188 Business Innovation (A)

Purpose

This provisional visa is for people with business skills. It lets you operate a new or existing business in Australia

Stay

Up to 4 years and 3 months.

With this visa, you can…..

  • Operate a new or existing buinsess in Australia
  • Bring eligible members of your family with you
  • Apply for a permanent Business Innovation and Investment (Permanent) visa (Subclass 888) Business Innovation stream

Main criteria

  • Have an overall successful career in business or an enterprise
  • For 2 out of 4 fiscal years immediately before you receive an invitation to apply, you must have had an ownership stake in 1 or 2 businesses that had at least AUD500,000 turnover in each of those 2 years.
  • Have total net assets worth AUD 800K when you are invited to apply, which are available to transfer to Australia within 2 years
  • Own substantial part of the business – 51% of company share if company turnover is less than AUD 400K, or 30% if turnover is more than AUD 400K, or 10% of total issued capital of a publicly listed company.
  • Nominated by an Australian State or Territory
  • Invitation to apply through skillselect
  • Under 55 years of age
  • Meeting the point test for Business Innovation and Investment stream (currently 65 points)
Factor Description Points
Age 18–24 years 20
25–32 years 30
33–39 years 25
40–44 years 20
45–54 years 15
55 and older 0
English language ability Vocational English 5
Proficient English 10
Educational qualifications Trade certificate, diploma or bachelor degree by an Australian education institute; or a bachelor qualification recognised by an educational  institution of a recognised standard 5
A Bachelor degree in business, science or technology by an Australian institution; or a bachelor qualification in business, science or technology by an educational institution of a recognised standard 10
Financial assets Net business and personal assets of you, your partner or you and your partner combined in each of the preceding 2 fiscal years of at least:
Not less than AUD800,000 5
Not less than AUD1.3 million 15
Not less than AUD1.8 million 25
Not less than AUD2.25 million 35
Business turnover You had an ownership interest in one or more main businesses that had an annual turnover in at least 2 of the 4 fiscal years immediately before the time of invitation to apply for the visa:
Not less than AUD500,000 5
Not less than AUD1 million 15
Not less than AUD1.5 million 25
Not less than AUD2 million 35
Business Innovation stream only
Business experience		 You have held 1 or more main businesses before you were invited to apply for the visa for:
Not less than 4 years within the preceding 5 years 10
Not less than 7 years within the preceding 8 years 15
Investor stream only
Investor experience		 Immediately before the time of application you held eligible investments of at least AUD100,000 held for:
Not less than 4 years 10
Not less than 7 years 15
Business innovation qualifications
Patents or designs registered not less than 1 year before that time and  used in the day to day activities of the main business 15
Trademarks registered not less than 1 year before that time and  used in the day to day activities of the main business 10
An ownership in and day to day participation in the management of one or more main business operated under a  formal joint venture agreement/s entered into no less than 1 year before the time 5
An ownership interest in a main business/s that derives no less than 50% of its annual turnover from export trade 15
An ownership interest in a main buisness/s not more that 5 years before :

  • had an average annualised growth in turnover that was greater than 20% per annum over 3 continuous fiscal years; and
  • in at least one of the 3 fiscal years employed 10 or more employees for a total number of hours that was at least the total number of hours that would have been worked by 10 full-time employees
 10
An ownership interest in a main business/s that received :

  • a grant from a government body in your home country of at least AUD10,000 for the purposes of early phase start up of a business, product commercialisation, business development or business expansion
    or
  • venture capital funding of at least AUD100,000 not more than 4 years before the time of the invitation for the purposes of early phase start up of a business, product commercialisation, business development or business expansion
 10
Special endorsement The nominating State or Territory government agency has determined that your proposed business is of unique and important benefit to the State or Territory where the nominating government agency is located 10