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Do you have a business idea that you believe could be successful in Australia? Are you willing to make a significant financial investment in the country? If so, the Innovation and Investment visa may be the ideal choice for you.
This visa, also known as subclass 188, is a provisional business visa that allows the primary visa holder and any accompanying individuals to stay in Australia for four years. After this initial period, it may be possible to apply for a permanent visa (subclass 888).
There are three streams available for applicants:
This visa offers a unique opportunity for entrepreneurs and investors to develop and grow their business in a thriving economy like Australia.
To be eligible for a provisional Innovation and Investment visa, you must be invited to apply by a state or territory government. The application process begins with submitting an Expression of Interest (EOI) to the Department of Home Affairs. An Australian immigration official will assess your EOI and determine if you meet the visa’s requirements.
Temporary residence visa holders may face certain limitations, such as not being able to access medical assistance through Medicare. However, with a provisional Innovation and Investment visa, you are granted several allowances. These include:
These provisions give visa holders greater flexibility and the opportunity to pursue their business interests in Australia.
To apply for an Innovation and Investment visa, applicants must first submit an Expression of Interest (EOI), which specifies the stream under which they will be applying and where they intend to conduct their business in Australia. After lodging an EOI, state and territory governments will assess the application to evaluate the viability of the proposed business activities in Australia.
It is important to note that different state and territory governments may follow different procedures, and in some cases, the nominating authority may contact the applicant. Upon receiving an invitation to apply for the visa, the applicant must do so within 60 days; failure to apply within this period will result in the EOI being removed from the SkillSelect system.
When lodging an EOI, evidence of claims is not required, but when applying for the visa, applicants must provide substantive evidence of their business background and future plans in Australia. Once an EOI is lodged, it cannot be modified or altered, so it is crucial to provide accurate information to avoid revocation of the invitation.
To expedite the process and avoid revocation of the invitation, applicants are encouraged to gather as much information as possible while waiting for the invitation.
People who want to apply must:
Applicants are required to undergo a health examination, further information can be found at: http://www.immi.gov.au/allforms/health-requirements/meeting-health-req.htm
You must meet the character requirements to apply for the Business Talent visa. This involves producing police clearance certificates in each of the countries where you have lived for longer than 12 months in the last 10 years.
The applicant must:
You and/or your partner combined must:
Note: Any income generated from your investment in Australia will be subject to Australian taxation law.
To be eligible for the Significant Investor stream, the applicant must make a complying investment of at least $5m AUD in any of the following investment vehicles:
The investment must be held for a minimum of four years. The applicant and/or their partner must have legally acquired net assets valued at least $5m AUD that are available for transfer to Australia within two years of the visa grant date.
The applicant must be committed to, or at least intend to:
The applicant and their partner must not have been involved in any inappropriate or unaccepted business or investment practices. The Commonwealth of Australia will not be held responsible for any losses incurred in the complying investment. Any legal action against the Commonwealth cannot be taken by the applicant or their family members who are 18 years or older. Note that income generated from the investment in Australia will be taxed according to the Australian tax laws.
As a holder of a provisional Innovation and Investment visa, you have the following entitlements:
Once your visa is granted, it is valid for a period of four years. If you are unable to meet the criteria for the permanent Business Innovation and Investment visa (subclass 888) during this time, you may be eligible to apply for an extension under the Extension stream, provided you hold a visa under the Business Innovation or Significant Investor streams.
It is important to note that visa holders under the Investor stream are not eligible for the Extension stream. The Extension stream allows the visa holder to stay in Australia for an additional two years, giving them more time to meet the criteria for the permanent Business Innovation and Investment visa.
Those holding a visa under the Business Innovation stream can apply for one extension only, which will take the total validity period up to six years. On the other hand, those holding a visa under the Significant Investor stream can apply for a maximum of two extensions, which will take the total validity period up to eight years.
Each stream under the Innovation and Investment visa has its own set of obligations, and it is your responsibility to meet the relevant requirements.
Business Innovation stream If you apply for the Business Innovation stream, you must meet the following conditions:
You may also be required to participate in a monitoring survey to provide information about your business activities in Australia.
Investor stream If you apply for the Investor stream, you must maintain your designated investment for a minimum of four years.
Significant Investor stream If you apply for the Significant Investor stream, you must continuously hold your complying investments for the duration of your four-year visa. You may switch between complying investments, provided that:
Funds reinvested within the 30-day period will be considered to have been held continuously from the original investment date.
In order to be eligible for the provisional Innovation and Investment (subclass 188) visa, you are required to score a certain number of points in the points test.