How to Qualify for a Visa 188 Business Innovation Stream in Australia
If you are an entrepreneur who wants to start or expand a business in Australia, then the Visa 188 Business Innovation Stream could be the perfect fit for you. This visa is designed to promote economic growth in Australia by allowing successful business people to establish or develop their businesses in the country. However, to qualify for this visa, you need to meet specific criteria. This article aims to provide you with some essential information about this visa and guide you on how to qualify.
What is the Visa 188 Business Innovation Stream?
The Visa 188 Business Innovation Stream is a temporary visa that allows successful business people to establish or expand their businesses in Australia. This visa requires you to make a significant financial investment in an innovative business idea in Australia. You can also include your spouse, children, or other close family members as dependents on your visa application.
What are the eligibility criteria?
To be eligible for the Visa 188 Business Innovation Stream, you must satisfy the following requirements:
- Be under 55 years of age (exceptions apply for those who can demonstrate exceptional economic benefit)
- Score at least 65 points in the points test
- Have a successful business career and a track record of successful entrepreneurship
- Have a business idea that is innovative and viable and has the potential to contribute to the economic growth in Australia
- Provide evidence of a significant financial investment in your proposed business venture
- Meet health and character requirements
- Provide evidence of sufficient proficiency in the English language
What is the Points Test?
The points test is an assessment mechanism used to measure your eligibility for the Visa 188 Business Innovation Stream. This test awards points based on various factors, such as your age, education level, English language proficiency, business experience, and financial investment. You must score at least 65 points to pass the points test.
What is the Significant Investor Stream?
The Significant Investor Stream is an alternative pathway to the Visa 188 Business Innovation Stream designed for those who have a higher net worth and are willing to invest a more substantial amount of money in Australia. This stream requires a minimum investment of AUD 5 million in a complying investment for a minimum of four years.
What are the complying investments?
The complying investments for the Significant Investor Stream include:
- AUD 500,000 in eligible Australian venture capital or growth private equity fund(s)
- AUD 1.5 million in an eligible managed fund(s) that invests in emerging companies listed on the Australian Stock Exchange
- AUD 3 million in an eligible managed fund(s) that invests in a combination of eligible assets that include Australian listed companies, eligible corporate bonds or notes, annuities and real property (subject to the 10% limit on residential real estate assets)
Conclusion
If you are a successful entrepreneur who wants to establish or expand your business in Australia, then the Visa 188 Business Innovation Stream could be an excellent option for you. To qualify, you need to have a viable and innovative business idea, make a significant financial investment, and meet specific eligibility criteria. The Significant Investor Stream is an alternative pathway for those who have a higher net worth and are willing to invest more significant amounts. By applying for this visa, you can contribute to Australia’s economic growth while enjoying the lifestyle and opportunities that the country offers.
