Individuals who are seeking some business opportunities can extend their business in Australia. The place offers a huge set of opportunities for those who want to invest in Australia or looking for permanent Australian citizenship. But, to start your business in Australia, you must apply for the 188 visas. This is a subclass of the Business Innovation and Investment Visa.
As a part of 188 visas Australia, one can also include their family members. The family members will also have the right to work and study in Australia. With a provisional visa, you can stay up to 4 years in Australia. The timeline of the Business Innovation and Investment (subclass 188) visa depends on the stream of the applicant, and it includes 5 different streams that we will be discussed ahead.
The 188 visas Australia are made up of five streams:
1. Business Innovation Stream
It is for those who have proven business skill. This visa is for those who want to develop and manage a new business in Australia. The state or territory government must nominate the person and they must score 65 on the test. In addition to this, individuals are required to have a turnover of at least A$500,000. With a provisional business innovation stream visa, you can stay up to 6 years in Australia. But, once you get the final approval, you can stay for 8 years. However, you can extend your staying period up to 4 years.
2. Investor Stream
Those who are ready to make an investment of A$15 in Australia, and want to start their business activity, must apply for visa under the investor stream. Besides, they must also create least 65 points in the point test, and they must have at least three years experience in managing a business. With an investor visa, you can stay 4 years 3 months in Australia.
3. Significant Investor Stream
This one of for the business owners who are willing to invest at least $5million in Australia. These applicants are nominated by a start or territory or by the Australian government. Individual who are willing to apply under this stream must have a net asset of at least Applicants must have at least A$5million of the net asset. This asset must be legally acquired, unencumbered and are available for transfer to Australia.
4. Premium Investor Stream
Those who are ready to invest at least A$15million in Australia can apply for this premium visa. This is also for those who wish to do business and investment activity in Australia. You need to maintain the rules of Australian government or semi-government bonds or notes, corporate bonds issues by the Australian exchange, Australian securities exchange listed assets, Australian propriety limited companies. The appliance must have helped the premium investment of A$15million for at least one year to get the subclass 188 visa for Australia.
5. Entrepreneur Stream
It is for those who have received funding of A$200,000 from a third-parties. The eligibility criteria for the Entrepreneur stream must be under 55 years of age, must be competent in English, and you should be undertaking complying entrepreneur activity in Australia. The funding must be from a State or Territory Government, a Commonwealth Government agency, a Publicly Funded Research Organisation, or by a Specified Higher Education Provider.
Benefits of the subclass 188 visa Australia:
1. It simplifies the task of doing business in Australia
2. They can easily travel to and from Australia
3. The applicant’s family can work and study in Australia and also apply for permanent residency in Australia.
So, if you are planning to start a business in Australia and invest in Australia, then you must apply for a subclass 188 visa Australia.
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