Business Innovation and Investment (188 Visa)
The 188A visa is only available to applicants who are nominated by an Australian State or Territory government and meet the points test for this visa. To be nominated, the applicant must lodge an Expression of Interest (EOI) through the SkillSelect system.
The Business Innovation and Investment visa program (BIIP) will cease, with refunds of the visa application charge provided from September 2024 for those who wish to withdraw their BIIP application.
This is a 5-year temporary visa, for people who want to own and manage a new or existing business in Australia. Once established an ownership interest in an Australian business, the applicant can apply for permanent residence through the Business Innovation & Investment (Residence) Subclass 888 visa. A 2-year extension is possible once the applicant has held the subclass 188 visa for 3 years, giving 6 years from the date of grant of the original Visa.
The applicants can either be in Australia or overseas to lodge this visa.
If the applicant is in Australia:
· Must hold a Substantive Visa or a Bridging A, B or C visa.
Update:
- Upcoming Australia Immigration Changes 2022- Business and Investment Visas
- State requirements for Business visas
- COVID-19 Concessions for Business visas (SC188 and SC888)
- 188 visa fees
- What is day to day management for the 888 Business Permanent Visa?
- Are franchises acceptable for 888 Business Permanent Visa?
- 888 Business Permanent Visa and Role Swapping
188A The Business Innovation Stream
| General 188 Visa Requirements: | · Ownership of a business with turnover of at least AUD 750,000 for at least 2 of the last 4 fiscal years; and
· Net personal and business assets of at least AUD 1,250,000; and · Under 55 years of age, unless the nominating state or territory certifies that the applicant will make an exceptional economic benefit; and · Meet the pass mark in the Business innovation and investment Points test (currently 65 points) · Have an overall successful career in business |
| Subclass 888 Visa Requirements: | · The applicant has been in Australia on subclass 188A visa for at least 12 months, within the 2 years prior to lodgement
· Owned and operated a business in Australia for at least 2 years prior to the application with annual turnover of at least $300,000 for the 2 of last 4 years · You and/or your partner must meet two of the following three criteria for the 12 months:
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You must score at least 65 points (the pass mark) in the points test to be eligible to apply for a Business Innovation and Investment (Provisional) visa (subclass 188) in the Business Innovation stream or the Investor stream.
The points test does not apply to you if you are applying in the Significant Investor stream, the Premium Investor stream, or the Business Innovation Extension stream or the Significant Investor Extension stream.
The test gives points for various elements of human capital and business innovation and includes objective measures of business performance.
Points are awarded for:
- age
- English language ability
- qualifications
- experience in business or investment
- net personal and business assets
- business turnover
- innovation.
Points are awarded on the basis of the factors listed in the following table. All factors are assessed as at the time you are invited to apply for this visa, unless otherwise noted.
| Factor | Description | Points |
|---|---|---|
| Age | 18–24 years | 20 |
| 25–32 years | 30 | |
| 33–39 years | 25 | |
| 40–44 years | 20 | |
| 45–54 years | 15 | |
| 55 and older | 0 | |
| English language ability | Vocational English (IELTS 5 or equivalent) | 5 |
| Proficient English (IELTS 7 or equivalent) | 10 | |
| Educational qualifications | Trade certificate, diploma or bachelor degree by an Australian education institute; or a bachelor qualification recognised by an educational institution of a recognised standard | 5 |
| A Bachelor degree in business, science or technology by an Australian institution; or a bachelor qualification in business, science or technology by an educational institution of a recognised standard | 10 | |
| Financial assets | Net business and personal assets of you, your partner or you and your partner combined in each of the preceding 2 fiscal years immediately before the time of invitation of at least: | |
| Not less than AUD1,250,000 | 5 | |
| Not less than AUD1,750,000 | 15 | |
| Not less than AUD2,250,000 | 25 | |
| Not less than AUD2,750,000 | 35 | |
| Business turnover | If you are invited to apply for the visa on or after 1 July 2021, you had an ownership interest in one or more main businesses that had an annual turnover in at least 2 of the 4 fiscal years immediately before the time of invitation to apply for the visa: | |
| Not less than AUD750,000 | 5 | |
| Not less than AUD1,250,000 | 15 | |
| Not less than AUD1.,750,000 | 25 | |
| Not less than AUD2,250,000 | 35 | |
| Business Innovation stream only Business experience |
You have held 1 or more main businesses before you were invited to apply for the visa for: | |
| Not less than 4 years within the preceding 5 years | 10 | |
| Not less than 7 years within the preceding 8 years | 15 | |
| Investor stream only Investor experience |
If you are invited to apply for the visa on or after 1 July 2021, immediately before the time of invitation to apply for the visa you held eligible investments of at least AUD250,000 held for: | |
| Not less than 4 years | 10 | |
| Not less than 7 years | 15 | |
| Business innovation qualifications |
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| Patents or designs registered not less than 1 year before that time and used in the day to day activities of the main business | 15 | |
| Trademarks registered not less than 1 year before that time and used in the day to day activities of the main business | 10 | |
| An ownership in and day to day participation in the management of one or more main business operated under a formal joint venture agreement/s entered into no less than 1 year before the time | 5 | |
| An ownership interest in a main business/s that derives no less than 50% of its annual turnover from export trade | 15 | |
An ownership interest in a main buisness/s not more that 5 years before :
|
10 | |
|
An ownership interest in a main business/s that received :
|
10 | |
| Special endorsement | The nominating State or Territory government agency has determined that your proposed business is of unique and important benefit to the State or Territory where the nominating government agency is located | 10 |
Age
You can receive up to 30 points based on your age on the day you were invited to apply.
For the Business Innovation stream or Investor stream, if you are aged 55 years or you are not eligible for points for your age under the points test.
English language ability
Vocational English- 5 points: in the 3 years before you applied for the visa, you scored one of the following:
| Test | Score* |
|---|---|
| International English Language Testing System (IELTS Academic or General Training) | At least 5 for each of the 4 test components |
| Test of English as a Foreign Language internet-based Test (TOEFL iBT) | At least 4 for listening, 4 for reading, 14 for writing and 14 for speaking |
| Pearson Test of English Academic (PTE Academic) | At least 36 for each of the 4 test components |
| Occupational English Test (OET) | At least B for each of the 4 test components |
| Cambridge C1 Advanced test | At least 154 in each of the 4 test components |
To prove you have Proficient English, show evidence that in the 3 years before we invite you to apply for the visa, you scored one of the following:
| Test | Score* |
|---|---|
| International English Language Testing System (IELTS Academic or General Training) | At least 7 for each of the 4 test components |
| Test of English as a Foreign Language internet-based Test (TOEFL iBT) | At least 24 for listening, 24 for reading, 27 for writing and 23 for speaking |
| Pearson Test of English Academic (PTE Academic) | At least 65 for each of the 4 test components |
| Occupational English Test (OET) | At least B for each of the 4 test components |
| Cambridge C1 Advanced test | At least 185 in each of the 4 test components |
Qualifications
| Educational qualifications | Trade certificate, diploma or bachelor degree by an Australian education institute; or a bachelor qualification recognised by an educational institution of a recognised standard | 5 |
| A Bachelor degree in business, science or technology by an Australian institution; or a bachelor qualification in business, science or technology by an educational institution of a recognised standard | 10 |
Experience in business or investment
You can receive up to 15 points if you have a demonstrated history of relevant business or investment experience for a specified amount of time in the period before you are invited to apply:
- Business Innovation stream: experience of
- at least four years in the preceding five years (10 points)
- at least seven years in the preceding eight years (15 points)
- Investor stream: a minimum of AUD100 000 in eligible investments for
- at least the preceding four years (10 points)
- at least the preceding seven years (15 points).
Net personal and business assets
To be awarded points for your assets, in each of the two fiscal years before you are invited to apply, you, your partner or you and your partner combined must have held net business and personal assets of at least:
| Not less than AUD1,250,000 | 5 |
| Not less than AUD1,750,000 | 15 |
| Not less than AUD2,250,000 | 25 |
| Not less than AUD2,750,000 | 35 |
Business turnover
You can be awarded points on the basis of the turnover of your nominated main business in at least two of the four fiscal years before you are invited to apply:
| Not less than AUD750,000 | 5 |
| Not less than AUD1,250,000 | 15 |
| Not less than AUD1.,750,000 | 25 |
| Not less than AUD2,250,000 | 35 |
There is no business turnover requirement for the Investor stream.
Business innovation
For the Business Innovation stream, this component of the points test gives points for evidence of the following attributes at the time you are invited to apply for this visa. You can be awarded points for more than one attribute, but only once for each of them.
- Registered patents or registered designs (15 points)
- The patent or design must have been registered at least one year.
- It must have been used in the day-to-day activities of your nominated main business.
- Registered trademarks (10 points)
- The trademark must have been registered at least one year.
- It must have been used in the day-to-day activities of your main business.
- Joint venture agreements (5 points)
- The agreement must be a formal agreement that has been in force for at least one year.
- You must have been involved at a senior level in day-to-day management and decision-making for the venture.
- Export trade (15 points)
- One or more of your nominated main businesses must have derived at least 50 per cent of annual turnover from export trade for at least two of the preceding four fiscal years.
- Gazelle businesses (newly established businesses experiencing rapid growth during a short period) (10 points)
- Your nominated main business must have been registered for no more than five years.
- The average annualised growth in turnover of the business must have been greater than 20 per cent each year for a continuous period of three fiscal years.
- The business must have had 10 or more full-time employees for at least one fiscal year in the three-year period.
- Receipt of grants or venture capital funding for an innovative business idea (10 points)
- This funding must have been for the early-phase start-up of a business, product commercialisation, business development or business expansion.
- Grants: You must have received a grant of at least AUD10 000 under specified conditions from a government body in your home country within the preceding four years.
- Venture capital funding: You must have received venture capital funding of at least AUD100 000 within the preceding four years.
Special endorsement
In a limited number of cases, a nominating state or territory government could determine that your proposed business or investment is of unique and important benefit to the state or territory. In these circumstances, you can be awarded 10 points.
Other points:
- Validity of the visa: 4 years and 3 months
- A subclass 188 Business Innovation visa holder may be able to apply for one extension (2 years) only if certain conditions are met.
I’m in Australia and Staying in Australia during COVID-19
You can stay in Australia on a Business Innovation and Investment (Provisional) visa (subclass 188).
If you wish to stay longer, you must apply for a new visa before your current visa expires.
You may be able to get a bridging visa. This will allow you to stay until:
- you have a new visa or,
- have made arrangements to leave.
If your visa has expired or is expiring book a consultation to discuss your options.
Leaving Australia
If you leave Australia you may not be able to return.
All visa holders must comply with current travel restrictions.
I’m overseas and would like to travel to Australia during the COVID-19
Business Innovation and Investment (Provisional) visa (subclass 188) holders are allowed to travel to Australia.
Most other visa holders must comply with the current travel restrictions.
If you are unsure about your general visa requirements please book a consultation.
Travel restriction exemption
If you think you have a compassionate or compelling reason to travel to Australia, you can apply for an exemption.
Do not travel to Australia until we confirm that you can.
If you are not granted an exemption, you cannot travel to Australia.
All travellers applying for an exemption must apply online.
Other 188 Visa eligibility streams:
Note that business migration can be extremely complex, and even determining whether you have a good chance of qualifying can be difficult. In addition, you may be able to qualify in a number of different business migration categories.
Contact us today for a commitment free briefing with our Registered Migration Agents in Melbourne to find more about your visa options.
