AUSTRALIA BUSINESS INNOVATION INVESTMENT PROVISIONAL VISA
The Australian Government regulates the distribution of Business Innovation And Investment (Provisional) Visa. It is categorized under subclass 188. The Department of Affairs of the Australian Government is responsible to operate and conduct a fair practice while offering Business Innovation And Investment (Provisional) Visa.
It allows a person from another country to start, manage, and own a business in Australia. Apart from a businessman, an investor can also look into getting Business Innovation And Investment (Provisional) Visa.
Start-ups and entrepreneurs are known to greatly benefit from Business Innovation And Investment (Provisional) Visa while considering expanding their business in Australia.
Assistance in the form of modern manufacturing technology, grants, and funding programs are extended to people who seek them.
A person can secure temporary residence in Australia till the time he or she is operating the business or investment. This is followed by applying for permanent residence if the invitation is extended by the Australian and state territories.
Like every other Visa, Business Innovation And Investment (Provisional) Visa requires a person to clear certain eligibility criteria.
The basic ones include submitting an Expression of Interest and being invited by the relevant authorities to apply for Business Innovation And Investment (Provisional) Visa.
Who Can Get Business Innovation And Investment (Provisional) Visa?
As discussed above, Business Innovation And Investment (Provisional) Visa falls under subclass 188. It is worked upon by the Department of Home Affairs of the Australian Government.
The department looks out to extend the benefits only to a select number of businesses and investors.
One can get a Business Innovation And Investment (Provisional) Visa if he or she meets the following requirements.
- The businessperson or the investor must have received an invitation from the Australian State or Territory Government.
- He or she must have been nominated by the Australian State or Territory Government.
- The applicant must not carry any disease that can prove fatal to the residents of Australia. The Covid-19 has become the current highlight with various tests being conducted and quarantine being made mandatory for people coming from other countries.
- Meet all the character requirements. These are covered under section 501 of the Migration Act, 1958. The list states that the person must not harass or stalk the citizens of Australia. He or she must not have a criminal record in the past, nor had a connection with a criminal group during any time of his or her life.
- Provide a certificate issued by the Police of the place where the applicant has stayed for more than 12 months. The condition applies only if the applicant is 16 years or above. All the candidates below that age are exempt from this condition.
- The applicant is expected to be aware of a book called Life In Australia. He or she must show respect towards the life and law of the country.
- Make arrangements to repay the outstanding debt that he or she owes to any financial agency in Australia.
How To Apply For Business Innovation And Investment (Provisional) Visa?
- Submit Expression of Interest, also known as EOI. It can be processed over the internet. Some other details that the candidates must provide include their personal information along with the assessments of their skills, experience in terms of investment and running a business, and qualification.
- This is followed by specifying the stream that the candidate is opting for. Out of all the available streams, the candidate must pick the one that best meets his or her requirements. Candidates must also provide their preferred territory and the intention of applying for a Business Innovation And Investment (Provisional) Visa.
- The third step occurs only if the Expression of Interest meets all the eligibility criteria. The application can get rejected and the candidate may be asked to apply again in the future.
- Once the applicant receives the invitation, he or she must apply for a Business Innovation And Investment (Provisional) Visa within 60 days. Maximum 2 lapses are allowed, after which it is mandatory to reapply the Expression of Interest.
- Candidates are then required to submit the documents. These are generally related to proficiency and evidence of owning a business in the country of origin.
- The process can now be completed by submitting the application. It must be submitted in digital format over the internet.
- Businesspeople or investors can start investing in Australia after they are invited to invest.
The time to process an application related to Business Innovation And Investment (Provisional) Visa is 9 months. It may take more or less time depending on the stream that the applicant chooses.
It is easy to apply for a Business Innovation And Investment (Provisional) Visa. It is an official process that follows certain systematic steps. These are mentioned below.
Qualifications And Documents Required For Business Innovation And Investment (Provisional) Visa
The documents that are required are very general in nature. They relate to the candidate’s proficiency.
A list showcasing the documents required to apply for Business Innovation And Investment (Provisional) Visa is mentioned below.
This is a comprehensive list. The actual list varies depending on the Business Innovation And Investment (Provisional) Visa stream that the candidate applies for.
In terms of qualification, Business Innovation And Investment (Provisional) Visa accepts a Bachelor’s degree in business from the country of origin and/or an educational certificate issued by a college in Australia.
Business Innovation And Investment (Provisional) Visa does not allot any weightage to the Master’s degree and/or Ph.D.
Additionally, the candidate must score at least 65 points while applying for Business Innovation And Investment (Provisional) Visa. These points are rewarded based on various factors. They are listed below.
- Age
- English Language Ability
- Qualifications
- Experience
- Net Personal Assets and Business Assets
- Business Turnover
- Business Innovation
- Special Endorsement
The points allotted to every category mentioned above change with time. They depend on the revisions done by the Department of Home Affairs of the Australian Government.
Advantages Of Business Innovation And Investment (Provisional) Visa
Business Innovation And Investment (Provisional) Visa majorly serves five advantages to the holder of Business Innovation And Investment (Provisional) Visa. These are listed below.
- The holder of a Business Innovation And Investment (Provisional) Visa can work in Australia indefinitely. While the number of years may be limited based on the stream of Business Innovation And Investment (Provisional) Visa, it can be extended at any time by filling the application.
- A similar condition applies in terms of residence. The holder of a Business Innovation And Investment (Provisional) Visa can reside in Australia for the prescribed amount of time. He or she is required to renew a Business Innovation And Investment (Provisional) Visa after it expires. This is to ensure that the residential stay of Business Innovation And Investment (Provisional) Visa holders is legal throughout the time.
- If the holder of a Business Innovation And Investment (Provisional) Visa chooses to live in any other country, then he or she will be allowed to travel in and out of Australia at any time. There will be no restrictions, subject to the condition where default is found by the authorities.
- Candidates with Business Innovation And Investment (Provisional) Visa can sponsor the process of their relatives. Family members are automatically covered. The same is extended to the relatives of the holder of a Business Innovation And Investment (Provisional) Visa.
- Subclass 188 offers only the provisional visa but it opens up the opportunity to apply for permanent residence in Australia.
Business Innovation And Investment (Provisional) Visa Streams
Streams of Business Innovation And Investment (Provisional) Visa decide the type of documents a candidate is required to submit. They also govern the terms under which he or she can manage the business and/or make investments in Australia.
Different streams of Business Innovation And Investment (Provisional) Visa have been discussed below.
Business Innovation Stream
The Business Innovation Stream requires a person to be nominated by an Australian or State territory government agency. The minimum cost to secure a Business Innovation And Investment (Provisional) Visa under Business Innovation Stream is AUD6,085.
A person with Business Innovation And Investment (Provisional) Visa under Business Innovation Stream can reside and/or work in Australia for 5 years. The average time taken to process 90% of the total application is 35 months.
Candidates must have personal and business assets on an official record. Once cleared, they will be able to operate new or existing businesses in Australia. Under the Business Innovation Stream, candidates are allowed to bring their eligible family members along with them.
Investor Stream
Residential or work permit is granted for a maximum time of 5 years under Investor Stream of Business Innovation And Investment (Provisional) Visa. Once granted, he or she must invest at least AUD2.5 million in an Australia-based business. The amount can go higher and would depend on the investor to take the final call.
The cost to secure a Business Innovation And Investment (Provisional) Visa under the Investor stream is AUD6,085. 90% of the total applications are processed within the average time of 37 months.
It carries two things from the Business Innovation Stream. These are the requirements of nomination and permission to bring the eligible family members to Australia. The value of net business and personal assets must be more than AUD2.5 million.
Significant Investor Stream
Business Innovation And Investment (Provisional) Visa under the Significant Investor Stream grants the permission to reside and work in Australia for a maximum of 5 years. The cost involved to secure a Business Innovation And Investment (Provisional) Visa under the Significant Investor Stream starts from AUD8,925.
Once granted, the investor is expected to invest at least AUD5 million in a business that is located in Australia. The average time to process 90% of the total applications received is 22 months. This is lower as compared to Business Innovation Stream and Investor Stream.
It is mandatory for the candidate to be nominated by the State or Territory Government of Australia. The candidate must have a genuine intention of investing his or her money in Australian businesses.
Business Innovation Extension Stream
It goes beyond Business Innovation And Investment (Provisional) Visa under Business Innovation Stream. This means that the duration of stay and work can be extended by up to 2 years. A person who holds a Business Innovation And Investment (Provisional) Visa under Business Innovation Extension Stream can reside in Australia for a total of 8 years.
The mandatory requirement includes a candidate holding Business Innovation And Investment (Provisional) Visa under the Business Innovation Stream. The application cost starts from AUD730.
90% of the applications are processed within 19 months. One can only hold one Business Innovation And Investment (Provisional) Visa under Business Innovation Extension Stream. Multiple holdings are not allowed.
Significant Investor Extension Stream
The holder of a Business Innovation And Investment (Provisional) Visa under the Significant Investor Stream must have held the Business Innovation And Investment (Provisional) Visa for at least 3 years.
With Business Innovation And Investment (Provisional) Visa under the Significant Investor Extension Stream, the person can extend his or her stay in Australia by up to 4 years. They can only hold one Business Innovation And Investment (Provisional) Visa under the Significant Investor Extension Stream. Like the Business Innovation Extension Stream, multiple holdings of the Significant Investor Extension Stream are not allowed.
It costs at least AUD730 to apply for Business Innovation And Investment (Provisional) Visa under the Significant Investor Extension Stream. The average time to process 9-% of such applications is 15 months.
Premium Investor Stream
As per the guidelines of Business Innovation And Investment (Provisional) Visa under the Premium Investor Stream, the investor must invest at least AUD15 million. Another eligibility criterion is that the candidate must have been nominated by Austrade.
The cost of application for Business Innovation And Investment (Provisional) Visa under the Premium Investor Stream starts from AUD9,455. Under the Premium Investor Stream, the candidate can reside for up to 4 years 3 months.
His or her investments must also be directed towards philanthropic activities under the Premium Investor Stream of Business Innovation And Investment (Provisional) Visa.
Entrepreneur Stream
Start-ups and entrepreneurs of every country can benefit from Business Innovation And Investment (Provisional) Visa under the Entrepreneur Stream. This offers them a gateway to enter the market of Australia.
A person with Business Innovation And Investment (Provisional) Visa under the Entrepreneur Stream can reside in Australia for up to 5 years. The cost of the application starts from AUD4,115.
It is mandatory for the start-up or entrepreneur to sign a funding agreement. It must have been signed by a third party who would operate and/or manage the business/investments in Australia.
The Australian Government commits to respect and acknowledge different cultural backgrounds. If you receive the opportunity to apply for Business Innovation And Investment (Provisions) Visa then go for it.
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