SETTING UP BUSINESS IN AUSTRALIA JUST GOT EASIER
This 4-year provisional permit is a two stage visa, is basically for ambitious investors & business owners who are eager to set-up business activities in Australia.
A crucial component of the well-known Australia Business Visa known as Australian Business Innovation & Investment Scheme or the (Provisional) Business Innovation and Investment Permit that allows the applicants (and attached dependents) to migrate to Australia as temporary residents through investment in business in Australia.
It is majorly for people with business skills who want to establish, develop and manage a new or existing business in Australia.
The permanent residency in this visa sub-class is granted in two stages:
- 188(A) : A four year provisional visa to transfer funds, make investments as well as to achieve the required conditions for the second stage, 888(A).
- 888(A) : Secondary stage to all provisional Business visas, this class has certain conditions of its own (separately listed below) that require mandatory fulfillment. This stage leads to permanent residency (as is shown in the flow-chart).
WHO CAN GO ?
Similar to 132(A) Subclass, this visa sub-category also extends to the immediate family of the Primary applicant, namely, applicant’s spouse, and children below the age of 23 years.
REQUIREMENTS FOR 188(A)
Much like other Business Visas, Subclass 188(A) too is governed by certain eligibility criteria, fulfillment of which is mandatory.
- The primary applicant must have a business in your country of residence, and is liable to show business history of immediate past 4 years at the time of submission of EOI.
- If the applicant is clubbing two businesses then business histories of both businesses will be mandatorily considered.
- The primary applicant must have and show a turn-over of 500,000 AUD of any two fiscal years in the immediate past four fiscal years.
- If the applicant has more than two businesses, then the turn-over of any best two companies can be clubbed to reach to fulfill the required 500,000 AUD criteria, with the condition that share-holding in both the companies is more than 30%.
- A net-worth of 800,000 AUD (or 4 Cr) in the name of the primary applicant and his/her spouse must be shown at the time of submission. Net-worth consists of both personal and business assets.
- Out of the 800,000 AUD, Business assets worth (at least or above) 200,000 AUD must be shown.
- Primary applicant’s age must be 55 years or less at the time of submission.
(Age waivers for applicants above the age of 55 years, are allowed with the condition of increment in the investment amount.)
- The primary applicant must have a shareholding of 30% in the company of which he/she has a turnover of 500,000 AUD (or 2.5 Cr).
REQUIREMENTS for 888(A)
For the second stage, there are two mandatory criteria (in blue) and out of the bottom three (in green), main applicant has to meet any two.
- Met requirements for owning and operating a business in Australia while on a provisional visa
- Have a business turnover of $300 000 a year; and
Meet two out of three of the following:
- Business assets of $200 000
- Net personal and business assets of $600000
- Two full-time employees
The applicant must also show his intention to stay in Australia during the temporary residence and after the 888(A) is approved. Thus the applicant must
- Have a genuine and realistic commitment to continue in business in Australia
As mentioned before, Australia Business Innovation & Investment (Provisional) (subcategory 188) Visa has a validity of 4 years. After one has successfully maintained an investment in the country for a period of 4 years or set-up an ownership interest in a firm of Australia, the candidate may file a petition for Permanent Residence (PR), via the Business Innovation & Investment (Residence) Sub Category 888 Permit.Those who have submitted submissions for the Business Innovation stream, a 2-year extension is achievable once they have held the subcategory 188 Permit for a period of three years, in the process, offering the aspirants 6 years from the time of the offering of the original permit.The visa eligibility is based on a point test where minimum of 65 points should be achieved on the basis of the mandatory fulfillment of the eligibility criteria (mentioned below). No IELTS or language test is required if the candidate reaches the 65 points mark. In case of point deficiency, the additional points can be achieved through any certified language test.
The required investment amount for this sub-class is 200,000 AUD (or 1 Cr).
Among others, the visa allows the holders and their family members who have also been provided the permit to:
- Reside in the country for an indefinite period.
- Do a job and enroll for study courses in Australia.
- Enroll in Medicare – the nation’s popular and highly useful plan for health-related care & costs.
- File a petition for the prized Australian citizenship (of course they are qualified).
- Proffer sponsorship to entitled family members for Permanent Residence (PR).
- Take a trip to and from Australia for five years from the time the permit is offered (post that time, the visa holders will require a Resident Return Visa (RRV) or a new permit to come back to Australia).