AUSTRALIAN BUSINESS INNOVATION AND INVESTMENT PROGRAM
There are different categories of this program available depending on your business skill , ownership, management experience and asset profile. The categories are:
1. Business Talent (Permanent) Subclass 132 visa
There are two streams.
- The Significant Business History stream is owners or part owners of a business who want to have a major management role in a new or existing business in Australia.
- The Venture Capital Entrepreneur stream is for people who have obtained at least AUD1 million in funding from an Australian venture capital firm.
Criteria for the Significant Business History stream, you (or your partner, or you and your partner combined) must have all of the following:
- Less than 55 years of age (a state or territory can waive this requirement if your proposed business will be of exceptional economic benefit to the relevant region)
- Net assets of at least AUD400 000 (in a qualifying business) in at least two of the four fiscal years immediately before you are invited to apply
- Total assets of at least AUD1.5 million that can be legally transferred to Australia within two years of the visa being granted
- A total annual turnover of at least AUD3 million (in one or more of your main businesses) in at least two of the four fiscal years immediately before you are invited to apply
- Ownership of at least:
- 51 per cent of a business with turnover of less than AUD400 000 per annum, or
- 30 per cent of a business with turnover of more than AUD400 000 per annum, or
- 10 per cent of a publicly-listed company
Criteria for the Venture Capital Entrepreneur stream, you must have obtained at least AUD1 million in funding from an Australian Venture capital firm for the start-up, product commercialisation or business development relating to a promising high value business idea.
2. Business Innovation and Investment (Provisional) subclass 188 visa
There are three streams:
- Business Innovation stream - establish a new or develop an existing business in Australia
- Investor stream – make a designated investment with an Australian state or territory government
- Significant Investor stream - invest at least AUD5 million in Australia
Criteria for the Business Innovation stream, you must:
- Be younger than 55 years of age (a state or territory can waive this requirement if your proposed business will be of exceptional economic benefit to the relevant region)
- Score at least 65 on the Innovation Points test
- Have a total annual turnover of at least AUD500 000 (in one or more of your main businesses) in at least two of the four fiscal years immediately before you are invited to apply
- Have total assets of at least AUD800 000 that have been legally acquired and able to be legally transferred to Australia within two years of the visa being granted
- Own at least one of the following percentages of that main business (or two main businesses):
- 51 per cent of a business with a turnover of less than AUD400 000 per annum
- 30 per cent of a business with a turnover of more than AUD400 000 per annum
- 10 per cent of a publicly-listed company
Criteria for the Investor stream, you must:
- Be younger than 55 years of age (although a state or territory can waive this requirement if your proposed business or investment activity will be of exceptional economic benefit to the relevant region).
- Score at least 65 on the Innovation Points test
- Have a high level of management skill in relation to eligible investments or qualifying business activity
- Have at least three years’ experience of direct involvement in managing one or more qualifying businesses or eligible investments
- Have a genuine and realistic commitment to continuing your business and investment activity in Australia after the original investment has matured.
- Have a total assets of at least AUD2.25 million for the two fiscal years immediately before you are invited to apply. These assets must have been legally acquired and able to be legally transferred to Australia within two years of the visa being granted
- Have an overall successful record of eligible investment or qualifying business activity with no involvement in unacceptable activities
- Be prepared to make your government-approved designated investment of AUD1.5 million using funds you have accumulated from your direct involvement, for at least one of the five fiscal years before you are invited to apply, in one of the following activities:
- Managing your eligible investments that total at least AUD1.5 million
- Managing a qualifying business in which you owned at least 10 per cent of the total value of the business.
Criteria for the Significant Investor stream, you must be prepared to invest at least AUD5 million in at least one of the following ‘complying investments’:
- Commonwealth, state or territory government bonds
- Certain managed funds that have a mandate for investing in one of the following Australian assets:
- Infrastructure projects in Australia;
- Cash held by Australian deposit taking institutions;
- Bonds issued by the Commonwealth Government or a State or Territory government;
- Bonds, equity, hybrids or other corporate debt in Australian companies and trusts listed on any Australian Stock Exchange;
- Bonds or term deposits issued by Australian financial institutions;
- Real estate in Australia;
- Australian Agribusiness; and
- Other ASIC regulated managed funds that invest in the above list of investments.
- Direct investment into private Australian companies not listed on any Australian stock exchange. You must obtain an ownership interest in the company. The company must:
- Genuinely operate a qualifying business in Australia
- Be registered with ASIC
- Have an Australian Business Number (ABN).
- Have assets of at least AUD5 million that have been legally acquired, are unencumbered, and are available to be used to make the ‘complying investment’ in Australia
3. Business Innovation and Investment (Permanent) Subclass 888 visa
This visa allows you to:
- Continue to own and manage a business in Australia (the Business Innovation stream)
- Continue business and investment activity in Australia (the Investor stream and the Significant Investor stream).
Criteria for the Business Innovation stream, you must:
- Have been in Australia and held your provisional visa for at least one year in the two years immediately before you apply.
- Be able to show ongoing business involvement, meet certain financial requirements, and have a history of employing Australian workers.
- Have had and continue to have a direct and continuous management role in a main business (or two main businesses) in Australia for at least two years immediately before you apply
- Have had a turnover, in that main business (or two main businesses), of at least AUD300 000 in the year immediately before you apply
- Own at least one of the following percentages of that main business (or two main businesses):
- 51 per cent of a business with a turnover of less than AUD400 000 per annum
- 30 per cent of a business with a turnover of more than AUD400 000 per annum
- 10 per cent of a publicly-listed company
- Have obtained Australian Business Numbers for each of the relevant businesses
- Have submitted all relevant Business Activity Statements to the Australian Taxation Office
- Have not acquired the ownership in your main business (or two main businesses) from a person who was an applicant for, or a holder of, a permanent Business Innovation and Investment visa (subclass 888) or a permanent business skills visa (in subclasses 890,891,892 or 893), unless you and that person had a joint interest in the main business for at least one year before you lodge your application for this visa.
- The net value of your assets in the main business (or two main businesses) in Australia is at least AUD200 000 throughout the year immediately before you apply
- The net value of your personal and business assets in Australia has been at least AUD600 000 throughout the year immediately before you apply
- The main business (or two main businesses) must have employed, throughout the year immediately before you apply, at least the equivalent of two full-time employees who are:
- Australian citizens, Australian permanent residents, or New Zealand passport holders
- Not your family members.
Criteria for the Investor stream, you must
- Have been in Australia and held your provisional visa for at least two of the four years immediately before you apply.
- Held a designated investment with an Australian state or territory for at least four years
- A satisfactory record of complying with Australian laws, including those relating to taxation, superannuation, workplace relations and other laws relevant to your business
- Not been involved in unacceptable business or investment activities
- A strong commitment to continue your business and investment activity in Australia.
Criteria for the Significant Investor stream, you must:
- Have been in Australia, for Significant Investor stream – 160 days in the past four years
- Have been in Australia, for Significant Investor Extension stream – 240 days in the past six years
- Two provisional visas in the Significant Investor Extension stream – 320 days in the past eight years.
- Held complying investments as defined in your Business Innovation and Investment (Provisional) visa (subclass 188). You must have held those investments continuously in any proportion across the investment options for the life of your provisional visa
- A satisfactory record of complying with Australian laws, including those relating to taxation, superannuation, workplace relations and other laws relevant to your business
- Not been involved in unacceptable business or investment activities
- A strong commitment to continue your business and investment activity in Australia.
If you think you have the requirements to apply for any of the business visa, we can assist you in the following:
- Confirm your eligibility through business innovation point test depending on the visa you are considering and provide the necessary advice
- Provide a checklist on all the documents and information required for Express of Interest (EOI) submission, Business plan development, Sate or Territory Nomination application and visa application
- Submit EOI, prepare Business Plan, apply state or territory nomination
- Prepare and submit Visa application
- In situation whereby you are required to do market survey or field research for your business investment in Australia, we can assist you in organising the business feasibility tour or meeting with the relevant people in Australia.
- Family assistance such as investing /buying a property/business , school arrangement for your children, banking/accounting/ legal and other social / community services
