The Business Visa is one of the popular visa streams for investors and entrepreneurs to invest in the Australian economy. Recently, the Minister of Acting Immigration, Citizenship, Immigration Services and Multicultural Affairs reviewed this policy to revamp the Australian business and investment in 2020, as part of the Morrison government’s initiative for economic reform.

The Business Innovation and Investment Program (BIIP) will reduce the current Business Visa categories from 9 to 4, along with the reduction of significant application requirements. It is anticipated that these will create jobs in targeted areas of investments aimed by the government affected by COVID-19. It is also expected that the number of available places under BIIP will be doubled in the upcoming years.

The 4 classes of BIIP, effective from July 1 2021 include:

• Business Innovation Visa (Subclass 188A): Applicant must establish and manage new or existing businesses in Australia 
• Business Investor Visa (Subclass 188B):  Applicant must invest AUD $1.5 million in an Australian state government or local government bonds
• Significant Investor Visa (Subclass 188C): Applicant must invest AUD $5 million in an Australian state government or local government bonds
• Entrepreneur Visa (Subclass 188E): Applicant must commercialise an innovative business and obtain an investment agreement of AUD $200,000 and operate that commensurate business enterprise in Australia.

For all 188 Visas, the applicant(s) must obtain nomination by the state government, and the process begins with the submission of an expression of interest (EOI), each state government has their unique requirements on the type of skill set and kind of investments that they are after therefore prospective applicants need to understand what those requirements are before lodging their application.

This article outlines the general eligibility criteria and requirements for obtaining PR through all types of 188 Visas.

188A Business Innovation Visa

188A is suitable for experienced business people committed to establishing new or managing an existing business in Australia:

• The applicants are under 55 years old at the time of application.
• Owns a business with a turnover of at least AUD $500,000 in the last 4 financial years.*
• Furthermore, the applicants should have combined corporate assets and personal assets of no less than AUD $800,000.*
• Obtain at least 65 points on the EOI scoresheet.
• Demonstrates successful experience in participating in the operation and management of the enterprise.
• Have a basic level of English application.*

Note: From July 1 2021: the capital requirement for 188A will be increased significantly to ensure that the program attracts immigrants with mature business skills. Holders of the Business Innovation Visa (188A) will need to hold AUD $1.25 million in business assets (originally AUD $800,000) and an annual turnover of AUD $750,000 (originally AUD $500,000) to prove their business capabilities. Furthermore, the Expression Of Interest (EOI) score screening criteria is expected to increase accordingly.

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188B Investor Visa

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188B Investor Visa is generally suitable for CEOs, senior management and seasoned investors who do not directory own and operate a business.

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• The applicants are under 55 years old at the time of application
• Directly participate in the operation/management of any of the following situations for at least 1 year in the recent 5 fiscal degrees
• Hold at least 10% of the company’s equity and participate in operation/management, or participate in the operation/management of investment projects of at least AUD 1.5 million
• The applicant’s company’s and personal net assets are above AUD 2.25 million
• The applicant must invest at least A$1.5 million in Australian state government or local government bonds and plan to invest for at least 4 years
• Obtain at least 65 points on the EOI scoresheet
• Demonstrates successful experience in participating in the enterprise’s operation and management with at least 3 years of successful experience in managing enterprises or investments, establishing a high level of management skills, and having a basic English application level

188C Significant Investor Visa 

188C is suitable for applicants with substantial wealth with most requirements attached with 188A and 188B Visa waived. In short, “money talks” is the motto for this visa.

• No age restrictions
• No EOI requirement
• Minimum English proficiency is sufficient
• Unlike 188A and 188B, the applicant is not required to live in Australia most of the time. The minimum residency requirement is 160 days for 4 years, which breaks down to 40 days a year

The catch: The applicant must make at least AUD $5 million and a compliance investment of 4 years in Venture capital, Managed Fund or Balanced Investment.

188E Entrepreneurial Immigration Visa 

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188E aims to attract seasonal innovators and business acumen, the “best and brightest” in their field of high-tech innovation and research. Starting at AUD $200,000, the capital requirement for this visa is by far the lowest of all BIIP visas. Still, the academic and intellectual requirement is the highest. Without going into details, the business requirements are similar to a venture capitalist business model.

All successful BIIP Visa applicants will obtain a 4-year Temporary Residence (TR) Visa in Australia. After receiving TR, the applicant must fulfil their respective visa requirements before applying for permanent residence.

Disclaimer: Kindly note that the information provided here does not constitute legal advice. This must solely be regarded as content that provides general immigration information and is not a substitute for professional legal advice that occurs between an immigration lawyer and a client. 

Path Migration strongly recommends readers to contact certified immigration lawyers for a holistic overview of the Australia immigration system and a detailed analysis of each case.