Business Innovation and Investment Stream subclass 188A
The 188A is part of Australia’s Business and Innovation Stream. It is a temporary visa for business operators that can be used as a step towards permanent residency.
The 188A is initially valid for 4 years. Three years into it, you can extend it by another 2 more years.
Once you have relevant ownership interest in an Australian business, with a turnover of at least a $300,000, you can look at starting an application for the Business Innovation and Investment (Residence) subclass 888 which gives visa holders permanent residency.
Learn more about the 888 here.
Who is this visa for?
The Business Innovation Stream is for individuals who have owned a business and are now looking to establish a business in Australia.
To be eligible for the Business Innovation Stream, you’ll need to:
Own a business for at least two of the past 4 financial years with a minimum turnover of A$500,000
Own business or personal assets worth at least A$800,000
Be aged under 55 years old (some exceptions are made)
Meet the points test for this stream (currently 65 points)
What you need to do before applying for the 188A
Before applying for the 188A, you will need to be nominated by an Australian State or Territory government.
This involves lodging an Expression of Interest (EOI) through the Skillselect system.
Where you can apply for the 188A
You can apply for this visa overseas or in Australia.
If you apply for the 188A in Australia you will need to hold a substantive visa or a bridging A, B or C visa.
Business Innovation and Investment (Residence) subclass 888
The Business Innovation and Investment (Residence) subclass 888 visa gives holders permanent residency in Australia.
To be eligible for the 888 visa, you will:
- already have had the temporary 188A visa for at least 12 months.
- own and operate an Australian business with a minimum annual turnover of $300,000 for two of the last 4 years.
- In addition, you or your partner will need to show you can meet at least two of these requirements:
- Employ at least 2 Australian full time employees in your Australian business.
- Own assets of at least A$200,000 in the business
- Own personal and business assets worth A$600,000 in Australia.