188B investment visa
188B visa is only available to applicants who are nominated by an Australian State or Territory government. This is a 5-year temporary visa, for people who want to make a designated investment in an Australian state or territory. After maintained an investment in Australian for 4 years, the applicant can apply for permanent residence through the Business Innovation & Investment (Residence) Subclass 888 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.
Applicant must reside for at least 2 years in the nominating State.
Update:
- Upcoming Australia Immigration Changes 2021- Business and Investment Visas
- State requirements for Business visas
- COVID-19 Concessions for Business visas (SC188 and SC888)
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.
188B The Investor Stream
| General Requirements: | · The applicant has had business and personal net assets of at least AUD 2.5 million for the last 2 fiscal years
· Under 55 years of age, unless the nominating state or territory certifies that the applicant will make an exceptional economic benefit; and · The applicant must make a complying investment · Have 3 years of experience either managing a qualifying business or “eligible investments”, and have showed a high level of management skill · For at least 1 of the 5 fiscal years, you have either:
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| Subclass 888 VISA Requirements: | · The applicant has been in Australia on subclass 188A VISA for at least 2 years, within the 4 years prior to lodgement
· Maintained the investment in Australia State or Territory bonds for the last 4 years |
188B visa points test
You must score at least 65 points (the pass mark) in the points test to be eligible to apply for the Investor 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.
| 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 |
||
| 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 :
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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 |
Business Innovation and Investment (Provisional) visa (subclass 188) Investor stream
This visa is for people who want to make a designated investment of at least AUD1.5 million in an Australian state or territory and maintain business and investment activity in Australia. In order to lodge a valid visa application to the Department of Immigration and Border Protection (DIBP) you must receive state nomination support.
Check eligibility
To find out if you are eligible, read the Department of Home Affair’s (DOHA) visa criteria for the Business Innovation and Investment (Provisional) visa (subclass 188). To be eligible for visa nomination by the state of Victoria, you will need to:
- meet the DOHA eligibility requirements for this visa; and
- engage in business or additional investment activity.
You should also read the state nomination conditions and assessment criteria on this page.
Next steps
Once you are confident you can meet the relevant requirements, you can apply for Victorian visa nomination.
Victorian visa nomination processing
Processing times can vary. Applicants can expect an outcome within four weeks from the time your complete application is lodged for visa nomination.
Victorian state nomination conditions
Nomination support by the Victorian Government is conditional and subject to formal acceptance and acknowledgement by the applicant of the following:
- The applicant has read (or has had read to them) the contents of their application and confirms that the information contained therein is true and correct.
- The applicant confirms that they meet all of the Department of Immigration and Border Protection (DIBP) visa eligibility criteria.
- The Victorian Government may share information relating to the application and the applicant’s business/investment activities in Victoria with the Department of Immigration and Border Protection (DIBP).
- The Victorian Government reserves the right to make direct contact with the applicant in relation to this application or related matters. This may include contact from the Commissioner of a Victorian Government Business Office (VGBO) to discuss potential assistance in relation to business/investment activity in Victoria.
- The Victorian Government has no legal authority to deal with visa matters and will not advocate to the Department of Immigration and Border Protection (DIBP) or the Migration Review Tribunal on behalf of the applicant.
- The applicant will notify the Victorian Government of any changes in their contact details and agrees to participate in any surveys that the Victorian Government may initiate.
- The Victorian Government does not endorse any investment made, or any business activity undertaken, by the applicant nor does it accept liability for any financial loss, cost or expense incurred as a result of any business decision, business activities or investments made by any person in any way connected with this application, or otherwise.
- Victorian Government nomination is not transferable to any other Australian State or Territory.
- The applicant has a genuine commitment to establish a residence in the State of Victoria.
- The applicant will make contact with the Victorian Government within one month of arrival in Victoria.
- The applicant will reside in Victoria as per their visa and nomination conditions.
- The applicant will make a designated investment of at least A$1.5 million with the Treasury Corporation of Victoria.
- In addition to the designated investment of A$1.5 million, the applicant will engage in ongoing business/investment activity in Victoria within 36 months of arrival.
Without express written consent from the Victorian Government, failure to comply with the above conditions may result in the withdrawal of Victorian Government support for the applicant’s visa.
Assessment criteria
When you apply for Victorian visa nomination, your application is assessed against a number of criteria. We apply the criteria below across all applications.
Age
Applicants must be under 55 years of age.
Living in Victoria
The applicant must have a genuine intention to establish a residence and reside in the state of Victoria as per the visa and nomination conditions.
Investment in Victoria
The applicant must make a complying investment of at least $2.5 million
What is a complying investment?
You must make a complying investment* of at least A$2.5 million (held for the duration of the provisional visa). This will comprise of:
- 20 per cent in eligible Victorian Venture Capital and Private Growth Equity funds (VCPE) investing in start-up and small private companies (A$500,000)
- Note: this must be invested in eligible Victorian Venture Capital funds.
- 30 per cent in eligible managed funds or Listed Investment Companies (LICs) that invest in emerging companies (A$750,000)
- 50 per cent in balancing investments in managed funds or LICs that invest in eligible assets, including Australian listed securities, eligible corporate bonds or notes, annuities and real property (A$1.25 million).
All complying investments must demonstrate contribution to the Victorian economy.
*It is important that you seek independent financial advice
Restrictions on purchasing Victorian Designated Investment Bonds
US nationals and residents
If you are a US citizen or resident, you may be restricted from purchasing Victorian Designated Investment Bonds due to securities restrictions in the US.
Sanctions against countries
The Australian Government imposes sanctions against some countries to restrict commercial activities. If you are a national of, residing in or sending funds from a country that the Australian Government has imposed sanctions against, you may not be able to purchase Victorian Designated Investment Bonds.
For up to date information on sanctioned countries, please visit the Department of Foreign Affairs and Trade website.
Ownership of bonds and spouse swapping
If you decide to swap roles with your spouse/de facto partner at permanent visa stage (subclass 888 visa) so that they become the primary visa applicant, this may not be possible if the bonds were not held jointly by you and your spouse/de facto partner. Please take this into consideration when purchasing your Victorian Designated Investment Bonds and seek independent advice on any implications. See our page on Role Swapping here.
Visa 188 – Business Innovation and Investment (Provisional)
Investor Stream
This visa is intended for people with a successful background in managing businesses or financial investments. Western Australian State Nomination criteria includes:
- you have a score of at least 65 on the Business Innovation and Investment Points Test
- you have had a total of at least three years experience of direct involvement in managing one or more qualifying businesses or eligible investments
- for one of the last five fiscal years, you:
- directly managed a business in which you (or your partner or you and your partner together) held an ownership interest of at least 10 per cent; OR
you directly managed your (or your partner’s or you and your partner’s combined) investments worth at least AUD$1,500,000
- Must propose net assets of at least $2.5m invested in complying investments
- Agree to re-invest the $2.5m complying investments into any WA assets, upon maturity of complying investment
- you are less than 55 years of age, or you are proposing to participate in a business or investment activity which will be of exceptional economic benefit to the State
- Applicants and dependent family residing in Australia must live, work and study in WA
Take the business innovation stream points test to determine if you are eligible.
All 188 Business Innovation and Investment – Investor Stream visa holders will become eligible for permanent residence under the 888 Business Innovation and Investment visa – Investment Stream once they have held the required Treasury Bonds in Western Australia for at least four years and met the relevant criteria. 188 Business Innovation and Investment – Investor Stream visa holders are unable to apply for the 888 Business Innovation and Investment – Business Innovation Stream.
A government bond investment held jointly will allow either the primary or secondary applicant to meet the criteria for the Subclass 888. The primary applicant can meet the criteria for the grant of the Subclass 188 with assets in their name, and jointly held investments could then be the subject of a Subclass 888 application by either the primary or the secondary applicant.
At the time of application for the 888 Business Innovation and Investment Permanent Visa it is expected that applicants would have purchased a residence in Western Australia.
FEATURES
The Business Innovation and Investment (Provisional) visa (subclass 188) is a state nominated provisional visa which is valid for four years.
It is a pathway to permanent residency, through the Business Innovation and Investment (Permanent) visa (subclass 888).
This visa has three streams:
- Business innovation stream: for people who want to own and manage a new or existing business in Queensland
- Investor stream: for people who want to make a designated investment in a complying investment in Queensland
- Significant investor stream: for people who are willing to invest at least AUD$5million into complying investments.
CRITERIA
All migrants must be nominated by a state or territory government to be eligible for this visa.
To apply for this visa, you must meet Queensland’s nomination criteria as well as the Australian Department of Home Affairs (DOHA) eligibility criteria.
The criteria is different for each of the three visa streams – business innovation, investor and significant investor.
188 BUSINESS INNOVATION STREAM (PROVISIONAL)
In addition to the DOHA criteria, applicants seeking Queensland state nomination must meet the following criteria:
- demonstrate that you have net business and personal assets of at least A$800,000 to be transferred to Queensland within 2 years of your visa being granted, including a minimum of A$200,000 for investment into a business
- reside in Queensland.
You are permitted to extend your provisional Business Innovation visa for an additional two years.
188 BUSINESS INVESTOR STREAM (PROVISIONAL)
In addition to the DOHA criteria, applicants seeking Queensland state nomination must meet the following criteria:
- Must demonstrate a genuine commitment to Queensland
- Must have net and personal assets of at least $3m ready to be transferred to QLD
- $2.5m for complying investment
- $500k for Settlement in QLD
At the end of your Investor visa, you must apply for permanent residency.
What is a complying investment?
- 20% in Venture Capital & Growth Private Equity funds (VCPE) that invest in start-ups and small private companies.
- 30% in approved managed funds that must invest in emerging companies listed on the Australian Stock Exchange.
- 50% in balancing investments of managed funds.
188 SIGNIFICANT INVESTOR STREAM (PROVISIONAL)
Applicants seeking Queensland state nomination must meet the Significant Investor stream DOHA criteria below:
- demonstrate that you have at least A$5 million in assets readily available for transfer into complying investments in Australia
- meet the complying investment frameworks set by Austrade and provide details of your complying investment intentions to BSMQ
- demonstrate a commitment to Queensland with an intention to reside in Queensland and indicated additional investments.
TO APPLY
- Make sure you meet Queensland’s nomination criteria.
- Lodge an Expression of Interest (EOI) through DIBP’s SkillSelect online service. Priority will be given to applicants who select ‘Queensland’ as their nominating State in SkillSelect.
- If you meet Queensland’s eligibility criteria, Business and Skilled Migration Queensland will contact you with instructions on how to provide additional information (including the business proposal for the Business Innovation Stream) to finalise your application. A non-refundable application fee must be paid prior to finalising your application.
- If you are nominated by Business and Skilled Migration Queensland, you will receive an invitation from DIBP asking you to lodge an application within 60 days of nomination.
QUEENSLAND CRITERIA PROCESSING TIMES
A decision on your Queensland nomination will be made within 10 business days of all documents being submitted to BSMQ.
To meet the South Australian nomination requirements you must:
- Meet DOHA 188 investment stream criteria
- Must intend to live in SA
- Agree to make and maintain a $2.5m investment (under 55) or $3.75m investment (over 55) for the duration of the visa in a complying investment fund
- The investment fund must materially benefit SA
- Agree to register your arrival in SA with Skilled & Business Migration and maintain current contact details
Check eligibility
To find out if you are eligible, read the Department of Home Affair’s (DOHA) visa criteria for the Business Innovation and Investment (Provisional) visa (subclass 188). To be eligible for visa nomination by the state of New South Wales, you will need to:
- meet the DOHA eligibility requirements for this visa; and
- engage in business or additional investment activity.
You should also read the state nomination conditions and assessment criteria on this page.
New South Wales State Nomination Requirements
Applicants must comply with the following to be eligible to apply for a NSW state nomination:
- Must be under 50
- Applicant must:
- Possess an Australian bachelor’s degree or equivalent; or
- In the past 10 years have at least:
- 5 years of successful investment history; or
- 3 years work experience in a NSW target sector; or
- 5 years work experience in a non-target sector
- Applicant must have directly managed one of the following in the last 5 years:
- Qualifying business where you, your partner or you and your partner had at least 10% ownership interest; or
- Eligible investment of at least $2.5m owned by you, your partner or you and your partner
- Net Assets – for the two most recent fiscal years, you, your partner, or both have combined personal and business net assets of at least $2.5m
- You must make a complying investment of at least $2.5 million
- Must have a genuine interest to hold the investment for the duration of your visa
- Must demonstrate your investment will contribute to the NSW economy
- Must have a genuine commitment to reside in NSW and contribute to NSW through your investment activity
- A minimum of 65 points is required
- Applications are prioritised if:
- Points in investor experience
- 35 points in financial assets
- Points for business innovation qualifications
- Applications are prioritised if:
Investor stream: this stream is not currently accepting applications.
Investor stream: this stream is not currently accepting applications.
Other 188 Visa eligibility streams:
for business owners seeking to establish business operations in Australia
for people who are willing to invest $1.5 million in an Australian State or Territory bonds
for people willing to invest $5 million into complying investments in Australia
for people with significant funds who are willing to invest at least $15 million into complying premium investments in Australia.
for people who have a funding agreement from a third party for at least AUD200 000 to undertake a complying entrepreneur activity
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.
