For legit businessmen who wanted to start a new business in Australia, or wanted to invest in Australia.
The Australian government provided many visas like 188 Visa that are specially made for Business Men. Genuine businessmen can take the benefits of all these Australian visas. The requirements for applying are very rigid. Appearing for visas can be tough although it tends to be done particularly if the business is set up and genuine.
Provisional 188 visa is a state-designated provisional visa that is valid only for 4 years. It is also a way for permanent residency, through the Business Innovation and Investment (Permanent) (subclass 888) visa.
Validity for 188 Visas
The validity of a short-stay visa is for up to 3Months only, which can not be extended. You are allowed to stay in Australia until the immigration department will give you the next date. Other visas are the way to permanent residency yet necessities should be met before PR visas are allowed.
There are other ways to get permanent residency, all you need to fulfil all the requirements before granting you the PR Visa.
How this Visa works
Business Visa-188 (Provisional) can be given to those businessmen who want to set up a new business or wanted to invest in Australia. These visas can be a perfect way to get PR in Australia.
- The Business Innovation stream for those businessmen who own a business and managing the existing business in Australia.
- The Investor stream is beneficial for those people who are ready to make the investment of at least 1.5 million AUD in an Australian state or territory.
- The Significant Investor stream is for those persons who will invest at least AUD 5 million into consenting interests in Australia after the original investment has matured.
- Submit your application before applying for the visa
- You should have a strong business and investment history
- Proof of adequate business
- You should be nominated by the state or territory government.
These are the 3 streams and their timeframe for Nomination:
- 2 weeks for Business Innovation stream
- 1 week for Business Investor stream
- 1 week for Significant Investor stream
These are the things that you have if you are applying:
- Must be younger than 55 years of age.
- Need to score at least 65 Innovation Points on the test.
- Have a high level of management skill
- Have at least 3 years of experience of direct involvement.
- have total assets of at least AUD2.25 million for the 2 fiscal years immediately before you are invited to apply.
Business and Innovation Stream
- Should be younger than 55 years of age,
- Scored at least 65 Innovation Points on the test
- have a total annual turnover of at least AUD500 000 in at least two of the 4 fiscal years immediately before you are invited to apply
- Percentages of two main businesses:
You should own at least:
- 51% of business with a turnover of less than AUD400 000 per annum
- 30% of a business with a turnover of more than AUD400 000 per annum
- 10% of a publicly-listed company
Significant Investor Stream
If you are choosing a significant investor stream then prepared to invest at least AUD5 million for the following ‘complying investments’:
- Commonwealth, state or territory government bonds
- Need to manage funds that mandate for investing in Australian assets.
- Manage the funds related to infrastructure projects in Australia, bonds issued by Australia state or territory government, trusts listed in any Australian Stock Exchange, real estate in Australia, Australian agribusiness or ASIC regulated fund & investments
- Direct investment into private Australian organizations not listed on any ASX. You must obtain an ownership interest in the company. The company must:
- Genuinely operated business in Australia
- Company should be registered with ASIC
- Company should have an Australian Business Number (ABN).