Business Visas in Australia are designed to foster innovation, and to increase entrepreneurial talent and diversify business expertise in Australia. It is targeted at migrants that have a demonstrated history of success in innovation and business and are able to make a significant contribution to the national innovation system, and to the Australian economy.
Australia business visas are broken down into two predominant pathways – the Business Talent and Business Innovation and Investment options.
The 3 Business Innovation and Investment visa subclasses are:
- Business Talent (Permanent) (subclass 132) – offers permanent residence.
- Business Innovation and Investment (Provisional) (subclass 188) – is a first stage in the pathway to permanent residence
- Business Innovation and Investment (Permanent) (subclass 888). – is the second stage to obtaining permanent residence.
Subclass 132 – BUSINESS TALENT VISA (PERMANENT)
In the Business Talent pathway there are two streams under which the visa applicant can apply.
Significant Business History stream – applicants are required to prove personal and business assets of at least $1.5m AUD and annual business revenue in excess of $3m AUD.
Venture Capital Entrepreneur stream – for applicants who have raised over $1m AUD in venture capital funding.
Subclass 188 – BUSINESS INNOVATION AND INVESTMENT VISA (PROVISIONAL)
The Business Innovation and Investment pathway is for applicants who intend to start or manage a business in Australia.
It is a temporary residence visa with a four-year validity period.
Under the Business Innovation and Investment programme, applicants are required to satisfy the points test. The applicant must also be invited by a state or territory government after lodging an Expression of Interest (EOI) through the SkillSelect online system.
The Business Innovation and Investment offers five streams:
- Business Innovation stream – This visa stream is for applicants wanting to develop and manage a business in Australia.
- Investor stream – This visa stream is for applicants who are willing to invest at least $1.5m AUD.
- Significant Investor stream – This visa is for applicants willing to invest more than $5m AUD.
- Premium Investor Visa Stream – This visa stream is for applicants willing to invest $15 million into complying Investments in Australia. There is no age requirement, and no points test for this visa. The PIV holder does not have to fulfil any residency requirement in Australia, and they will be able to accelerate their permanent residence in Australia after 12 months.
- Entrepreneur Visa Stream – The visa is for people in the innovative, science, engineering and technological industries who have a great idea which can be commercialised, and they can find eligible partners in Australia who can assist with funding the entrepreneurial activity. The applicant will need to find a Partner with whom it will have a funding agreement of at least AUD$200,000 to undertake the complying entrepreneur activity. Applicants have to be less than 55 years old and must be nominated by a State or Territory Government. Unlike the Business Innovation (subclass 188a) Visa and the Investor (Subclass 188b) Visa, this Entrepreneur Visa is not subject to the Points Test.
Subclass 888 – BUSINESS INNOVATION AND INVESTMENT VISA (PERMANENT)
The Innovation and Investment (subclass 888) visa is permanent residence visa, granting the visa holder indefinite residence in Australia.
To qualify for this visa, you must first have held the provisional Innovation and Investment (subclass 188) visa and have met your visa conditions.