The Business Innovation and Investment Visa is for people with a successful business or with investment experience who would like to operate a new or existing business, or invest in Australia. From 1st July 2021, the Department of Home Affairs has changed the Business Innovation and Investment Visa framework significantly, minimising 9 categories into 4.
You can:
See the checklists below.
You must:
Notes:
** There will be ownership percentage requirements depending on your business’s annual turnover.
** “Functional English” definition: IELTS 4.5 with no band less than 4 or equivalent
** Each State or Territory government will have different nomination requirements for the proposed business activities and investment amounts. Please contact SOL Migration today for initial counselling for your case.
You must:
Note:
** a Complying Investment of AUD2.5 million (held for the duration of the provisional visa) refers to:
You must:
Note:
** a Complying Investment of AUD5 million (held for the duration of the provisional visa) refers to:
Applying for a visa through the Business Innovation and Investment Program is a complicated process compared to Skilled- or Family-related visas as it involves Business Experience, Investment Experience, and Net Assets Valuation.
Please contact SOL Migration today for detailed counselling and a plan for you.
After 188 Visa is granted, how long applicants can apply for Permanent Residence Visa 888?
From 1st July 2021, 188 Visa holders can apply for the Business Innovation and Investment (Permanent) Visa (Subclass 888) 3 years from the 188 Visa grant date if the applicant can satisfy the Business/Investment/Residence requirements.
How much does it cost to apply for the Business Innovation Visa and Investment Program Visas?
Application fees for Financial Year 2023/2024
| Visa subclass | Base application charge | Non-internet application charge | Additional applicant charge 18 and over |
Additional applicant charge under 18 |
| Business Innovation and Investment (provisional) visa (subclass 188) – Significant investor stream | AUD13,860 | N/A | AUD6,930 | AUD3,470 |
| Business Innovation and Investment (provisional) visa (subclass 188) – Business Innovation stream and Investor stream | AUD9,450 | N/A | AUD4,725 | AUD2,365 |
| Business Innovation and Investment (provisional) visa (subclass 188) – Entrepreneur stream | AUD6,395 | N/A | AUD3,195 | AUD1,600 |
A Second Visa Application Charge is payable if applicants cannot achieve Competent English for 188A/188B/188C application.
For applicants who have turned 18 at the time of application and who are assessed as not having functional English, the second installment is:
Check the tables below to work out your total points.
Business Migration Point Test Table (applicable for Business Innovation and Investor Streams):
| At the time of invitation to apply for the visa, the applicant was … | Number of points |
| not less than 18 and under 25 | 20 |
| not less than 25 and under 33 | 30 |
| not less than 33 and under 40 | 25 |
| not less than 40 and under 45 | 20 |
| not less than 45 and under 55 | 15 |
| At the time of invitation to apply for the visa, the applicant had … | Number of points |
| Vocational English(IELTS 6 with no band less than 6 or equivalent) | 5 |
| Proficient English(IELTS 7 with no band less than 7 or equivalent) | 10 |
| At the time of invitation to apply for the visa, the applicant had … | Number of points |
| (a) the award of a trade qualification, diploma or Bachelor degree by an Australian educational institution; or
(b) the award of a Bachelor qualification by an educational institution that is of a recognised standard |
5 |
| (a) the award of a Bachelor degree in business, science or technology by an Australian educational institution; or
(b) the award of a Bachelor qualification in business, science, or technology by an educational institution that is of a recognized standard |
10 |
| The applicant has held one or more main businesses for … | Number of points |
| not less than 4 years in the 5 years immediately before the time of invitation to apply for the visa | 10 |
| not less than 7 years in the 8 years immediately before the time of invitation to apply for the visa | 15 |
| The applicant must have … | Number of points |
| held eligible investments which had a value of not less than AUD250,000 for not less than 4 years immediately before the time of invitation | 10 |
| held eligible investments which had a value of not less than AUD250,000 for not less than 7 years immediately before the time of invitation | 15 |
| The net value of the business and personal assets of the applicant, the applicant’s spouse or de facto partner, or the applicant and the applicant’s spouse or de facto partner together, was … | Number of points |
| not less than AUD1,250,000 in each of the 2 fiscal years immediately before the time of invitation | 5 |
| not less than AUD1,750,000 in each of the 2 fiscal years immediately before the time of invitation | 15 |
| not less than AUD2,250,000 in each of the 2 fiscal years immediately before the time of invitation | 25 |
| not less than AUD2,750,000 in each of the 2 fiscal years immediately before the time of invitation | 35 |
| The applicant had an ownership interest in one or more main businesses that had an annual turnover of… | Number of points |
| not less than AUD750,000 in at least 2 of the 4 fiscal years immediately before the time of invitation | 5 |
| not less than AUD 1,250,000 in at least 2 of the 4 fiscal years immediately before the time of invitation | 15 |
| not less than AUD1,750,0000 in at least 2 of the 4 fiscal years immediately before the time of invitation | 25 |
| not less than AUD2,250,000 in at least 2 of the 4 fiscal years immediately before the time of invitation | 35 |
| At the time of invitation to apply for the visa … | Number of points |
| the applicant, or a main business of the applicant, had either or both of the following:
(a) one or more patents that: (i) were registered not less than 1 year before that time; and (ii) were used in the day to day activities of the main business; (b) one or more registered designs that: (i) were registered not less than 1 year before that time; and (ii) were used in the day to day activities of the main business |
15 |
| the applicant, or a main business of the applicant, had one or more registered trademarks that:
(a) were registered not less than 1 year before that time; and (b) were used in the day to day activities of the main business |
10 |
| each of the following applied:
(a) at least one main business in which the applicant held an ownership interest operated in accordance with a formal joint venture agreement entered into with another business or businesses; (b) the joint venture agreement had been entered into not less than 1 year before the time of invitation to apply for the visa; (c) the applicant utilised his or her skills in actively participating at a senior level in the day to day management of the business |
5 |
| at least one main business held by the applicant derived not less than 50% of its annual turnover from export trade in at least 2 of the 4 fiscal years immediately before that time | 15 |
| the applicant had an ownership interest in at least one main business that:
(a) was established not more than 5 years before that time; and (b) had an average annualised growth in turnover that was greater than 20% per annum over 3 continuous fiscal years; and (c) in at least one of the 3 fiscal years mentioned in paragraph (b) employed 10 or more employees for a total number of hours that was at least the total number of hours that would have been worked by 10 full-time employees |
10 |
| the applicant, or at least one main business in which the applicant held an ownership interest:
(a) had received a grant that: (i) was awarded for the purposes of early-phase start-up of a business, product commercialization, business development or business expansion; and (ii) was at least AUD10,000; and (iii) was awarded by a government body in the applicant’s home country; and (iv) had been received not more than 4 years immediately before that time; or (b) had received venture capital funding of at least AUD100,000 not more than 4 years before the time of the invitation for the purposes of early phase start up of a business, product commercialisation, business development or business expansion |
10 |
| At the time of the invitation to apply for the visa … | Number of points |
| the nominating State or Territory government agency had determined that the business proposed by the applicant was of unique and important benefit to the State or Territory where the nominating government agency is located | 10 |
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