Business Visas and Immigration to Australia

Australia’s Business Innovation and Investment program (BIIP) which include the 188 Business Innovation and Investment (Provisional temporary) visa targets migrants who have a demonstrated history of success or talent in innovation, investment and business and can make a significant contribution to the national innovation system and the Australian economy. Holders of the temporary visa may be eligible to apply and qualify for an EC‑888 Business Innovation and Investment (Permanent) visa. The temporary visa has six streams which include Business;

• Innovation
• Investor
• Significant Investor
• Premium Investor
• Entrepreneur
• Business Innovation Extension – intended only for persons previously granted an EB‑188 Business Innovation stream visa and
• Significant Investor Extension – intended only for persons previously granted an EB‑188 Significant Investor stream visa or who have previously held no more than one EB‑188 Significant Investor Extension stream visa.

On this page:

• Objectives of the program
• Temporary Visa categories
• Residence Permanent Visa categories
• Application requirements
• Points test
• A 188 A Innovation stream
  • Eligibility assessment questionnaire – A 188 A Innovation stream
• B 188 B Business Investor stream
  • Eligibility assessment questionnaire – B 188 B Business Investor stream
• C Significant Investor stream
  • Eligibility assessment questionnaire – C Significant Investor stream
• D Entrepreneur stream
  • Eligibility assessment questionnaire – D Entrepreneur stream
• Main business
• Ownership interest in a main business
• Documentation
• Assessing ownership interest
• Qualifying business Policy intention
• Asset transferability
• Turnover
• What is turnover
• Net business assets
• Overall successful business career
• Victoria – Investor and Significant Investor streams open 22/09/2021
• NSW – Business Innovation and Investment (Provisional) visa (subclass 188) open 22/09/2021

Objectives of the program

The Business Innovation and Investment programme caters for business persons who are:

• owners (or part‑owners) of a business (or businesses)
• senior executives employed by major businesses who will use their business skills to obtain a substantial ownership interest in a new or existing business in Australia and actively participate in that business at a senior management level or
• persons with a substantial business or investment background and are willing to invest in a designated investment in Australia.

Temporary Visa categories

The 188 Business Innovation and Investment (Provisional) visa (EB‑188) is the only subclass of the Business Skills (Provisional)(Class EB) visa.

EB‑188 has six streams:

• Business Innovation
• Investor
• Significant Investor
• Premium Investor
• Entrepreneur
• Business Innovation Extension– intended only for persons previously granted an EB‑188 Business Innovation stream visa and
• Significant Investor Extension– intended only for persons previously granted an EB‑188 Significant Investor stream visa or who have previously held no more than one EB‑188 Significant Investor Extension stream visa.

Residence Permanent Visa categories

Temporary visa holders may be eligible to apply and qualify for an EC‑888 Business Innovation and Investment (Permanent) visa.

Persons granted an EB‑188 visa in the Significant Investor stream, the Significant Investor Extension stream or the Premium Investor stream on the basis of satisfying secondary criteria (the secondary visa holder) cannot meet Schedule 1 requirements to make a valid EC‑888 application in their own right, unless they were the spouse/de‑facto partner of the primary visa holder and that primary visa holder has died, or the primary visa holder and secondary visa holder are no longer in a spouse/de‑facto partner relationship. This rule does not apply to Business Innovation, Business Innovation Extension and Investor streams. refer to: Sch2 Visa 888 Business Innovation and Investment (Permanent).

Application requirements

Schedule 1

For primary applicants, Schedule 1 sets out stream-specific valid application requirements:

• 1202B(4) relates to the Business Innovation stream.
• 1202B(5) relates to the Business Innovation Extension stream.
• 1202B(6) relates to the Investor stream.
• 1202B(6A) relates to the Significant Investor stream.
• 1202B(6B) relates to the Significant Investor Extension stream.
• 1202B(6C) relates to the Premium Investor Extension stream.

Schedule 2

Schedule 2 primary criteria comprise:

Common criteria (188.21) and criteria set out in streams (188.22,188.23, 188.24, 188.25, 188.26 and 188.27) primary applicants are assessed against common criteria and stream criteria and, if granted a visa, hold an EB‑188 visa in the relevant stream.

There are no stream criteria for secondary applicants (family unit members); if granted a visa, they do not hold an EB‑188 visa in any stream.

Points test

Under section 188.222, the applicant’s score on the Business Innovation and Investment points test in Schedule 7A (“the points test”) must not be less than the number of points specified by legislative instrument.

Points are given for only one prescribed qualification in Schedule 7A .

A 188 A Innovation stream

With this visa, you can…

• operate a new or existing business in Australia
• bring eligible members of your family with you
• apply for a permanent Business Innovation and Investment (Permanent) visa (subclass 888) in the Business Innovation stream

You must

• score at least 65 on the points test 
• provide proof of your business success (annual turnover, ownership interest)
• You, your partner, or you and your partner together, have total net business and personal assets of at least:
  • AUD1,250,000 if you were invited to apply for this visa on or after 1 July 2021
  • AUD800,000 if you were invited to apply for this visa before 1 July 2021

– Eligibility assessment questionnaire – A 188 A Innovation stream

B 188 B Business Investor stream 

With this visa, you can

• carry out business and investment activity in Australia
• bring eligible members of your family with you
• apply for a permanent Business Innovation and Investment (Permanent) visa (subclass 888) Investor stream if certain requirements are met

You must

• be nominated by a State or Territory government agency to invest at least
  • AUD2.5 million that meets certain requirements if you were invited to apply on or after 1 July 2021
  • AUD1.5 million in an Australian State or Territory if you were invited to apply before 1 July 2021
• score at least 65 on the points test
• have net business, investment and personal assets of at least AUD2.5 million

– Eligibility assessment questionnaire – B 188 B Business Investor stream

C Significant Investor stream

With this visa, you can

• carry out investment activity in Australia
• apply for a permanent Business Innovation and Investment (Permanent) visa (subclass 888) Significant Investor stream if certain requirements are met.

You must

• be invited to apply for this visa
• be nominated by a State or Territory government agency or Austrade to invest at least  AUD5 million that meets certain requirements and have a genuine intention to hold that investment for  the life of your provisional visa
• have a genuine intention to live in the State or Territory whose government agency nominates you

– Eligibility assessment questionnaire C Significant Investor stream

D Entrepreneur stream

With this visa, you can…

• carry out entrepreneurial activity in Australia
• bring eligible members of your family with you
• apply for a permanent Business Innovation and Investment (Permanent) visa (subclass 888) Entrepreneur stream  if you meet certain requirements

You must

• be nominated by a State or Territory government agency
• undertake, or propose to undertake, a complying entrepreneur activity in Australia
• show us a business plan for your entrepreneurial activity
• have at least competent English 

– Eligibility assessment questionnaire – D Entrepreneur stream

Main business

A business is a main business if it meets the ownership requirements and

• the applicant maintains or maintained direct and continuous involvement in management of the business from day to day and in making decisions affecting the overall direction and performance of the business and
• the business is a qualifying business, that is operated for the purpose of making profit by providing goods and/or services (other than the provision of rental property) to the public and which is not operated primarily or substantially for the purpose of speculative or passive investment.

Officers should assess the aspects of the main business definition holistically and not focus on one area only. Passive investors in a business would not meet this requirement.

Direct and continuous management involvement

The policy intention of direct and continuous management involvement as part of the main business definition is to establish whether the applicant has been actively managing and operating the business.

Ownership interest in a main business

Ownership interest in relation to a business means an interest in the business as:

• a shareholder in a company that carries on the business or
• a partner in a partnership that carries on the business or
• the sole proprietor of the business

including such an interest held indirectly through one or more interposed companies, partnerships or trusts.

For the ownership interest to be in a ‘main business’ the applicant must:

• have maintained direct and continuous management in the business
• have an ownership interest to the total value of at least:
  • 51% if the turnover is less than AUD 400 000 or
  • 30% if the turnover is AUD 400 000 or more or
  • 10% if the business is a publicly listed company

and the business must be a qualifying business (refer to the regulation 1.03 definition).

Documentation

An applicant’s ownership/share of a business may be evidenced by, but is not necessarily limited to:

• share or company registers
• the list of directors or shareholders in annual reports
• certificates of incorporation or registration
• company statements of directors and shareholders
• financial statements showing the distribution of profits to directors/shareholders and the value of any loans between the applicant and the business
• share certificates
• documents relating to the purchase, transfer or sale of a business
• title deeds
• business registration documents for partners or sole proprietors
• Australian Securities and Investment Commission (ASIC) company extract.

If applicable, these documents should be issued or endorsed by the official body responsible for the registration or regulation of the business in that country or state.

Assessing ownership interest

An applicant has ‘ownership interest’ in a business on the first date that all the visa requirements are met such as:

• registered/recognised as a shareholder, partner or sole proprietor
• the company, partnership, trust arrangement or sole proprietor business commenced operating
• the business is or was carrying on business activity during the required period of ownership

Qualifying business Policy intention

Qualifying business is defined in regulation 1.03.

If a business:

• does not provide goods and services
• is not growing or developing goods or services (for example, growing a crop or developing a product) or
• has been set up for speculative or passive investment

for Business visa purposes, it:

• does not meet the definition of a qualifying business and
• cannot meet the definition of a main business.

Asset transferability

For 188.228, by requiring the assets to be available for transfer within 2 years, the assets must be reasonably liquid and capable of being transferred to Australia in order to be used to commence business activity.

Turnover

Under policy, turnover is to be taken to refer to the revenue generated as a result of the ordinary activities of a business. 

 The visa specific criteria of some of the Business visas require an applicant to have held the requisite ownership interest in a main business for the entire fiscal year before the turnover of the business could be counted.

What is turnover      

Turnover is the revenue generated by an entity as a result of the ordinary activities of a business.

Revenue consists of the total value received for:

• the sale of goods
• fees for services provided
• commission revenue
• interest earned
• capital gains or
• government subsidies/bounties.

Net business assets

The net value of the assets of a business is the amount attributable to the business after deducting financial claims upon the business by third parties (that is, total assets – total liabilities = net asset/liability).

The method of establishing the net value of assets in a business can vary depending on whether the business is:

• a sole proprietorship – refer to Unincorporated businesses (sole proprietors and partnerships)
• a partnership – refer to Unincorporated businesses (sole proprietors and partnerships)
• a company – refer to Incorporated businesses (public and private companies)
• a franchise – refer to Franchises
• operated in conjunction with a trust fund – refer to Trusts.

The applicant must provide evidence, such as financial statements, that provide details of the assets and liabilities of the business – refer to Evidentiary requirements.

Overall successful business career

Assessment

In any assessment of the applicant’s business career, the performance of businesses in which the applicant has had a management role is a relevant factor.

Under policy, this criterion generally should not be considered satisfied if:

• the applicant has been declared bankrupt in the last 5 years or
• the applicant is (or has been) actively involved in a business that is (or has been) subject to insolvency, receivership or liquidation or
• the business has suffered recent trading losses and the business is considered unlikely to be successful in the longer term and this can be attributed to the applicant’s role and decision-making in the business. (That is, it is not intended that an applicant fail this criterion if the business is likely to be successful in the longer term despite trading losses resulting from external factors such as those listed below).

Officers should take into account:

• the applicant’s level of decision-making and responsibility in the failed business and
• external economic factors outside the control of the applicant and
• how many times the applicant has experienced bankruptcy or been involved in a failed business and
• the applicant’s history in business since any bankruptcy, insolvency, receivership or liquidation.

Victoria – Investor and Significant Investor streams open 22/09/2021

Skilled and Business Migration Victoria have provided an information update on the SC 188B and 188C streams. The visa nomination programs are now open.

Those who received a Victorian government nomination for an Investor or Significant Investor visa prior to 1 July 2021 are not affected by these changes even if their visa is still in process.
There have been major changes to the program in line with the Department’s changes to the investment requirements for these subclasses.

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.

Significant Investor (188C)

• Updated Complying Investment Framework for complying investments of A$5 million (held for the duration of the provisional visa)
• All complying Venture Capital and Private Growth Equity funds (VCPE) investments must be made into Victorian based funds.

NSW – Business Innovation and Investment (Provisional) visa (subclass 188) open 22/09/2021

The following information has been provided by NSW Skilled and Business Migration:

Direct applications for the Business Innovation and Investment (Provisional) visa (subclass 188) for the following streams are now being accepted for:

• Business Innovation stream
• Investor stream
• Significant Investor stream

Eligibility criteria and application instructions are available by following the links to each respective subclass.

A new nomination process for the Entrepreneur stream

You must now be invited to apply for NSW nomination for the Business Innovation and Investment (Provisional) visa (subclass 188) – Entrepreneur stream – you cannot apply directly.

To register your interest in NSW nomination you must:

Be eligible

To register your interest in NSW nomination, you must first meet all the NSW nomination criteria.  Contact us for an eligibility criteria assessment.

Pay the registration of interest fee

Registration of interest fees are:

• A$330 if applying from within Australia (includes GST)
• A$300 if applying from outside Australia
• You will not receive an outcome until the payment is made.

Apply for NSW nomination

If you have been invited, We can apply to NSW for nominations.