What is Business Innovation and Investment (Provisional) visa – Australia Visa?
Those who intend to invest in or launch a business in Australia can apply for a temporary visa called the Business Innovation and Investment (Provisional), or subclass 188 visa. The Business Innovation and Investment Program of the Australian Government, which aims to draw outstanding businesspeople and entrepreneurs to Australia, includes this visa.
- The Business Innovation and Investment (Provisional) visa is a temporary visa that allows the holder to establish, develop, or manage a new or existing business in Australia or make a designated investment in the country.
- The visa has five streams, each with its own eligibility requirements.
- The visa allows the holder to stay in Australia for up to four years and three months and may lead to permanent residency.
- Applicants must be invited to apply by the Australian government.
- Applicants must meet the age, English language proficiency, health, and character requirements.
- Applicants must have a successful business or investment background and be able to demonstrate that they have sufficient funds to support themselves and any family members who are included in the visa application.
- Each stream has its own eligibility criteria, including investment amounts and business experience requirements.
- Passport and other identification documents.
- Evidence of English language proficiency.
- Evidence of business or investment background, including financial statements, business plans, and proof of ownership or investment in businesses.
- Evidence of sufficient funds to support yourself and any family members who are included in the visa application.
- Health and character documents.
Procedure to apply
- First, you need to submit an Expression of Interest (EOI) through the SkillSelect system, indicating which stream you are interested in and providing information about your business or investment background.
- If you are invited to apply, you will receive an invitation to apply for the visa and will need to submit a formal application.
- You can create an account or sign in to ImmiAccount
- Pay the application charge.
- Note the transaction reference number (TRN)
- The application must include all required documents and fees and must be submitted within 60 days of receiving the invitation to apply.
- The cost of the visa varies depending on the stream, with the lowest fee being AUD 4,045 for the Entrepreneur stream and the highest fee being AUD 8,755 for the Investor and Significant Investor streams.
- The processing time for the visa can vary depending on the stream and the complexity of the application.
- Generally, processing times range from 9 to 15 months, but it can take longer in some cases.