There are different types of business innovation and investment visas in Australia, depending on your situation and profile as a business person. There are permanent business visas and temporary business visas, but usually you must first obtain a temporary business visa before you can apply for a permanent visa.
What Are the Australian Business Innovation and Investment Visa Types?
Here are the different types of Australian business innovation and investment visas.
- Australian Business Innovation and Investment Temporary Visa – Subclass 188 This is a short-term business visa issued for four years and three months to applicants who have been nominated by an Australian state or territory and must be invited to apply. In each stream, you must demonstrate that you have invested a substantial amount of money and have a certain amount of personal or business assets. Individuals over the age of 55 are not eligible to apply for this visa. There are a number of streams you can choose from within Visa 188.
- Business Innovation Stream
- Investor Stream
- Significant Investor Stream
- Premium Investor Stream
- Entrepreneur Stream
- Australian Business Innovation and Investment Permanent Visa – Subclass 888. This visa is a permanent visa for business innovation and investment. To qualify for this visa, you must have or have had in the past a provisional visa 188. The permanent 888 visa has the same flows as the provisional visa and you can only apply for the same flows you had when you had the 188 visa. You will also need a nomination and invitation to apply for this visa.
- Australian Business Holder Visa – Subclass 890, to qualify for this visa you must hold or have held subclasses 160, 161, 162, 163, 164 and 165 of the Provisional Business Visa. You must also show that you have been in Australia for at least one year while you held the provisional visa and before you apply for the 890 visa.
- Australian Business Talent Visa – Subclass 132. The Business Talent Visa 132 has two streams: a “significant business history stream” and a “venture capital stream”. In the “significant business history” stream, you must demonstrate that you have net assets of at least A$1.5 million. For the venture capital stream, you must make a venture capital investment of AUD 1 million.
- Australian Investor Visa – Subclass 891. To qualify for this visa, you must already hold a Provisional Business Visa 162 and provide proof that you have held the stated investment of AUD1.5 million for four years. The 891 visa is also a permanent residence visa.
- Australian Sponsored Business Owner Visa (Subclass 892). You can apply for this visa if you hold or have held a temporary business visa 160, 161, 162, 163, 164 or 165. You must also show that you have been in Australia for one year on a provisional visa before applying for the 892 visa.
- Australian Sponsored Investor Visa – Subclass 893, for this visa you must have held a provisional 165 visa before applying and you must prove that you have held the stated investment amount of AUD750,000 before applying.
- Australian Business Innovation and Investment Extension Visa – Subclass 188. This is an extension visa issued to Business Innovation and Investment Visa 188 holders who wish to extend their business visa. However, this extension is only available to visa applicants who hold the Business Investor Stream and the Significant Investor Stream.
What Documents Should I Submit for My Business Innovation and Investment Visas?
You must submit the following
- National identity card (if required).
- Driver’s license (if required).
- Two recent certified photographs.
- A certificate of character.
- Financial statements.
- Proof of personal and business assets.
- Six photographs of your business premises.
- Organization chart of your business (1 page).
- Proof of English language skills.
- Summary of your business activities.
- Proof that you own your business.
- Proof that you purchased your business (if applicable).
- A Business Activity Statement (BAS).
- An Australian Business Number (ABN).
- Proof that you employ full-time staff.
- Proof that you hold a senior position in the business.
- Points Verification Documents
- The following documents are required for family members
- Marriage certificate
- Divorce certificate
- Birth certificate
- Adoption documents
- Dependency certificate
- Relationship Certificate
- To apply for a business visa, please attach the following documents.
- Business Innovation and Investment Visa Application Form 47BU
- Statement of Assets and Liabilities Form 1139A (SALP)
- Form 80 for character assessment
- Form 1221
- Assistance Form 965A
- Migration Officer Assistance Form 956
- Form 927
- Form 1217
- Form 1413D.
- Declaration of dependent children (Form 47a.)
For Business Innovation and Investment Visa applications, all documents must be submitted in English at the time of application. If you have documents that are issued in another language, you must submit a translated version with the original documents.
Translations of documents can be made through the National Accreditation Authority for Translators and Interpreters. If you are outside Australia, the name, address, contact details and qualifications of the translator must be included in the translated documents.
Financial statements must be prepared by an independent auditor in accordance with International Financial Reporting Standards. The financial statements must include a balance sheet, income statement and notes.
If you are applying from China, Macau, Hong Kong or Taiwan, you should contact the Australian Consulate General in Hong Kong.
How Do I Apply for the Australian Business Visas?
There are two main ways to apply for a Business Innovation and Investment Visa.
- Apply online by submitting the required documents through ImmiAccount. Electronically submitted documents must be scanned in color.
- In-person application. For most business visa applications, you must submit your application to the Adelaide Business Skills Processing Centre.
For both types of applications, you must pay the application fee through ImmiAccount. It is very important that the application fee is submitted before you apply.
How Much Does a Business Innovation and Investment Visa Cost?
The basic application fees for Business Innovation and Investment Visa are as follows.
This is the basic fee for the application. Additional fees will apply for additional applicants applying jointly for a business visa. For more information on visa fees in Australia, please click here.
How Long Does it Take to Process a Business Innovation and Investment Visa for Australia?
The application process for a business visa usually takes two and a half years. However, some visa types do not have a specific processing time in Australia. The processing time may also be extended if your application is incomplete or you have provided incorrect information.
Can My Family Members Apply With Me for a Business Innovation and Investment Visa?
Yes, family members can be included as long as they are immediate family members (spouse, partner, children). Family members can apply together or be added later, but care should be taken to add family members before the visa application is finalized.
For some visa applications, both you and your spouse must be in Australia at the time of application and at the time the visa is granted.
Can I Travel With a Business Innovation and Investment Visa?
If you have a permanent business visa, you can travel for five years without restriction. You will then need to apply for a return visa. If you have a temporary business visa, you can travel freely for the duration of the visa.
Can I Apply for Another Visa if My Business Visa Application Is Rejected?
Yes, if your application is rejected, you can still apply for another visa. However, before submitting a new application, you can ask the Administrative Appeals Tribunal (AAT) to review the Department of State’s denial of your visa application.