Business visas are a high profile program because of the amount of money that is invested into Australian economy. Business visa has two streams: venture capital entrepreneur stream and significant business history stream.
Business Talent (Permanent) Visa (subclass 132)
To be eligible for this visa the applicant must have an overall successful business record and are looking to establish a new business in Australia or develop an existing business. This is the only permanent resident visa under business and investment category that can be applied directly. Usually the visa applicant must be under 55 years old (unless waiver is granted) and has never been involved in illegal business activities. The visa applicant must have a net value of at least AUD1.5 million. The source of funds can be proven to be legitimate and that it belongs to the applicant and the applicant’s spouse. At least AUD400,000 net assets in applicant’s nominated business and business turnover of AUD3 million for at least in 2 of the past 4 financial years are some other requirements for subclass 132 visa before the applicant is invited to apply.
Business Innovation and Investment Visa (subclass 188/888)
Business Innovation and Investment visa (subclass 188/888) is a temporary visa that leads to permanent residency. Subclass 188 is the first provisional stage and within the next four years applicants apply for the second and the permanent stage, subclass 888 visa. To be eligible for subclass 188 visa the visa applicant must be nominated by a State or Territory government. Usually the visa applicant must be under 55 years old (unless waiver is granted) and has never been involved in illegal business activities. When the visa applicant is invited to apply for the second stage of the visa, the applicant must apply within 60 days of the invitation is received. There are three streams in Business Innovation and Investment visa category comprising of the Business Innovation Stream (subclass 188A), Investor Stream (subclass 188B) and Significant Investor Visa Stream (subclass 188C). For subclass 188A and 188B, the visa applicant needs to pass a points test which is currently 65 points.
While the general requirements for subclass 188A, 188B and 188C remain the same, there are different thresholds for each of these visa sub classes. To find the most applicable visa based on your individual circumstances contact our experienced migration agents today.