The business innovation visa (subclass 188) is a provisional visa that allows applicants to establish a new business or purchase an existing business in Australia. Successful applicants can remain on this visa for up to five years. It is also a viable pathway to permanent residency. This article will provide a brief overview of the minimum requirements in each state and territory in Australia to apply for the business innovation stream visa (Business Innovation Visa).
Eligibility
Before applying for the business innovation visa, you must determine whether you are eligible to apply. You will need to conduct an initial eligibility assessment to do this. To determine your eligibility, you will need to see if you satisfy the requirements and criteria for the visa (discussed below).
Once you determine eligibility, you must lodge an expression of interest (EOI) via Skillselect. In your EOI, you have the choice to be nominated by a specific State or Territory government agency or choose to be available for nomination by any State or Territory. You do not need to provide supporting documents at this stage. However, you must be able to provide evidence that the information supplied in the EOI is correct when you are invited to apply for the visa.
If your EOI is successful and a State or Territory nominates you, you will then be invited by the Department of Home Affairs to apply for this visa.
Requirements Across Australia
At the time that you are invited to apply for the Business Innovation Visa, you must:
- be under 55 years of age (unless you can prove that the business you propose has an exceptional economic benefit to the nominating state or territory);
- have an overall successful business career;
- have an ownership interest in a business with an annual turnover of $750K (for at least two of the last four fiscal years);
- have personal and business net assets of $1.25 million and lawfully acquired;
- genuinely wish to own and maintain a major management role in a business in Australia;
- score at least 65 points on the innovation points test, which considers factors such as your:
- age;
- English competency;
- qualifications;
- experience;
- business turnover; and
- net business and personal assets; and
- have had no involvement in unacceptable business or investment activities. This includes both you and your spouse or de-facto partner.
Business Experience and Turnover
To migrate to Sydney, you must have had a qualifying ownership interest in up to two main businesses for at least two of the four fiscal years immediately before you apply. These businesses must have an annual turnover of at least AU$1.25 million.
The requirement in the rest of Australia is that your business has an annual turnover of at least $750,000. This includes:
- regional NSW;
- Queensland;
- Western Australia;
- Victoria;
- South Australia;
- Tasmania;
- the ACT; and
- the Northern Territory.
Net Assets, Investment and Proposed Business Activity
Asset requirements, investment strategies and acceptable proposed business activities will vary across the states and Territories. Let us explore these in further detail.
Sydney
If your proposed business is in Sydney, you (and your spouse, if applicable) must have total net business and personal assets of at least AU$1.7 million. You must be able to legally transfer these assets to Australia within two years after the grant of your visa. Your business commitment must also include at least AU$500,000 in business investment. In regional NSW, the personal and business assets threshold is lower at AU$1.25 million, and the business investment threshold is AU$300,000. Additionally, NSW will only nominate businesses identified in specific target sectors.
Victoria
Victoria will only nominate applicants who have three years of experience operating a business in one of the following target sectors:
- health, medical research, and life sciences;
- digital;
- agri-food;
- advanced manufacturing; and
- new energy, emissions reduction and circular economy.
Queensland
In Queensland, you must demonstrate assets of at least AU$1.25 million (including a minimum of AU$400,000 for investment), as well as a commitment to living in the state.
Queensland excludes certain business activities, such as:
- export businesses that do not develop international markets for Queensland products;
- general importing business unless the imported products are highly innovative, advanced in technology, or currently unavailable in Queensland. Applicants should also provide value-adding services to the imported products, such as customized design, product assembly installation, testing, repair or maintenance; and
- property development businesses.
Western Australia
In Western Australia, you and your partner must have a combined total net business and personal assets of at least $AU600,000. These are requirements that apply to export and property development businesses.
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Key Takeaways
The business innovation visa (subclass 188) is a provisional visa for applicants who intend to establish or purchase an existing business in Australia. Before you submit an EOI, ensure that you meet the eligibility requirements for nomination for the visa. Requirements may vary between States and Territories and include factors such as:
- age;
- language;
- business conduct;
- net personal and business assets; and
- business investment and turnover.
If you need help with your business innovation visa, our experienced immigration lawyers can assist as part of our LegalVision membership. For a low monthly fee, you will have unlimited access to lawyers to answer your questions and draft and review your documents. Call us today on 1300 544 755 or visit our membership page.
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