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Written by Ray » Updated on: September 30th, 2024
Are you a business owner who aspires to conduct business and/or investor activities in Australia? There are temporary and permanent business visas that you can apply and be approved for.
The 188 business visa under the business innovation stream is a popular choice for entrepreneurs looking to start or manage a business in Australia.
Securing a business visa, however, can be intricate and tough for first-timers.
This guide therefore delves into the critical aspects of the 188 visa. Let us walk you through the pre- until the post-application process in this blog post.
The 188 Visa, particularly under the Business Innovation stream, is designed for individuals who want to own and manage a new or existing business in Australia.
It's a provisional visa, meaning it serves as a stepping stone to permanent residency under the Business Innovation and Investment (Permanent) Visa (subclass 888).
Holders of this visa are granted the flexibility to develop their entrepreneurial interests in Australia, with the potential for extension and conversion to permanent resident status.
To qualify for the 188 Business Visa, you must satisfy a set of stringent criteria and guidelines, namely:
Get nominated and invited: You must submit an Expression of Interest and get an Australian State or Territory government agency to nominate you, after which you will officially be invited to apply.
Under the age of 55: Applicants generally must be under 55 years of age. A state or territory can waive this requirement if, and only if, your business will provide exceptional economic benefits to Australia.
Business experience: You must have had a successful business career with significant management experience. Notably, you must demonstrate intent to continuously conduct a successful business venture in Australia.
Ownership stakes: You need to demonstrate ownership of a business with substantial turnover. Typically, you must own at least 51% of a business with turnover of less than AUD 400,000 annually.
Net personal and business assets: If you received an application invitation on/or after 1 July 2021, you and your partner (if any) must have AUD1.25 million worth of combined assets, or AUD800,000 if you received an invitation to apply prior to July of 2021.
Get enough points, minimum of 65: Like many Australian business visas, the 188 Visa is points-tested based on factors like age, English proficiency, business experience, personal assets, business turnover, and more.
Prepare and be guided accordingly on the proper step-by-step application procedure for your future business visa grant under subclass 188. Here’s how:
Expression of Interest (EOI): Begin by submitting an EOI through SkillSelect. This shall exhaustively detail your business background and investment intentions.
State or Territory Nomination: After your EOI, you need to seek nomination from an Australian state or territory. Each region has its own requirements and processes, which often aligns with their specific economic needs.
Formal Application: Once nominated and invited, you can then proceed to apply for the visa online via ImmiAccount. You will need to provide extensive documentation, including business plans, financial records, personal identification, and more.
Assessment: Your application will undergo a thorough eligibility assessment from the Department. You may be required to provide additional information, so make sure to keep updated and check your ImmiAccount.
Visa Grant: If successful, you will be granted your 188 business visa containing key details such as visa conditions and validity date. If your application is otherwise denied, you will know the reason why and receive a notification.
The complexity of the 188 business visa application process cannot and should not be underestimated. It involves detailed documentation, a deep understanding of the legal requirements, and a clear business strategy that aligns with Australia’s economic goals.
For this reason, many applicants choose to seek professional help, and you should consider it too.
Working with an experienced migration agent or lawyer can provide you with the guidance necessary to ensure that your application is at its strongest possible. Parish Patience Immigration Lawyers is one of the longest-running law firms based in Sydney, established in 1888.
We can assist you in preparing your application, guaranteeing all requirements are met, advising on the formulation of your business plan, and representing you throughout the process.
Whenever you’re ready, we can plan out your future Australian business venture in an official consultation. Contact us today!
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