The Australian Government has introduced Business Innovation and Investment visas to make the country accessible for those looking for an opportunity in setting up business in Australia as they keen to bring business people and their skills from all over the world.
Presently, the regulations prescribe four main streams under which the subclass 188 visa application can be made. The streams are-- Business Innovation Stream, Investor Stream, Significant Investor Stream and Premium Investor Stream.
Business Innovation Stream can be the best option
The Business Innovation Stream suits most of the overseas businesses owners in order to fulfill the minimum criteria.This stream is intended for business owners and investors who have had a proven history in successful business ownership and management for at least four years. Visas granted under the Business Innovation Stream allow visa holders to set up or takeover a qualifying business and prove to the Australian Government that they are able to establish and manage successful businesses in Australia.
Prerequisites to Apply
People who are running a successful business with a minimum annual turnover of AUD 500,000 and having a minimum asset wealth of AUD 800,000 (including personal, business and spouse’s asset) could qualify for this visa.
However, the annual turnover requirement should be observed for at least two years out of the last four fiscal years. According to the prescribed legislative instrument IMMI 12/041, the minimum amount of points to be satisfied is 65. There is no mandatory English and Academic requirement.
The process of completing an application can be summarised as follows:
- The applicant must file an expression of interest through the Skill Select system in order to be nominated and be invited by the Department of Immigration to make an application.
- The applicant must apply for State and Territory nomination depending on their intention to live and do business. The State and Territory will determine whether to nominate the applicant.
- The Department will then determine whether to invite the applicant to submit an application. Once invited, the applicant must submit a visa application within the time-frame specified under the invitation.
- Once the visa is approved the applicant will get a timeline to enter in Australia; however, this visa is for four years initially and allows multiple entries. Afterwards, it can be extended through the Business Innovation extension stream.
This visa allows applicants to work full-time, and family members can commence full-time study in Australian Institutions. Before the initial visa expires the applicant needs to show that s/he has established a successful business and invested an amount of money according to the state or territory’s requirement. Then, s/he can apply for the second stage of the visa application. The spouse of the primary applicant can apply for the second stage if the primary applicant is too busy overseeing his overseas business. This visa leads to citizenship provided that all application requirements for Australian citizenship are met.
Onus is on Proactive Business People
If business personnel want to settle in Australia, fulfilling the prerequisites, they can apply by their own or get support from an Australian Registered and recognized Immigration Consultant. For more information about Australian Immigration Consultants, you can go to the Australian Government website www.mara.gov.au. According to Australian law, only registered consultants can legally give immigration assistance. If someone finds it difficult to apply by themselves or looking for the right consultant, then they can fill-out this form. An Australian Immigration Consultant will directly communicate for an obligation free initial consultation.
Australian Immigration Consultant | New Zealand Immigration Adviser | CEO, eduaid