There are several Australia business innovation and investment visa types available for you depending on your situation and profile as a businessman. You can have either a permanent business visa or a temporary one, but you must usually have a temporary business visa first before you can apply for a permanent visa.
What Are the Australian Business Innovation and Investment Visa Types?
Here are the business innovation and investment visa types for Australia:
- Australia Business Innovation and Investment Provisional Visa – subclass 188. This is a short-term business visa issued for four years and three months to visa applicants that are nominated by an Australian state or territory and you must be invited to apply. For each stream, you must invest a significant amount of money and prove that you hold a specific amount of personal and business assets. You cannot apply for this visa if you are older than 55 years old. Within visa 188, there are several streams you can choose from:
- Business innovation stream
- Investor stream
- Significant investor stream
- Premium investor stream
- Entrepreneur stream
- Australia Business Innovation and Investment Permanent Visa – subclass 888. This is a permanent business innovation and investment visa. In order to qualify for this visa, you must hold or held previously a provisional business visa 188. A permanent visa 888 has the same streams as the provisional visa, and you can only apply for the same stream you had while on a visa 188. For this visa, you must also be nominated and invited.
- Australia Business Owner Visa – subclass 890. For you to be eligible for this visa, you must hold or have held a provisional business visa subclass 160, 161, 162, 163, 164, and 165. You must also show evidence that you have lived in Australia for at least one year before applying for a visa 890, while you held your provisional visa.
- Australia Business Talent Visa – subclass 132. A business talent visa 132 has two streams available for you; significant business history stream and venture capital stream. For the significant business history stream, you must provide evidence that you have a net value of at least AUD1.5 million. While for your venture capital stream, you must have a venture capital investment of AUD1 million.
- Australia Investor Visa – subclass 891. For this visa, you must already have a provisional business visa 162 and you must provide evidence that you held your designated investment of AUD1.5 million for four years. Visa 891 is also a permanent visa.
- Australia Sponsored Business Owner Visa – subclass 892. You can apply for this visa if you have or had a provisional business visa 160, 161, 162, 163, 164, and 165. You must also show evidence that you lived for a year in Australia under your provisional visa before applying for visa 892.
- Australia Sponsored Investor Visa – subclass 893. For this visa, you must have a provisional visa 165 before you apply and you must demonstrate that you held your designated investment of AUD750,000 before applying.
- Australia Business Innovation and Investment Extension Visa- subclass 188. This is an extension visa granted to holders of business innovation and investment visa 188 if they want to extend their business visa. However, this extension is applicable only to visa applicants who hold business investor streams and significant investor streams.
What Documents Should I Submit for My Business Innovation and Investment Visas?
You need to submit the following:
- National identity card (if required).
- Driver’s license (if required).
- Two recent identity photographs.
- Character documents.
- Financial statements.
- Proof of personal and business assets.
- Six photographs of your business establishment.
- A one-page organisational chart of your business.
- Proof of English Language Skills.
- Outline of your business activities.
- Proof that you own your business.
- Evidence that you purchased your business (if applicable).
- Business Activity Statements (BAS).
- Australian Business Number (ABN).
- Evidence of having employed full-time employees.
- Proof of your managerial position within the business.
- Documentation of the points test.
- For your family members you will also need to include these documents:
- Marriage certificate
- Divorce papers
- Birth certificates
- Adoption papers
- Dependency evidence
- Relationship proof
- Include the following forms for your business visa application:
For your business innovation and investment visa application, your documents have to be in English when you apply. If any documents are issued in another language, then make sure you provide a translated version alongside the original.
You can translate your documents through the National Accreditation Authority for Translators and Interpreters. If you are outside of Australia, then your translator has to write their full name, address, contact details, and qualifications, in the translated documents.
Your financial statements have to be prepared by an independent accountant to International Accounting Standards. The financial records must include a balance sheet, profit and loss statement, and notes to the accounts.
If you are applying from China, Macau, Hong Kong, or Taiwan then please refer to the Australian Consulate-General Hong Kong.
How Do I Apply for the Australian Business Visas?
There are two main ways you can apply for business innovation and investment visa:
- Online application. You can apply online by submitting the required documents through ImmiAccount. The documents you submit electronically must be scanned in color.
- In-person application. For the majority of business visa applications, you are required to send the application by post to the Adelaide Business Skills Processing Centre- applications sent to other locations will not be taken into consideration.
For both types of applications, you must pay the application fee via ImmiAccount, and it’s very important that you submit the fee before you lodge your application otherwise, your application won’t be processed until the payment is received.
How Much Does a Business Innovation and Investment Visa Cost?
Here are the base applications fees for business innovation and investment visas:
|Business Innovation Visa Type||Fee|
|Business innovation and investment visa 188- investor stream||AUD5,375|
|Business innovation and investment visa 188- significant investor stream||AUD7,880|
|Business innovation and investment visa 188-entrepreneur stream||AUD4,045|
|Business innovation and investment visa 188 premium investor stream||AUD9,455|
|Business innovation and investment visa 888||AUD2,590|
|Business Owner Visa 890||AUD2,450|
|Business talent visa||AUD7,855|
|Australia Investor Visa 891||AUD2,450|
|Sponsored Business Visa 892||AUD2,450|
|Sponsored Business Visa 893||AUD2,450|
This is only the base application fee, you will be required to pay extra charges for any additional applicant that applies with you for a business visa. The Australian visa fees are detailed here.
How Long Does it Take to Process a Business Innovation and Investment Visa for Australia?
It usually takes two and a half years to process your business visa application. However, for some visa types, Australia doesn’t have a definite processing time. The processing time is prolonged if you are missing any documents from your application or provided wrong information.
Can My Family Members Apply With Me for a Business Innovation and Investment Visa?
Yes, you can include your family members as long as they belong to the immediate family unit (spouse, partner, children). Your family members can apply together with you or you can add them later on as long as you take care to include them before your visa application is finalised.
For some visa applications, both you and your spouse must be in Australia at the time of application and at the time of the visa grant.
Can I Travel With a Business Innovation and Investment Visa?
If you have a permanent business visa you can travel for five years without any restrictions. Afterward, you must apply for a resident return visa. If you have a temporary business visa, you can travel freely for the duration of your visa.
Can I Apply for Another Visa if My Business Visa Application Is Rejected?
Yes, you can apply for another visa if your application is rejected. However, before you apply one more time you can request a review at the AAT (Administrative Appeals Tribunal), regarding the denial of your visa application by the Department of Foreign Affairs.