Who is this visa for?
The business innovation stream is for individuals who have owned a business and are now looking to establish a business in Australia.
To be eligible for the business innovation stream, applicant will need to:
- Have funding in place from a qualifying source for a minimum of a $200,000 to establish an enterprise or business in Australia (see below)
- Be aged under 55 years old (some exceptions are made)
- Meet the points test for this stream – currently 65 points
- Show applicant have an ownership interest of at least 30%
- Present a business plan of the entrepreneurial entity showing how applicant’s innovative idea will lead to the a product or service being commercialised in Australia, or lead to the development of a business or enterprise in Australia.
What funding sources are acceptable?
The following entities are qualifying sources of funding:
- An investor registered as an Australian venture capital limited partnership or early state venture capital limited partnership
- Publicly funded research organisation
- Commonwealth government agency
- Specified higher education provider
What business activities qualify?
Interested individuals will need to show how their proposed complying entrepreneur activity will economically benefit the country.
A complying entrepreneur activity is an innovative idea that will bring a new service or product to market, or the development of a business in Australia (activities relating to real estate or labour hire are excluded).
To apply for the entrepreneur visa, applicant will need to have an agreement for at least $200,000 in funding from one or more of the following sources:
- Commonwealth agencies
- State and territory governments
- Publicly funded research organisations
- Investors registered as venture capital limited partnerships or early stage venture capital limited partnerships
The funding agreement must involve the transfer of at least 10% of the funds within 12 months of commencing the activity in Australia.
What applicant need to do before applying for the 188E
Before applying for the 188e, applicant will need to be nominated by an Australian State or Territory government.
This involves lodging an expression of interest (EOI) through the skill select system.
Where applicant can apply for the 188E
Applicant can apply for this visa overseas or in Australia.
If applicant apply for the 188E in Australia applicant will need to hold a substantive visa or a bridging A, B or C visa.
The Points test
Applicant must score at least 65 points (the pass mark) in the points test to be eligible to apply
for a Business Innovation and Investment (Provisional) visa (subclass 188) in the Business Innovation
stream or the Investor stream.
The points test does not apply to applicant , if they are applying in the Significant Investor stream,
the Premium Investor stream, the Entrepreneur stream, the Business Innovation Extension stream,
or Significant Investor Extension stream.
The test gives points for various elements of human capital and business innovation and includes
objective measures of business performance.
Points are awarded for:
age, English language ability, qualifications, experience in business or investment, net personal and business assets, business turnover, innovation, special endorsement.
The points table
|55 and older||0|
|English language ability||Vocational English (IELTS score of at least 5 in each of the four test components )||5|
|Proficient English ( IELTS score of at least 7 in each of the four test components )||10|
Australian trade certificate, diploma or bachelor degree by an Australian education institute; or
a bachelor qualification recognised by an education institution of a recognised standard
|Bachelor degree in business, science or technology by an Australian institution; or a bachelor qualification by an education institution of a recognised standard||10|
|Special endorsement||The nominating state or territory government agency could decide that applicant r proposed business is of unique and important benefit to the state or territory where the nominating government agency is located||10|
|Financial assets||Net business and personal assets of applicant , applicant r partner or applicant and applicant r partner combined in each of the preceding two years of at least:|
|AUD 800 000||5|
|AUD 1.3 million||15|
|AUD 1.8 million||25|
|AUD 2.25 million||35|
|Business turnover||Annual turnover in applicant r main business during a period of at least two years of the preceding four fiscal years of at least:|
|Business Innovation stream only|
|Applicant have held one or more businesses before applicant were invited to apply for the visa for:|
|Not less than four years within the preceding five years||10|
|Not less than seven years within the preceding eight years||15|
|Investor stream only Investor experience||Eligible investment of at least AUD100 000 held for:|
|At least four years before the time of invitation to apply for the visa||10|
|At least seven years before the time of invitation to apply for the visa||15|
|Business innovation qualifications|
At the time of invitation to apply for the visa:
|Evidence of registered patents or registered designs||15|
|Evidence of registered trademarks||10|
|Evidence of formal joint venture agreements||5|
|Evidence of export trade||15|
|Evidence of ownership interest in a gazelle business||10|
|Evidence of receipt of grants or venture capital funding||10|
|State or territory nomination||Special endorsement (limited places)||10|