What is the Business Innovation and Investment visa (subclass 188)?
The Business Innovation and Investment visa (subclass 188) is a points-based immigration programme that requires nomination from a state or territory government.
This visa is for people with successful business or investment experience who want to own and manage a new or existing business in Australia, or to invest in an Australian state or territory. The visa is a pathway to the Business Innovation and Investment permanent residency visa (subclass 888).
On 1 July 2012, the basic requirements of the business/investment visa (subclass 160 -165) have been changed by double which have been in effect for more than eight years. The number of inquiries decreased for a while due to the sudden change of the requirements in 2012, but the visa has grown in popularity again from 2014 as the age limit is under 55 or even no limit, and the various benefits are provided on provisional visa.
There are six types of subclass 188 visa currently in effect. It is also called 188 A, B, C, D & E depending on how institutions or people call it.
188 A – Business Innovation Stream
188 B – Investor Stream
188 C – Significant Investor Stream
188 D – Premium Investor Stream
188 E – Entrepreneur Stream
188 – Business Innovation Extension & Investor Extension Stream
The most common ones out of the above six types are 188 A – Business Innovation Stream and 188 B – Investor Stream. We will talk about the reason one by one in the upcoming columns.
To apply for the subclass 188 A and 188 B visa, applicants must have at least 65 points (each state may require additional requirements or higher scores) based on the age, academic background, business/investment experience, sales and assets specified by the Australian Immigration Department.
Subclass 188 visa is not a permanent visa, but it is called a provisional visa.
The reason is that if approved, a valid visa for four years and three months is provided (up to eight years if applying for an extension), and also the freedom to study, work, and do business/investment in Australia, and free school fees for children – the benefit of permanent visa holder.
In 2019, for the improvement of the visa programme which has been in effect for the past eight years, the Department of Home Affairs has asked some immigration agents or lawyers for the new proposals and measures. We are not sure when the new programme will be introduced, but due to the Coronavirus Pandemic, the visa would be continued to take effect for the time being without any major changes.
However, in my point of view, if the basic requirements are changed, it will be more difficult to apply for the visa with the condition for the current requirements, as what happened in 2012. People who are planning or preparing to emigrate through the Business Innovation and Investment Visa are advised to apply as soon as possible before the immigration law is changed again.
In the next column, we will take a closer look at the Eligibility Criteria for the Subclass 188 A – Business Innovation Stream.