What is a Subclass 188 Visa in Australia?
The Subclass 188 Visa, also known as the Business Innovation and Investment (Provisional) visa, is a provisional visa for individuals who are planning to invest in Australia and establish or manage a business in Australia. This visa allows applicants to stay in Australia for up to five years and bring their eligible family members with them.
Types of Streams of Subclass 188 Visa in Australia
Business Innovation Stream
This stream is for the people who are the owners of creative, financially sound, and potentially job-generating businesses, whether they are new or established in Australia. This stream provides you stay in Australia for up to 5 years.
You must do business and make investments in Australia to be eligible for this visa stream. You have to invest AUD2.5 million in an Australian State or Territory in addition to passing the points exam.
Significant Investor Stream
To be eligible for this business visa category, applicants must have received a nomination from a government agency or an Australian state or territory. An additional AUD5 million is required; this is referred to as the “complying investment.”
Entrepreneurial activities must be conducted in Australia, and a funding agreement must be secured for declared activities. You can Stay in Australia for 5 years with the help of this stream.
Premium Investor Stream
Those who are nominated by Austrade and contribute a minimum of AUD15 million to Australian investments and/or philanthropic endeavours are eligible to obtain this Premium Investor Visa.
Process to apply for a 188 Business Visa
- You must be under the age of 55.
- Before you may be invited, you must be nominated by an Australian State or Territory.
- Two years before being asked to apply, you must have owned one or two firms that earned at least AUD750,000 in each of the two years.
- You must own at least:
- If the firm generates less than AUD400,000 per year, the owner will own 51% of it.
- If the firm is publicly traded, the owner will own 10% of the company.
- If the company earns AUD400,000 or more each year, the owner will get 30% of the company.
- You must have at least AUD1.25 million in personal and commercial assets.
- Have a successful business career.
Documents required for Subclass 188 Business Visa
- A copy of your most current passport’s pages.
- An account of your company’s aims and ambitions in Australia (including a description of your research or study in relevant areas, an outline of your investment activities, and so forth).
- Bank statements that indicate the net worth of your company and personal assets.
- At the time of application, you must provide proof that you own a company.
- Evidence that you have managed your firm (made critical choices, participating in day-to-day operations, etc.)
- Your business license, which proves that your company is registered.
- Evidence that you own a portion of the company.
- A thorough one-page chart outlining your company’s status, team members, roles, and so on.
- Six images of your company location (building, setup, etc.).
- Evidence that you, your partner, or both of you have AUD800,000 in personal assets. You must transfer these assets within two years after receiving visa 188, and you must indicate the transfer date three months before applying for the visa.
- For your statement of assets and liabilities position (SALP), use Form 1139A.
- You must submit confirmation of ownership for each item, as well as its value and any obligations.
- Documents with points.
- Evidence that you have a functioning level of English.
- Evidence that you have a good personality. Form 80 for your character evaluation and personal particulars assessment must be included in your character papers.
- If you designate someone to receive visa application correspondence, you must submit this form; however, if a migration agency is assisting you, you must submit form 956.
- It is also suggested that you have proper health insurance while in Australia, and you may be required to confirm that you do not have any major ailments.
- Sign Australia’s values declaration.
Ways to Apply for Subclass 188 Business Visa
There are two ways to apply for a Subclass 188 Business Visa:
- Through Delivery Post: Once you have completed the application form and payment, you need to deliver your documents to the respected organisation.
- Apply Online through Immi Account: Create an ImmiAccount and send in the necessary fee along with the visa application if you don’t already have one. If the appropriate fee is not paid, your application will not be processed.
Processing Time for Subclass 188 Business Visa
The Immigration Office does not have a specific processing time for business visa 188. It will take less time to review your application, nevertheless, the more complete it is.
Cost for the Subclass 188 Business Visa
The cost for the Subclass 188 Business Visa is AUD$ 9,450. If you are applying for multiple streams, the fees vary:
- For Innovation Stream: AUD$ 9,450.00
- For Significant Investor stream: AUD13,860.00
- For Business Innovation Extension stream: AUD1,135.00
- For Significant Investor Extension stream: AUD1,135.00
- For Premium Investor stream: AUD9,455.00
- For Entrepreneur stream: AUD6,395.00
Your Business Visa 188 is valid for four years and three months. Applicants who applied before July 1st, 2015, may only stay for four years.
You are not refunded your application money, but you are refunded the second payment you pay for your family members.
You may extend your stay by filing for a new business visa 188. You may apply for a business extension visa if you have a business innovation or large investor stream.
A business (permanent) visa 888 may be used to seek permanent residence. If you filed for the business visa 188 before July 1, 2015, you may apply for permanent residence after three years and eleven months. If you are not yet ready to apply for permanent residence, you may renew your visa via the extension route (major investor or innovation only).
When applying for a business visa 188, you may add family members, and you can even sponsor other family members to come to Australia.
You may travel freely with a business visa 188 since it allows for numerous entries.
If your visa application is refused, you may file an appeal with the USCIS. When the department issues a judgment on your application, you will be notified in writing whether or not you have the right to appeal.