Business Innovation and Investment (Provisional) visa (Subclass 188) – New South Wales 2023 – 2024
Note: The Government has not provided any state with any nomination places for the Business Innovation and Investment Program (BIIP) in 2023–24.
NSW have now reached our interim allocation of places from the Australian Government. As such, NSW can no longer accept applications for NSW nomination for the Business Innovation and Investment (Provisional) visa (subclass 188).
Until this time, you must score a minimum of 85 points in your SkillSelect EOI to apply for NSW nomination under the Business Innovation, Investor, or Entrepreneur streams.
Significant Investor stream applicants may apply as normal.
Streams in Business Innovation and Investment visa
Business Innovation Stream – Subclass 188A
This stream is for people who have a successful business history with high turnover wanting to operate a business or businesses in New South Wales.
Eligibility
First and foremost, you need to meet the Department of Home Affairs criteria for this stream. Please click here for details of the criteria.
Besides the criteria set by the Department, you also need to meet the criteria of the New South Wales government, which are higher than these of the Department, in order to apply for a nomination.
Business Requirements
Your business plan
You must provide a business proposal that clearly describes how your business will contribute to the NSW economy and create new jobs.
Creating new jobs in NSW
You must create a minimum of two new full time equivalent jobs.
If you are purchasing an existing business
You must show growth in the business since taking over through either an:
- increase in annual turnover of at least 10%, or
- increase in business assets of at least 25%
Pathway to Permanent visa – Subclass 888
To be eligible for visa subclass 888 in NSW, during your 188 visa period, you must have made a business investment of:
- Sydney: AUD $500,000
- Regional NSW: AUD $300,000
Investor Stream – Subclass 188B
This stream is for people who can invest at least AUD $2.5 million in designated investment in NSW.
Eligibility
NSW Target Sectors
As you can see from the requirements above, you are required to have a bachelor’s degree OR a 3-year business experience in NSW Target Sectors. So, what are NSW Target Sectors?
Target Sectors in NSW are different if you are investing in Sydney or other regional areas in NSW, with more sectors are available in regional areas.
Sydney
Sydney target sectors include:
- Advanced manufacturing
- Food and beverage manufacturing
- Agricultural technology
- Aerospace and defence
- Renewable energy and sustainability
- Emerging digital technology
- Cyber security
- Medtech
Regional NSW
Regional NSW target sectors include those for Sydney in addition to:
- Technology-enabled primary industries
- Critical minerals
- Recycling and waste management
Significant Investor Stream – Subclass 188C
First and foremost, you need to meet the Department of Home Affairs criteria for this stream. Please click here for details of the criteria.
Besides the criteria set by the Department, you also need to meet the criteria of the New South Wales government, which are higher than these of the Department, in order to apply for a nomination.
Age
There is no age limit for this visa stream and you are not required to meet the Home Affairs points test.
Complying investment
You must make a complying significant investment of at least A$5,000,000 and have a genuine intention to hold that investment for the life of your provisional visa.
It must be invested in the following proportions:
- at least A$1,000,000 in venture capital and growth private equity funds which invest in start-ups and small private companies
- at least A$1,500,000 in approved managed funds. The managed funds must invest in emerging companies listed on the Australian Stock Exchange
- a ‘balancing investment’ of at least A$2,500,000 in managed funds
Entrepreneur Stream – Subclass 188E
Age
Applicants must be under 55 years of age.
Entrepreneur program
You must be accepted by a NSW Startup Accelerator Program or Startup Incubator Program.
Accelerators and Incubators include (but are not limited to):
- Stone and Chalk
- The Studio
- 25fifteen
- Cicada Innovations
- BlueChilli
- Fishburners
- Future Transport Digital Accelerator
- Microsoft ScaleUp Program
- Caltex C-lab
- Tank Stream Labs
- The Founder Institute
Funding from a third party
You must show you have adequate funding secured to complete your project from an approved entity.
Approved entities include a:
- Commonwealth Government agency
- NSW government agency
- Publicly funded research or innovation organisation
- Higher education provider specified as a Table A or Table B provider under Part 2-1 of the Higher Education Support Act 2003, or
- Investor registered as an Australian Venture Capital Limited Partnership or Early Stage Venture Capital Limited Partnership
Business proposal
Your business proposal must clearly demonstrate how your innovative ideas will benefit NSW, and how you intend to commercialise your product or service, and develop your enterprise or business.
You must also clearly show that you have:
- completed a proof of concept (e.g. customer interviews, surveys, or focus groups)
- a potential business customer (B2B) or business channel to market (B2C)
- a scalable solution that can be deployed to multiple customers
- the IP or the rights to commercialise
The nomination process for Entrepreneur stream is slightly different from other streams of visa 188. You cannot apply directly for a NSW nomination but need to be invited to apply.
Step 1: Express your interest with NSW state government using their online form
Step 2: Pay the registration of interest fees:
- A$330 if applying from within Australia (incl GST)
- A$300 if applying from outside Australia
Step3: Wait to get invited. If you have got the invitation, you can now apply for the state nomination.
Step 4: If your nomination is approved, you can apply for a visa with the Department of Home Affairs.
How to apply to NSW Nomination – 188A, 188B and 188C visa
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