The Business Innovation and Investment (Provisional) visa (subclass 188) is part of the Business Innovation and Investment Programme. It is actuallya state nominated provisional visa which is valid for four years. The subclass 188 visa holds a residence requirement of 160 days spent in Australia over 4 years and holders can then apply for a subclass 888 permanent residency visa or extend the subclass 188 visa.
The Business Innovation and Investment (Provisional) visa (subclass 188) is part of the Business Innovation and Investment Programme.
The visa includes three streams:
- Business Innovation stream: for people with business skills who want to establish, develop and manage a new or existing business in Australia.
- Investor stream: for people who want to make a designated investment of at least AUD1.5million in an Australian state or territory and maintain business and investment activity in Australia.
- Significant Investor stream: for people who are willing to invest at least AUD5million into complying investments in Australia and want to maintain business and investment activity in Australia.
This visa is only available to applicants who are nominated by an Australian State or Territory government. Different states governments have individual requirements for the application. Details of the individual states requirements can be found by clicking the following links:
However, the common criteria that most applicant must follow is as below:
- Nomination by a state or territory government;
- Invitation to apply through SkillSelect;
- Under 55 years of age, unless the nominating state or territory certifies that you will make an exceptional economic benefit;
- Meet the pass mark in the Business Innovation and Investment Points test (currently 65);
- Have an overall successful career in business or investment.
The state governments requires the applicants to submit a business plan along with the application that shows the details of the current business activity and performance as well as evidence of market research and a genuine commitment to enter into business in Australia. The requirement for the business plan varies from state to state. However, some of the common criteria are as follows:
Details of business:
- A full description of the business activity;
- A full description of the products and services to be provided;
- Where will the business be located?
- Who will own the business?
- How many staff will the business employ?
Details of Market:
- Name customers, which products they will buy, at what volume, at what price, how many sales will be export sales;
- Name suppliers, what products/inputs they will supply, at what volume, at what price;
- Name your three closest competitors, what product they supply, at what price.
Details of Finance:
- Profit and loss statement;
- Balance Sheet;
- Cash flow Statement;
- Ratio analysis;
- Break-even point analysis;
- Identify working capital and how it will be financed and so on.
A Business Plan is a completed document that can generally provide all the above information in a well presented format. It helps the reader obtain specific information about the business in an effective way. It is an acceptable document to the DIBP as well as to the state governments. In fact, in some cases it is a ‘must provide’ documents that the applicant needs to provide.
$1,900 – $2,400 + GST (Market Research Report)