Subclass 188 Business Innovation and Investment (Provisional) visa and Subclass 888 Business Innovation and Investment (Permanent) visa
The Department of Immigration and Border Protection (DIBP) provides a Business Innovation stream visa program which allows business people to migrate to Australia on a provisional or permanent basis. The Business Innovation stream is for business people with innovative and entrepreneurial skills who wish to establish, develop and manage a new or existing business in Australia. This guide outlines the eligibility requirements for the Business Innovation stream visa program, as well as the benefits and obligations of holders.
Subclass 188 is a 5-year provisional visa allows you to own and manage a business in Australia, conduct business and investment activity in Australia or undertake an entrepreneurial activity in Australia.
You must be nominated by an Australian State or Territory government agency.
You must be invited to apply for this visa.
It provides a pathway for Subclass 888 Business Innovation and Investment (Permanent) visa.
The business and personal assets were lawfully acquired.
Meet the criteria in the below table (current as of May 2022), subject to change by the Federal and State/Territory governments
188A – Business Innovation Stream
Visa validity - Up to 5 years
Extension availability - Yes, Business Innovation Extension stream
Min financial requirement by Department of Home Affairs (Federal level)
The applicant has overall had a successful business career.
For at least 2 of the 4 fiscal years immediately before invitation, the applicant had an min 30% ownership interest in one or more established main business, in each of those years:
Annual turnover: at least AUD750,000
Engaged in the general direction of the operation of the business
The business and personal assets of the applicant’s family: at least AUD1.25M.
Age limitation by Department of Home Affairs (Federal level)
Under 55 or waiver by State or Territory
Meet Point test by Department of Home Affairs (Federal level)
Yes, min 65 points
Additional requirements by each State or Territory
NSW (where Sydney is the capital city), the applicant:
Under 50 years of age
Have a bachelor’s degree or above
In the past 10 years have at least
3 years of business experience in a NSW target sector, or
5 years of business experience in a non-target sector
Personal and business assets
If applicants want to invest to Sydney: AUD1.75M
Regional NSW: AUD1.25M
For at least 2 of the 4 fiscal years before application, business annual turnover
If applicants want to invest to Sydney: AUD1.25M
Regional NSW: AUD750,000
Point test score: at least 65 points
Min business investment to NSW, after 188A visa is granted
Sydney: AUD500,000
Regional NSW: AUD300,000
Victoria (where Melbourne is the capital city)
Under 55 years of age
Have at least a bachelor degree in a STEMM field or a MBA
Business proposal must show innovation and job creation
Point test score: at least 65 points
188B – Investor stream
Visa validity - Up to 5 years
Extension availability - No
Min financial requirement by Department of Home Affairs (Federal level)
The applicant has overall had a successful record of eligible investment activity or qualifying business activity.
The applicant has had a total of at least 3 years’ experience of direct involvement in managing one or more qualifying business or eligible investments.
For at least 1 of the 5 fiscal years immediately before invitation, the applicant
Maintained direct involvement in managing a qualify business, having an ownership interest of at least 10% or
Maintained direct involvement in managing eligible investment at least AUD2.5M
For the 2 fiscal years immediately before invitation, the applicant family had business and personal assets at least AUD2.5M
The applicant has made a complying investment of at least AUD2.5M before visa is granted.
Age limitation by Department of Home Affairs (Federal level)
Under 55 or waiver by State or Territory
Meet Point test by Department of Home Affairs (Federal level)
Yes, min 65 points
Additional requirements by each State or Territory
NSW (where Sydney is the capital city), the applicant:
Under 50 years of age
Have a bachelor’s degree or above, or
In the past 10 years have at least
5 years of successful investment history, or
3 years of business experience in a NSW target sector, or
5 years of business experience in a non-target sector
Point test score: 65 points
Complying investment
at least A$500,000 in venture capital and growth private equity funds which invest in start-ups and small private companies
at least A$750,000 in approved managed funds. The managed funds must invest in emerging companies listed on the Australian Stock Exchange
a ‘balancing investment’ of at least A$1,250,000 in managed funds
Victoria (where Melbourne is the capital city)
Under 55 years of age
Have at least a bachelor degree in a STEMM field or a MBA
Business proposal must show innovation and job creation
Point test score: at least 80 points
Complying investment
20 per cent in eligible Victorian Venture Capital and Private Growth Equity funds (VCPE) investing in start-up and small private companies (A$500,000)
30 per cent in eligible managed funds or Listed Investment Companies (LICs) that invest in emerging companies (A$750,000)
50 per cent in balancing investments in managed funds or LICs that invest in eligible assets, including Australian listed securities, eligible corporate bonds or notes, annuities and real property (A$1.25 million).
188C – Significant Investor stream
Visa validity - Up to 5 years
Extension availability - Yes, Significant Investor Extension stream
Min financial requirement by Department of Home Affairs (Federal level)
The applicant has made a complying investment of at least AUD5M before visa is granted.
Complying investment
at least A$1,000,000 in venture capital and growth private equity funds which invest in start-ups and small private companies
at least A$1,500,000 in approved managed funds. The managed funds must invest in emerging companies listed on the Australian Stock Exchange
a ‘balancing investment’ of at least A$2,500,000 in managed funds
Pathway to Subclass 888
SUBCLASS 888A
Department of Home Affairs (Federal) requirements,
the applicant has been in Australia, holding 188A visa, for at least 3 years
had an ownership interest min 30% in at least one actively operating main business in Australia for 2 years
meet at least 2 of following 3 criteria, throughout 12 months immediately before application
maintain main business net value at least AUD200,000
hired 2 full-time Australian employees
business and personal assets in Australia at least AUD600,000
main business in Australia annual turnover at least AUD300,000 in 12 months immediately before application
NSW’s requirements: 12 months before NSW nomination application
Personal and business assets
Sydney: at least AUD1.5M
Regional NSW: at least AUD600,000
Net business assets
Sydney: at least AUD600,000
Regional NSW: at least AUD200,000
Business investment
Sydney: AUD500,000
Regional NSW: AUD300,000
Created min two new full-time job to Australians
If purchased an existing business
Increase in annual turnover of at least 10%, or
Increase in business assets of at least 25%
Victoria’s requirements:
Business has contributed to innovation in Victoria
Created min two new full-time job to Australians
Let me know if you are interested in other states or territories.
Queensland
South Australia
Tasmania
Western Australia
Austrian Capital Territory
Northern Territory
Pathway to Subclass 888
188A – Business Innovation Stream
Department of Home Affairs (Federal) requirements, the applicant:
has been in Australia, holding 188A visa, for at least 3 years
had an ownership interest min 30% in at least one actively operating main business in Australia for 2 years
meet at least 2 of following 3 criteria, throughout 12 months immediately before application
maintain main business net value at least AUD200,000
hired 2 full-time Australian employees
business and personal assets in Australia at least AUD600,000
main business in Australia annual turnover at least AUD300,000 in 12 months immediately before application
NSW’s requirements: 12 months before NSW nomination application
Personal and business assets
Sydney: at least AUD1.5M
Regional NSW: at least AUD600,000
Net business assets
Sydney: at least AUD600,000
Regional NSW: at least AUD200,000
Business investment
Sydney: AUD500,000
Regional NSW: AUD300,000
Created min two new full-time job to Australians
If purchased an existing business
Increase in annual turnover of at least 10%, or
Increase in business assets of at least 25%
Victoria’s requirements:
Business has contributed to innovation in Victoria
Created min two new full-time job to Australians
Let me know if you are interested in other states or territories.
Queensland
South Australia
Tasmania
Western Australia
Austrian Capital Territory
Northern Territory
188B – Investor stream
Department of Home Affairs (Federal) requirements, the applicant:
has been in Australia, holding 188B visa, for at least 2 years in the 3 years immediately before application
has held a complying investment for the whole of the period during which the applicant held a subclass 188B visa.
188C – Significant Investor stream
Department of Home Affairs (Federal) requirements, the applicant:
has held a 188C visa for a continuous period of 4 years
has held a complying significant investment for the whole period during which the applicant held a subclass 188C visa
has been in Australia for at least 40 days multiplied by the number of complete years in the period in which the applicant has held subclass 188C visa, or
The applicant’s spouse or de facto partner, holding 188C visa, has been in Australia for at least 180 days multiplied by the number of complete years in the period in which the applicant has held subclass 188C visa
How can Agape Henry Crux Help You?
If you want to find out more about your visa or need advice on your Australian migration matter, please do not hesitate to contact us. You can book a Migration Planning Session with one of our immigration lawyers to seek professional advice by calling 02-7200 2700 or email us to book in a time at info@ahclawyers.com.
We speak fluent English, Korean, Mandarin, Cantonese, Indonesian, Burmese and Malay. If these aren’t your language, we can also help you arrange an interpreter.
This article/presentation (“publication”) does not deal extensively with important topics or changes in law and is not intended to be relied upon as a substitute for legal or other advice that may be relevant to the reader's specific circumstances. If you find this publication of interest and would like to know more or wish to obtain legal advice relevant to your circumstances please contact our office.