Due to complexity of business migration visas, legal advice and assistance is highly recommended before you make up your mind to apply for a business migration visa.
There are three major visa categories within the Business Innovation and Investment Program (BIIP), namely:
- the Business Innovation and Investment (Provisional) Visa (Subclass 188) (“the 188 Visa”),
- the Business Innovation and Investment (Permanent) Visa (Subclass 888) (“the 888 Visa”), and
- the Business Skills Business Talent (Permanent) Visa (Subclass 132) (“the 132 Visa”).
The 188 Visa
The 188 Visa is a provisional visa allowing its holder to carry out business activities or investments in Australia to meet the criteria for the corresponding 888 Visa (permanent visa) within a period of 4 years and 3 months after the grant of the 188 Visa. Major streams within the 188 Visa are:
(i) The Business Innovation Stream – the 188A visa,
(ii) The Investor Stream – the 188B visa,
(iii) The Significant Investor Stream – the 188C visa,
(iv) The Premium Investor Stream – the 188D visa, and
(v) The Entrepreneur Stream – the 188E visa.
Each stream has its own visa criteria that must be met by the applicants. The first three streams are the popular streams:
- The Business Innovation Stream is for business owners intending to operate a new or established business in Australia. To be eligible for this visa the applicant must meet a number of criteria, including being a business owner with a successful business career, having maintained direct management in the business, meeting specified requirements for annual turnover (minimum AU$500,000) and for value of lawfully acquired net assets (AU$800,000).
- The 188B visa is for business people with at least 3 years proven experience with a high level of management skill in, and overall a successful record of, managing eligible investments for the purpose of producing a return in the form of income or capital gain, and not for personal use. Such eligible investments include ownership in a business, cash on deposit, stocks or bonds, real estate, gold or silver bullion. In addition, the applicant must have maintained direct involvement in managing eligible investments with a net value of at least AU$1.5 million, or in managing a qualifying business with at least 10% of ownership interest in the business, for at least 1 of 5 fiscal years before the time of invitation to apply for the visa. Moreover, the applicant must have a net value of at least AU$2.25 million of personal and business assets for the 2 fiscal years before the time of invitation to apply for this visa Investor Stream is for business people with at least 3 years proven experience with a high level of management skill in, and overall a successful record of, managing eligible investments for the purpose of producing a return in the form of income or capital gain, and not for personal use.
- The Significant Investor Stream is for people who have lawfully acquired funds or net assets worth of at least AU$5 million which can be used to make a Complying Significant Investment for at least 4 years.
Whilst the Significant Investor Stream does not have any age limit for the primary applicant, both the Business Innovation Stream and the Investor Stream do have age limit for the primary applicant to be under 55 at the time of invitation to apply for the visa, unless specially endorsed by the relevant State/Territory for proposed business activities with exceptional economic benefit to the State/Territory.
Further, applicants for the Business Innovation Stream and the Investor Stream are required to meet the passmark for the BIIP Points Test, which has the following qualification factors for points:
- English language proficiency,
- experience in business or investment,
- net personal and business assets (minimum AU$800,000),
- business turnover (minimum AU$500,000 p.a.),
- innovation, and
- special endorsement by nominating State/Territory.
In addition to visa criteria, each State/Territory sets out their own requirements for nomination for each stream of the 188 visa.
The 888 Visa
The pathway to permanent residency for the 188 Visa holders is the 888 Visas in the corresponding streams. Again, each stream has its specific requirements that must be met for a successful application.
The 132 Visa
The 132 Visa has two streams, the Significant Business History Stream (the 132A visa) and the Venture Capital Entrepreneur Stream (the 132B visa). Of these two streams, the 132A visa is the popular stream.
The Significant Business History Stream is for business owners with a successful business career, having maintained direct management in the business, meeting specified requirements regarding net value of assets in the business, annual turnover and personal assets, et cetra.
There is an age limit of 55 years of age at the time of invitation to apply for the visa, unless specially endorsed by the relevant State/Territory for proposed business activities with exceptional economic benefit to the State/Territory.
In addition to visa criteria, each State/Territory also has their own requirements for nomination for each stream of the 132 visa.
If you are interested in applying for a business migration visa, please contact us to set up an initial consultation for a preliminary assessment of your eligibility.
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