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188 Business Innovation and Investment

Advantages

  • Short process period
  • No requirements for English language and academic record
  • All family members can get the same benefits from the visa, once the main applicant successfully applied the visa.
  • High probability to get the permanent residence visa
  • After you got the visa, you do not need to stay in Australia.
  • The requirements for the applicants’ documents are not so strict as others, like the source of capital, you just need to explain for that but do not need to provide evidence.
  • People who hold the Australian passports can travel many western countries without restrictions.

Requirements

  • You must be less than 55 years of age, although a state or territory can waive this requirement if your proposed business will be of exceptional economic benefit to the relevant region.
  • You must score at least 65 on the Innovation Points test.
  • Other requirements depend on whether you apply for the Business Innovation stream or the Investor stream.

Business Innovation stream:

  • total assets of at least AUD800 000 that have been legally acquired and can be legally transferred to Australia within two years of the visa being granted
  • a total annual turnover of at least AUD500 000 (in one of more of your businesses) in at least two of the four fiscal years immediately before you are invited to apply
  • owned at least: 51 per cent of a business with turnover of less than AUD400 000 per annum, or 30 per cent of a business with turnover of more than AUD400 000 per annum, or 10 per cent of a publicly-listed company
  • an overall successful business career with no involvement in unacceptable business activities
  • managed a business, in which you spent less than half your time on professional, technical or trade services
  • a strong desire to own and maintain a management role in a business in Australia.

Investor stream:

  • have a net value of at least AUD2.25 million for the two fiscal years immediately before you are invited to apply
  • have an overall successful record of eligible investment or qualifying business activity with no involvement in unacceptable activities
  • have a high level of management skill in relation to eligible investments and/or qualifying business activity
  • have at least three years’ experience of direct involvement in managing one or more qualifying businesses or eligible investments
  • make your government-approved designated investment before a visa can be granted
  • have a genuine and realistic commitment to continuing your business and investment activity in Australia after the original investment has matured.

Applying this visa

  • You must lodge your application through SkillSelect. This can be done while you are in or outside Australia. You must pay the initial application charge of AUD4065 by credit card at that time.
  • You must provide documents that prove the claims you make in your application.
  • Send documents by registered post to the Australian Consulate General in Hong Kong. Send your documents immediately after you lodge your online application.
  • You and all members of your family unit must meet certain health requirements. The department will tell you when to arrange health examinations.
  • You may be asked to attend an interview, either face-to-face or by telephone, after lodging your application.
  • If you apply for a Business Innovation and Investment visa while you are in Australia, you are likely to be given a Bridging visa that allows you to stay in the country lawfully while your application is processed.
  • Wait for a visa decision