188B VISA – Business Investor Stream Subclass 188B
This is a temporary visa that lets you stay in Australia for up to 4 years and 3 months. To stay permanently, you can apply for a permanent residency through the Business Innovation & Investment (Residence) Subclass 888 visa.
Where should I apply? In or outside of Australia?
You can be either in Australia or overseas when you lodge your application or when the visa is decided, but not in immigration clearance. Remember that you must hold a substantive visa, Bridging A, B or C visa, if you are in Australia.
Business Investor Stream Subclass 188B Basic Eligibility
- You must be nominated by an Australian State or Territory government and you must lodge an Expression of Interest (EOI) through SkillSelect;
- You must have an investment or a business;
- You must be willing to invest AUD 1.5 million in Australian State or Territory Government bonds;
- You must have a business with personal net assets with at least $2.25 million AUD in the last 2 fiscal years;
- You must be under 55 years old;
- You must earn 65 point test score in the Business Innovation and Investment Points test;
- You must have at least 3 years’ experience in eligible investments or managing a qualified business;
- You must have shown a high level of management skill.
Eligibility for Permanent Residence
To be qualified for permanent residency through a Business Innovation & Investment (Residence) Subclass 888 visa, you need to meet the following criteria
- You must have been in Australia on your subclass 188B visa for at least 2 years, within the 4 years prior to lodgment.
- You must maintain your investment in Australian State or Territory bonds for the last 4 years.
Business Investor Stream Subclass 188B Visa Frequently Asked Questions
ONEderland Consulting managing director and also registered migration agent, Indah Melindasari, B.Com (MARN 0961 448) is here to answer your 188B visa Australia questions!
- What is the significant difference between a Business Innovation and Investment (Provisional) Visa Subclass 188 and a Business Investor Stream subclass 188B?
- Business Innovation and Investment (Provisional) Visa Subclass 188 allows you to own and manage a business in Australia, conduct business and partake in investment activity in Australia.
- You may as well undertake an entrepreneurial activity in Australia. Although there is an investment requirement in a Business Investor Stream subclass 188B; you are required to invest at least AUD1.5 million in an Australian State or Territory, and have net business, investment and personal assets of at least AUD2.25 million.
- Is this a permanent visa?
- This is only a temporary visa to live legally in Australia for up to 4 years and 3 months. However, you can apply for a permanent Business Innovation and Investment (Permanent) visa (subclass 888) Investor stream, if you meet certain requirements.
- When do I need to invest?
- You should do it after you are granted the visa and after receiving an investment request letter. In that letter, there will be a time-frame for you to finalize the investment, and once you have invested, you should send the evidence of the fund transfer to the nominating state or territory.
- Is there any residence requirement if I want to apply for a permanent residency after holding a visa subclass 188B
- There is no specific state, however, you must have lived in Australia for at least 2 of the 4 years of your visa (Subclass 188B)
- Can I include my family unit in this application?
- Definitely, you can. Not only your wife, but you can also include your child as a dependent on your application before the Department makes a decision on your application. Be aware that they must meet the requirements including the health and character requirements.
- How much is the visa fee?
- The subclass 188 investor stream will cost you AUD 6,270. If you want to include family members, the additional charge will be AUD 3,135 (over 18 years old) and AUD 1,345(under 18 years old). If you or any of your family members over the age of 18 years old who are not fluent in English. There is an additional charge that will be applied as the second instalment. For the main applicant, it will cost AUD 9,795 and for family members will charge AUD 4,890.
- How long will be the processing time?
- The visa processing time for this visa is 25 to 28 months.
- Do I have to be in Australia when applying for this visa?
- You can be in or outside Australia when applying for this visa.
Business Innovation and Investment (Provisional) Visa Subclass 188 Three Steps Process
Step One : Check your eligibility and visa requirements
Before applying for the visa, you have to check your eligibility and make sure you have met all the requirements for the application.
the basic eligibilities that you have to submit are an Expression of Interest (EOI) in SkillSelect, to be nominated by a State or Territory government agency or Austrade, and to be invited to apply for the visa.
Step Two : Apply for the visa
After you are sure you have met all the eligibility and requirements and you are invited to apply through SkillSelect then you can apply for the visa application.
Make sure you provide all the required documents including accurate information stated in your application.
Step Three : Granted a visa
There is no standard processing time for this stream. If you are granted the visa, then you can carry out business and investment activity in Australia, and this visa allows you to stay legally in Australia for up to 4 years and 3 months.
Besides maintaining business or investment activity in Australia, this visa also requires you to invest at least AUD1.5 million in an Australian State or Territory.
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