Victoria’s Business Innovation and Investment Program (BIIP) 2022-2023

Update: State requirements for Business visas

Note: The Government has not provided any state with any nomination places for the Business Innovation and Investment Program (BIIP) in 2023–24.

Open to applicants living in Victoria and overseas, the program provides Business and Investor migrants with a pathway to permanent residency in Victoria.

The program provides four visa pathways:

• Business Innovation stream (subclass 188A) (Provisional) visa
• Investor stream (subclass 188B) (Provisional) visa
• Significant Investor stream (subclass 188C) (Provisional) visa
• Entrepreneur stream (subclass 188E) (Provisional) visa.

Onshore and offshore applicants can apply

In addition to applicants living in Victoria, they will also be selecting applicants living outside Australia for Business Innovation and Investment visa nomination.

Business and Innovation stream (188A)

To be eligible to apply for visa nomination under the Victorian Business Innovation stream (subclass 188A) you must:

• be under 55 years of age,
• have achieved at least 65 points on the Australian Government’s points test for your Expression of Interest (EOI) in the Department of Home Affairs’ SkillSelect,
• demonstrate innovation capability,
• have at least 3 years of business experience,
• demonstrate your proposed business is within your area of expertise,
• be committed to establishing, operating and growing a Victorian business,
• be committed to meet the requirements for permanent residence, and
• meet the DHA 188 requirements including minimum financial requirements.

Innovation capability

You must show your capacity to innovate by demonstrating one of the following in your SkillSelect Expression of Interest (EOI) and your nomination application:

• Your main overseas business has an annual turnover of $1,750,000 or greater, or
• you have a bachelor’s degree in business, science or technology from an Australian institution or an overseas institution of a recognised standard, or
• you have any business innovation qualification claimed in your EOI (except ownership in a business with no less than 50% of turnover in export trade).

Age

You must be under 55 at the time of your visa application.

Business History

You must have at least 3 years business ownership experience listed in your SkillSelect EOI.

The Victorian Government may request a summary of your current business or relevant business history that includes:

• The products or services sold by the business,
• current business name, address, and website (if available),
• annual turnover,
• the client profile of the business (who does your business sell to),
• the purpose of the business “e.g., to provide software solutions that are more efficient, effective and user friendly to sole traders”.
• photographs of the products/services, and photographs of the place of business.

Points

You must have achieved at least 65 points on the Australian Government’s points test for your EOI in SkillSelect.

Business Proposal

The proposed business must be within your area of expertise. This must be demonstrated through 3 years of highly relevant business history .

Examples of businesses that have been successful in Victoria in this program include:

• Technology development
• Tourism and primary producer
• Cosmetics manufacturing
• Nutritional product manufacturing and export

Examples of business types that will not be accepted include:

• property development
• gift stores
• convenience stores
• dollar stores
• franchises (unless international brand that is new to Australia)

You must propose to engage in eligible business activity in Victoria

You must propose to engage in eligible business activity that is highly relevant to your recent business experience.

Job creation

You must also demonstrate that your business will create jobs in Victoria.

You must employ at least 2 full time eligible employees.

We may refuse your nomination application for a permanent visa (subclass 888A) if you have not employed at least 2 full time eligible employees.

Exemption: You could be exempt from this job creation requirement if your eligible business’ turnover is at least A$1 million per year for the 2 years before you apply for permanent residency.

$500,000 investment into Eligible Victorian Business

You must provide evidence of business investment of at least $500,000 in your Victorian business/s for a period of 1 year immediately before your (Subclass 888) Business Innovation nomination application.

You will be required to provide a balance sheet for the last 2 years showing a value of $500,000 or greater maintained for a 1-year period immediately preceding your Subclass 888 visa nomination application.

English language skills

At the time of your Victorian (subclass) 888 visa nomination application, you must provide evidence that you or your spouse have one of the following:

• Functional English at time of your nomination application, or
• documentation showing that you have completed any English course funded by the Department of Home Affairs.

An applicant with a High Performing Victorian Business will have the English skills requirement waived. Please see the section below on what is considered a High Performing Victorian Business.

High Performing Victorian Business

Owners of a High Performing Victorian Business are exempt from the English Language requirements when applying for Victorian (subclass) 888 visa nomination.

Your business will be considered a High Performing Victorian Business if you are able to provide evidence of both of the following:

• 6 or more full-time employees (or equivalent part-time employees) employed in the eligible Victorian business/es for no less than 6 months prior to nomination application, and
• turnover of at least $A 2 million per annum for the last 1 year immediately before the 888A nomination application.

Exporters – Important information for export business activity

Investor (188B)

• Complying investments of A$2.5million (held for the duration of the provisional visa)
• Minimum SkillSelect points score of 80
• No requirement to make any additional investments
• No requirement to invest in Designated Investment Bonds
• All complying Venture Capital and Private Growth Equity funds (VCPE) investments must be made into Victorian based funds.

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

Significant Investor (188C)

To be eligible to apply for Victorian Significant Investor stream (subclass 188C) visa nomination, you must:

• • intend to live in Victoria,
  • be able to make a complying investment of at least A$5 million in Victoria,
  • be committed to meet the requirements for permanent residence
  • meet the Department of Home Affairs’ requirements

You must make a complying investment* of at least A$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$1,000,000)
  • 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$1,500,000)
• 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$2.5 million).

All complying investments must demonstrate contribution to the Victorian economy.

Entrepreneur stream (188E)

To be eligible for Victorian Entrepreneur steam (subclass 188E) visa nomination you must:

• be under 55 years of age
• have competent English
• have a formal letter of recommendation from an Authorised Recommending Partner
• be committed to meet the requirements for permanent residence, and
• meet the Department of Home Affairs requirements including minimum financial requirements.

Age

You must be under 55 at the time of application.

English

You must have competent English

Authorised Recommending Partner

You must have a formal letter of recommendation from an Authorised Recommending Partner. See below for further information.

Your business requirements

Your entrepreneurial business must be headquartered in Victoria and intend to employ at least 50% of its staff in Victoria.

Your business must be of an entrepreneurial nature that uses an innovative idea intending to lead to the commercialisation of a product or service and the development of a business in Victoria which is likely to scale up nationally and internationally.

Your business cannot have an interest in a labour hire entity or residential real estate.

Your business cannot purchase, invest or acquire an interest in an existing entity (including a franchise).

Victoria’s full  business and investor visa nomination program (subclass 188A, 188B, and subclass 188C visa nomination are open.

Update to Victoria’s Business Talent (Permanent) visa (subclass 132) nomination program
Department of Home Affairs announced the Business Talent (Permanent) visa (subclass 132) will no longer be open to new visa applications from 1 July 2021.