the number of applications.
The additional requirements that need to fulfilled:
The health certificate which certifies that the applicant is in good health needs to be submitted
Character certificate of all the applicants that are listed in the application is a must.
At the time of applying for the visa the person must not have any outstanding debts with the Australian government.
All those applicants who are above the age of 18 years are made to sign the Australian values statement. Signing this statement means that the applicant is willing to obey the Australian rules and regulations and laws and that he is willingly accepting the Australian way of life.
A brief description about the different streams:
In all there are five streams:
Business Innovation stream is for those people who want to operate a new or existing business in Australia. They will require nomination from a state or territory government
Investor stream is for people who can make an investment of AUD1.5million or more. They should manage a business in Australia and must have nomination from State or territory government.
Significant Investor stream is for people who can make an investment of AUD5million or more. They should manage a business in Australia and must have nomination on behalf of the Australian Government.
Premium Investor stream is for those people who can make an investment of AUD15million. They should manage a business in Australia and must have nomination on behalf of the Australian Government.
Entrepreneur stream applicants will need to have a funding agreement from a third party for minimum of AUD200 000 or more. State or territory government nomination is required.
Benefits of the visa:
This visa lets the visa holder develop a new business in Australia or he can run an existing business in Australia.
The visa holder can make investment in Australia. He can make an investment in any of the States or territory of Australia.
The visa holder can participate or even maintain complying investments in Australia.
The visa holder can travel in and out of Australia till the visa is valid.
The visa holder can apply for a Business Innovation and Investment (Permanent) visa (subclass 888) which is a permanent resident visa.
The point tests factor:
If the applicant is applying under Significant Investor stream, the Premium Investor stream, the Entrepreneur stream, the Business Innovation Extension stream, or Significant Investor Extension stream then the point scheme is not applicable.
Those who are applying under the Business Innovation stream or the Investor stream need to score minimum of 65 points.
The profile needs to be uploaded in skills select. If the person is selected then he will get invitation to apply for the visa.
In order to understand the complexities of this visa it is better to resort to professional help. We at IRA immigration have the best immigration experts who will provide all the help that the applicant needs for applying for this visa.. Our team of experts will give you the correct guidelines for each visa category.