Subclass 188 & 888 – Business Innovation

Are you someone who is looking to establish or own a new business in Australia? Are you someone who is just looking to manage an existing business in Australia? In both the cases, you are in the right place.

The business innovation stream of the Australian business migration program is a process of several steps in which candidates who can show a history of successful business practice and who have significant assets that they plan to transfer to Australia can be nominated by an Australian state or territory and granted a subclass 188 provisional visa. Only once they have proven themselves by spending time in Australia and successfully managing an Australian business will they be granted a subclass 888 permanent residency visa.

All subclass 188 and 888 visas require state or territory nomination, and each state or territory has its own requirements for nomination.

Like General Skilled Migration program  visas, subclass 188 visas require meeting a minimum number of points on a points test and lodging an Expression of Interest via SkillSelect. Unlike the General Skilled Migration program, as long as you have secured state or territory sponsorship and meet the minimum points requirement you can be assured of receiving an invitation to apply.

 

Subclass 188 Application Process

1.    If necessary, sit an English test 

2.    Apply to an Australian state or territory for subclass 188 nomination

3.    If successfully nominated, lodge an Expression of Interest with SkillSelect

4.    Receive invitation to apply

5.    Make application within 60 days of invitation

 

Subclass 188 Visa Eligibility Criteria

The main criteria for eligibility for a subclass 188 business innovation visa include:

·         You are nominated by an Australian state or territory

·         You and your partner or spouse do not have a history of involvement in business or investment activities of a nature not generally acceptable in Australia

·         You have not yet turned 55, unless your nominating state or territory is satisfied that the business activity you are proposing would be of exceptional economic benefit to that state or territory

·         You have reached a minimum of 65 on the business innovation and investment program points test

·         You have an overall successful business career

·         For at least 2 of 4 of the last fiscal years before your invitation to apply, you had an ownership interest in at least one business with an annual turnover of at least AU$500 000 in each year, and you spent more time managing the operations of the business than providing services directly to customers

·         You and your spouse/partner together hold net business and personal assets of at least AU$800 000 which can be applied to an Australian business

·         Your assets and your spouse/partner’s assets were lawfully acquired and are available to transfer to Australia within 2 years of visa grant

·         You have a realistic commitment towards participating in business activities in Australia and maintaining ownership and management of an Australian business

·         Standard health and character criteria 

 

Subclass 888 Visa Eligibility Criteria

The main criteria for grant of a permanent residency subclass 188 business innovation stream visa include:

·         You have been in Australia holding a subclass 188 visa for at least 1 year out of the last 2 years

·         You have had an ownership interest in an Australian business for at least 2 years

·         You have accomplished at least two of the following:

O You and your spouse/partner have held assets in your main business(es) of at least AU$200 000 for the last 12 months

O Your business(es) employ two or more people on a full-time basis who are Australian citizens, permanent residents or New Zealand citizens and who are not members of your family unit

O The combined assets of you and your spouse have been valued at least AU$600 000 for the last 12 months

 

Some of the above requirements may be able to be waived if there are exceptional circumstances as determined by your nominating state or territory. Contact us on 08 6161 9239 for more information if you believe this may apply to you.

Common Problems for Applicants

·         The residency requirement is not waivable. If you have not been present in Australia for 365 days in the last 2 years before applying for a subclass 888 visa, you may need to apply for an extension of your subclass 188 visa.

·         We recommend that visa applicants attend an English test as soon as possible after deciding to apply for a visa, if you have not already achieved the required level of English in the last three years.

·         If you want to apply from within Australia, always be aware of your current visa’s expiry date and conditions. Letting a visa expire without applying for a new one can have severe consequences, even if you try to apply the next day.

Red Earth Migration Can Help

Business migration is a complicated area and it can be hard to determine which is the best visa pathway for your Australian migration journey. Our expert migration consultants handle business visas on a regular basis and understand all factors involved in choosing the Australian visa that’s right for you. Call 08 6161 9239 to schedule a consult today and take the first step to living in Australia.

 

Subclass 188 Applicant FAQ

Where can I apply from?

You can apply from either outside Australia or inside Australia.

Where can I receive the visa?

You can receive the visa either outside Australia or inside Australia.

What family members can I include?

Children under the age of 23 and spouses or de facto partners. Children over 18 must be financially dependent on you.

Can the health requirement  be waived for this visa?

This visa does not allow for waiver of the health requirement.

How long does this visa last for?

This is a temporary visa that lasts for 4 years. An extension is available but all family members must still be eligible to be included under the rules above.

 

Subclass 888 Applicant FAQ

Where can I apply from?

You can apply from either outside Australia or inside Australia

Where can I receive the visa?

You can receive the visa either outside Australia or inside Australia.

What family members can I include?

You can include all family members who were included in your subclass 188 application. You can also include spouses or de facto partners and financially dependent children under the age of 23 who were not included in your subclass 188 application.

Can the health requirement  be waived for this visa?

There is a health waiver available if you can show circumstances which offset the costs of your health care such that it is not an “undue cost” to the community.

How long does this visa last for?

This is a permanent visa with a five-year travel facility. This means you can stay in Australia permanently but if you want to leave and return after five years you must apply for a resident return visa.