All you need to know about Business Innovation and Investment Provisional Visa (Subclass 188)

April 18, 2023    Immigrationlawyers
All you need to know about Business Innovation and Investment Provisional Visa (Subclass 188)

Do you want to invest in an Australian business?

It can give you enhanced opportunities through improved business infrastructure. Then must apply for a 188 investor visa.

Australia is an evolved country with enhanced opportunities. People wish to settle in the country with the hope of residing peacefully. Though many visas are available that allow you to permanently or temporarily stay in the country, the 188 visa has its own separate benefits in business and investment.

The blog has thus described the conditions you need to know to grant the Australian subclass visa. You will also find out why you need this particular visa to become an Australian investor and who can help you in the process.

Read More – State or Territory Sponsored Investor Visa(Subclass 893)

Who Can Apply for the Business Innovation and Investment Provisional Visa (Subclass 188)?

The provisional visa encourages people with business skills. In Australia, 120 thousand people came for a business visit, and 61 thousand employees came to seek the job. If you wish to start up your business, you can choose from the best-skilled labourers.

It legally allows you to become a business investor or operate an existing business in the country. To globalise your entrepreneurship, you must go for a business innovation and investment visa 188.

The concerned visa has immense opportunities. It contains several residential advantages as well. Hence, you are seeking a visa that will allow you to run your business and legalise your residency simultaneously freely; then, you can apply for this.

What Are the Conditions to Apply for the 188 Visas?

The visa is a pathway to various opportunities in a highly evolved country like Australia. Hence, there are some major conditions that must match before you wish to grant the 188 investor visa. If you meet the following criteria, then you are eligible for the application for the visa.

  • You must have a successfully running business.
  • You have to invest a minimum amount of AUD$ 2.5 million.
  • If you are an entrepreneur, you must have the support of a valid service provider company.
  • The Australian state or territory government agency must nominate you.
  • Your health and character must not be questionable.
  • If you can comply with all the conditions, you can lodge your application for the business innovation and investment visa 188.

Read Also – How to Appeal a Visa Decision

Business Innovation and Investment Provisional Visa (Subclass 188) Eligibility Criteria?

You are required to understand the eligibility criteria before lodging your application. The key qualifying requirements are-

  • Your age has to be less than 55 years.
  • You must achieve a minimum of 65 points in the Business Investment and Innovation points test.
  • It would be best if you had a successfully running business and immense concentration towards it to be involved in business practices sincerely.
  • The state or territory government agency must nominate you.
  • Before you receive an application invitation, you must uphold the ownership of a business that encountered an AUD500,000 turnover within two out of four financial years.
  • Meeting the healthcare conditions as well as character conditions are equally important.

These are the common criteria for the 188 visa application. But the qualifying criteria also vary depending on different streams. If you are willing to undertake an entrepreneurial activity or start a business in Australia, you must understand which stream will be the most facilitating for you. The determination of this can be full of complexes. However, Visa Lawyers Perth can make it comprehensive.

What are the Perks of Having the 188 Visas?

Whatever purpose you apply for can benefit you on every ground. If you are able to match the criteria and get selected by the state or territory government agency, then you can overwhelm all the advantages.

The investor visa can give you the following perks –

1. Business Innovation Stream –

The business innovation and investment visa subclass 188 is utterly beneficial for people who are skilled in business. It allows you to start a new business or run the existing business lawfully in Australia.

2. Investor Stream –

With one time payment of AUD2.5 million, you can indulge in investment activities through the subclass 188 visa.

3. Business Innovation Extension Stream –

The holder of an innovation and investment visa can extend their residency in Australia for up to two more years.

4. Significant Investor Stream –

The visa also allows the significant investor stream to spend AUD5 million and optimistically run your business in Australia.

5. Significant Investor Extension Stream –

The significant investor visa stream is allowed to extend their stay up to four more years with the holding of the subclass visa.

6. Premium Investor Stream –

People nominated by Austrade who invest none less than AUD15 million in Australian investments and philanthropic contributions are from the stream. They can also enjoy the advanced perks offered by the visa.

7. Entrepreneur Stream –

The provisional visa 188 is also beneficial to early-stage entrepreneurs and start-up owners. If the state or territory government agency nominates them, then the visa allows them to develop their concept in the business.

If you are one of the streams, then you will be eligible to claim all the perks with the hold of the 188 subclass visa. The Investor Visa lawyers Perth can help in investigating your state and goals to suggest the appropriate visa type for you. Consequently, you will be able to understand the additional terms encapsulated around the visa grant.

How Long Does the Visa Allow You to Stay in Australia?

The subclass 188 visa allows you to stay in Australia for nearly four to five years. You can reside lawfully, and it will support your business as well as investment activities in the country. During the temporary time period, you are capable of enjoying all the perks it provides you.

If you want to extend its validity, then you can apply for a permanent visa before the 188 visa expires. The concerned visa is also a gateway to the 888 visa, which allows you to stay and exercise business activities legally in Australia. Apart from that, if you are from the business innovation extension stream or significant investor extension stream, then you are allowed to extend your living according to the conditions.

Business Innovation and Investment Provisional Visa (Subclass 188) Processing Time –

It nearly takes twenty business days to process a subclass 188 provisional visa. However, often the processing time depends on a few priorities. Any mistake in your application can cause delay, whereas-

  • In case, You are associated with a teaching or healthcare occupation.
  • You are a nominated or approved sponsor with Accredited Status.
  • If you are professionally associated with a designated regional area.

Then the processing time for your visa can get granted faster. As mentioned earlier, after the priority stage, all the other applicants can get their visas approved. But if you want to avoid delay without involving in any of the conditions, the Business Visa Lawyer will stand by your side.

What is the Cost of a Subclass 188 Visa?

The subclass 188 visa includes several investment requirements according to your stream. Apart from that, the applicant has to pay AUD 4,155.

Conclusion

In final words, the business innovation and investment visa subclass 188 encourages immigrants to indulge their knowledge and skills in Australian business. Upholding a 188 subclass visa allows various advantages in the field of entrepreneurship and investment.

There are several conditions to understand before you apply for a subclass 188 visa. The solicitors from the investor visa lawyers in Perth will be your comprehensive guide in this aspect.

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