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What is the Business Innovation Visa of Australia?

Anshul Singhal
 


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Most of Australia’s Visas have an upper age limit of 45. Hence, if you are older, you may not have too many options at your disposal. However, the Business Innovation Visa allows applicants up to 55 years of age. The age limit may also be increased for special cases.

The Business Innovation Visa allows successful businessmen to move their business to Australia. You can also include your spouse and children on this visa. This visa grants you and your family the right to live, study, or work in Australia.

Requirements of the Business Innovation Visa:

You and your business need to meet the below requirements to be eligible:

  1. For 2 years in the recent 4 years, you should have had ownership of an established business. The business should have had a turnover of at least AUD 500,000 in these years.
  2. You should have access to sufficient funds to invest as per the Visa stream
  • For the investor stream, you should have at least AUD 1.5 million
  • For the significant investor stream, you should have at least AUD 5 million
  • For the Premium Investor Stream, you should have at least AUD 15 million
  1. You have to prove your English proficiency
  2. You have to score at least 65 points on the immigration points grid
  3. You should be under 55 years of age. This may be waived by a state or territory if your business proposal is exceptionally beneficial to its economy.
  4. You and your dependents have to meet the health and character requirements
  5. You will need to sign an Australian Values Statement. This is to confirm that you will follow Australian laws and respect the Australian way of life. Your dependents, who are over 18, would also need to sign the same.

How it leads to Permanent Residency of Australia:

The Business Innovation Visa (Subclass 188) is a provisional visa. The length of this Visa is 4 years and 3 months. You may apply for the Australia Business Innovation Visa (Subclass 888) which is a Permanent Residency Visa after 2 years. Your dependents may also be included in your Permanent Residence visa application, as per The South African.

You may apply for Permanent Residency if your business has met at least 2 of the below criteria:

  1. You should have held net main business assets of at least AUD 200,000 in the last 1 year
  2. You should have employed at least 2 Australian employees full-time
  3. You should have net business and personal assets worth AUD 600,000 in the last 1 year

The other criteria that you will need to meet are:

  1. In the last 12 months, your business should have generated a turnover of at least AUD 300,000
  2. You should have spent at least 1 year in Australia in the recent 2 years
  3. You should have had ownership of your business in Australia for the recent 2 years

If you are looking to Study, Work, Visit, Invest or Migrate to Australia, talk to Y-Axis, the World’s No.1 Immigration & Visa Consultant.

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