Business Innovation and Investment Visas - 888 and 188

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The Australian government offers two visas, the Business Innovation and Investment visa 888 and the Business Innovation and Investment visa 188, to encourage successful business owners and investors worldwide to settle in the country. Here is all you need to know about these two visas and what they can offer to entrepreneurs and investors.

The different types of business innovation and investment visas

Business innovation and investment visas subclass 888 are designed to encourage business owners and investors to establish, manage and grow a business in Australia. These visas allow eligible applicants to live, work and invest in the country.

Business Innovation and Investment visa 888: This visa is designed for individuals who want to establish or manage a business in Australia, or invest in an Australian state or territory. The applicant must meet the relevant criteria and have a successful business history and/or substantial net assets.

Business Innovation and Investment visa 188:  This visa is designed for applicants who want to establish or manage a new or existing business in Australia or invest in an Australian state or territory. The applicant must meet the relevant criteria and have a successful business history and/or substantial net assets. The applicant may also be able to access an Accelerated Permanent Residency pathway after two years.

These visas provide a pathway to permanent residency for qualified applicants. Applicants can apply for these visas online through the Department of Home Affairs.

The requirements for each type of visa

Business Innovation and Investment Visa 888

• This visa requires applicants to hold a Business Innovation and Investment (Provisional) visa (subclass 188) for at least 1 year, have operated a business in Australia, or managed an eligible investment fund, and have achieved the minimum points test score.
• The visa also requires the applicant to make and maintain a designated investment of at least AUD 1.5 million into their nominated business in Australia.
• Applicants must also meet health, character, and other requirements.

Business Innovation and Investment Visa 188

• This visa is for individuals who want to own and manage a new or existing business in Australia or invest in an Australian State or Territory.
• The visa requires applicants to submit an Expression of Interest through Skill Select, score at least 65 points on the points test, and meet the following requirements: be less than 55 years of age; have a successful business career; have no involvement in unacceptable activities; hold a suitable financial record; and have functional English language ability.
• Additionally, applicants must be invited by the Department of Home Affairs to apply for this visa.
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The benefits of each type of visa

The Business Innovation and Investment Visa 188 and 888 offer a range of benefits to the successful applicant.

• The Business Innovation and Investment Visa 888 allows business owners or investors to remain in Australia indefinitely and gives them access to the country's full range of business and investment opportunities. This visa also offers access to Medicare, eligibility for permanent residence, and other social security benefits.
• The Business Innovation and Investment Visa 188 is ideal for entrepreneurs and investors looking to establish a new business in Australia or invest in an existing one. This visa offers fast-tracked permanent residence, access to government funding and grants, as well as access to business and research networks throughout the country. The 188 visa also provides for a two-year work and travel period for family members.

 

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Created on Jan 10th 2023 22:44. Viewed 152 times.

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