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Business Innovation and Investment (Provisional) Visa (Subclass 188)
This is a temporary kind of visa for those who want to own and run a fresh or existing business, or to invest in Australia. The applicant must lodge an Expression of Interest (EOI) through SkillSelect (except for the Extension streams) and must be sponsored by the State/Territory government or Austrade. Some streams under this subclass, are point tested and currently, the qualifying score is 65 points.
The Business Innovation and Investment (Provisional) visa (Subclass 188) is divided into four principal and extension streams, as under:
Business Innovation Stream
This stream is for those who want to setup, develop and manage a new or existing business in Australia with their business skills. The applicants must be nominated by a state or territory government. It needs a net asset at least worth AUD 800,000.
This stream is for those who want to invest at least AUD 1.5 million into some designated investments in a state or territory in Australia, and want to keep business and investment activity in Australia. The applicants must be nominated by a state or territory government.
Significant Investor Stream
This stream is for those who wish to make complying significant investments of at least AUD 5 million in Australia and want to maintain business and investment activity in Australia. The applicants can be nominated by a state or territory government, or Austrade on behalf of the government of Australia. The applicants will still require to lodge an EOI through SkillSelect and be nominated by a State/Territory government, but they will not be required to meet age or points test assessments.
Premium Investor Stream
In this stream, the Premium investors will need to make an investment or philanthropic contribution of AUD 15 million into a Complying Investment. The applicants must be nominated by Austrade on behalf of the Australian government.