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Business Innovation and Investment (Provisional) visa (subclass 188)

Features

This visa is for people who want to own and manage a new or existing business in Australia, or to invest in an Australian state or territory.

Requirements

You might be able to get this visa if you are nominated by a state or territory government agency and are invited to apply by the Minister for Immigration and Border Protection.

About this visa

The Business Innovation and Investment (Provisional) visa (subclass 188) is part of the Business Innovation and Investment Program. You must submit an expression of interest through SkillSelect and be nominated by a state or territory government before being invited to apply for this visa.

The visa includes three streams:

  • Business Innovation stream: for people with business skills who want to establish, develop and manage a new or existing business in Australia.
  • Investor stream: for people who want to make a designated investment of at least AUD1.5million in an Australian state or territory and maintain business and investment activity in Australia.
  • Significant Investor stream: for people who are willing to invest at least AUD5million into complying investments in Australia and want to maintain business and investment activity in Australia.

Holding this visa is the first stage before becoming eligible to qualify for a Business Innovation and Investment (Permanent) visa (subclass 888).

More information

More information is available from the SkillSelect booklet.

What this visa lets you do

  • establish a new or develop an existing business and/or invest in Australia, make a designated investment with an Australian state or territory government or make and maintain complying investments in Australia
  • travel in and out of Australia for the life of your visa
  • bring family members with you to Australia
  • seek permanent residence by applying for a Business Innovation and Investment (Permanent) visa (subclass 888).

Before you apply

To be able to apply for this visa, you must first submit an expression of interest through SkillSelect.  You may then be nominated before being invited to apply.

Your expression of interest must specify:

  • which stream you intend to apply under
  • whether you are interested in business or investment in just one or all Australian states and territories.

When you have submitted your expression of interest, a state or territory government could view it and decide whether to nominate you to apply for a visa. State and territory authorities have their own criteria for deciding who to nominate. In some cases, the authority might contact you before you are nominated to discuss employment possibilities. In others, the authority will wait for you to contact it.

If you receive an invitation, you will have 60 days to apply online for the visa. During that time, you cannot change the information in your expression of interest. If you receive two invitations to apply for a visa and you do not lodge an application, your expression of interest will be removed from SkillSelect. If you still want to apply for the visa, you will need to submit a new expression of interest.

Although you do not need to provide supporting documents with an expression of interest, your visa application is likely to need extensive supporting documentation, as listed in the document checklist. Start compiling your documents early in the process, so you can respond within the 60 days if you receive an invitation.

Information about nomination requirements, business and employment in various states and territories is available.

Information about state and territory treasury corporations offering designated investments is available.

Your passport

You need a valid passport or other travel document for this visa. If you plan to get a new passport, you should do so before applying for your visa. If you get a new passport after you have lodged your application, give the details of your new passport to one of our offices.

Cost

The visa application charges are listed in Fees and charges.

Other costs

You might have to pay other costs, such as the costs of health assessments, police certificates, or any other certificates or tests. You are responsible for making the necessary arrangements.

Visa applicants

Submit an expression of interest

This information tells you what you need to do to apply for a Business Innovation and Investment (Provisional) visa (subclass 188) after you have received your invitation.

Who could get this visa

You might be able to get this visa if:

  • you are nominated by a state or territory government
  • you are invited to apply
  • you (and all your family members) meet certain health and character requirements
  • you meet the additional requirements for the stream in which you apply.

Health requirements

You must meet certain health requirements. The results are usually valid for 12 months.

This also applies to all dependent family members included in your application, whether they are migrating or not.

Character requirements

You must meet certain character requirements. You must be prepared to provide a police certificate from each country you have lived in for 12 months or more during the past 10 years after you turned 16 years of age. Do not arrange for police certificates until we ask you to.

This applies to you and all the dependent family members listed in your application, whether they are migrating or not.

For each person included in the application aged 16 years or older you will need to complete:

  • Form 80 - Personal particulars for assessment including character assessment (386kB PDF)

If you have served in the armed forces of any country, provide certified copies of military service record or discharge papers.

See: Character and Penal Clearance Requirements

Sign the Australian values statement

If you are 18 years of age or older, you must sign an Australian Values Statement to confirm that you will respect the Australian way of life and obey Australian laws. The statement is included in the visa application form. You must have read, or had explained to you, the Life in Australia book before you sign the statement.

Debts to the Australian Government

You must have no outstanding debts to the Australian Government or have arranged to repay any outstanding debts to the Australian Government before this visa can be granted.

Business Innovation stream

You must:

  • be under 55 years of age, although a state or territory can waive this requirement if your proposed business will be of exceptional economic benefit to the nominating state or territory.
  • score at least 65 on the points test
  • for two out of the four fiscal years immediately before you are invited to apply, have had an ownership interest in an established business or businesses that had at least AUD500 000 turnover in each of those years
  • own at least one of the following percentage of your nominated main business:
    • 51 per cent, if the business has a turnover of less than AUD400 000 per year
    • 30 per cent, if the business has a turnover of AUD400 000 or more per year
    • 10 per cent, if the business is a publicly listed company
  • have an overall successful business career
  • have a genuine desire to continuously own and maintain a management role in a business in Australia.

If your nominated main business provides professional, technical or trade services, you must have spent no more than half your time providing those services, as opposed to general management of the business.

At the time of invitation, you, your partner, or you and your partner combined must have total net assets of at least AUD800 000 that are lawfully acquired and available for legal transfer to Australia within two years of the visa being granted.

You and your partner must have had no involvement in unacceptable business or investment activities.

Investor stream

You must:

  • be under 55 years of age, although a state or territory can waive this requirement if your proposed investment will be of exceptional economic benefit to the nominating state or territory
  • score at least 65 on the points test
  • have a high level of management skill in relation to the eligible investment or qualifying business activity
  • have at least three years' experience of direct involvement in managing one or more qualifying businesses or eligible investments
  • have an overall successful record of eligible investment or qualifying business activity
  • have a genuine and realistic commitment to continuing your business and investment activity in Australia after the original investment has matured
  • have a genuine intention to live for at least two years in the state or territory in which you have made a designated investment.

You, your partner, or you and your partner combined must:

  • for at least one of the five fiscal years immediately before you are invited to apply, have directly managed one of the following:
    • an interest owned by you, your partner or you and your partner combined of at least 10 per cent in a qualifying business
    • at least AUD1.5million in eligible investment owned by you, your partner or you and your partner combined
  • during the two fiscal years immediately before you are invited to apply, have legally acquired net business, investment and personal assets of at least AUD2.25 million that are available for legal transfer to Australia within two years of the visa being granted
  • make a designated investment of at least AUD1.5 million in a state or territory government security using unencumbered funds accumulated from qualifying businesses or eligible investments and be prepared to hold that investment for at least four years from date of issue in your nominating state or territory
  • have had no involvement in unacceptable activities.

Income that you earn from your designated investment in Australia is subject to tax under Australian taxation law.

Significant Investor stream

You must make a complying investment of at least AUD5 million in any of the following options, in any proportion, and hold that investment continuously for at least four years:

  • Commonwealth, state or territory government bonds
  • Eligible managed funds - that are limited to investing in any or all of the following Australian assets: 
    • infrastructure projects in Australia
    • cash held by Australian deposit-taking institutions
    • bonds issued by the Australian 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 property in Australia
    • Australian agribusiness
    • annuities issued by an Australian registered life company
    • loans secured by mortgages over the investments listed above
    • derivatives used for portfolio management and non-speculative purposes (which constitute no more than 20 per cent of the total value of the managed fund)
    • other managed funds that invest in the investments listed above
  • direct investment into private Australian companies - in which you have an ownership interest.  The company must operate  a qualifying business.

Income that you earn from your complying investment in Australia is subject to tax under Australian taxation law.

You must also have a genuine and realistic commitment to:

  • reside in the state or territory whose government agency nominated you
  • continue your business and investment activity in Australia after your complying investment matures
  • live in Australia for at least 160 days over four years while holding your provisional visa.

You, your partner, or you and your partner combined must have net assets of at least AUD5 million that are legally acquired, unencumbered, and available to be used to make the complying investment in Australia.

You and your partner must not have been involved in unacceptable business or investment activities.

You, your partner and other family members aged at least 18 must agree not to bring any action against the Commonwealth for any loss relating to your complying investment.

Including family in your application

You can include the following people in your visa application:

  • your partner (married or de facto)
  • your or your partner’s dependent children
  • other dependent relatives.

These members of your family unit must meet the requirements for including family members in your application. The application must include documentary evidence of their relationship to you.

Your members of your family unit must be able to show that they meet health and character requirements.

After you have applied for this visa but before a decision is made, only your or your partner’s dependent children (including newborns) can be added to your application.

After you are granted this visa, if your partner, your or your partner’s dependent children or eligible dependent relatives want to apply for the same visa, they must lodge a separate online application as subsequent entrants using:

How to apply

This information explains what you need to do to apply for a Business Innovation and Investment (Provisional) (subclass 188) visa.

You and anyone included in your application can be in or outside Australia when you apply and when the visa is granted.

Prepare your documents

You need to provide documents to prove the claims you make in the application. The documents are listed in the Document checklist.

Some documents could take some time to obtain. You should have them ready when you lodge the application to reduce any delays in processing.

Lodge your application online

You must apply for this visa online through SkillSelect.

Pay the visa application charge by credit card when you apply. You also need to send your supporting documents:

  • If you live in the People's Republic of China (PRC), Hong Kong (SAR), Macau (SAR) or Taiwan: send the documents to the Australian Consulate General Hong Kong.
  • If you live elsewhere: send your documents by registered post to the Adelaide office in South Australia - attention the Adelaide Business Skills Processing Centre.

More information

There is more information to help you prepare your application, such as certifying and translating documents into English, communicating with us, using a migration agent, authorising another person to receive information from us, and receiving assistance with your application.

You can also contact your case officer at our office for advice about your individual circumstances.

After you have applied

After you have lodged the your application and documents, we will let you know that we have received your information.

You can track and manage your online application using your ImmiAccount.

 

Wait for a decision

We have visa processing times for each visa.

Your application could take longer if you need character or health checks (including x-rays), if you need to provide more information, or if your application is incomplete.

Outside Australia:
If you apply for this visa from outside Australia, do not make arrangements to travel to Australia until you are advised in writing that you have been granted a visa. Wait for a decision from us before you leave your job, sell your home or book your travel.

In Australia:
If you apply for this visa in Australia, you could be eligible for a Bridging visa that allows you to stay in the country lawfully while your application is processed. If you are given a Bridging visa A, you can apply for a Bridging visa B (BVB) to travel outside Australia while you wait for a decision.

Make your required investment

If you applied under the Investor stream or the Significant Investor stream, you must make your designated investment or complying investment before being granted a visa. You must make the investment when we invite you in writing to do so. The invitation includes information on how to make the required investment and how to provide evidence that you have made the investment.

Income that you earn from your investment in Australia is subject to Australian taxation law.

Provide more information

You can provide more information to us, at any time until a decision is made on the application. If you want to correct information you provided, use:

We could also ask you for more information. You will have to respond by a set date. After that date, we can make a decision about your application using the information that we have.

If another person gives us information that could result in you being refused a visa, we will usually give you the opportunity to comment on the information.

You might also be interviewed. If you are asked to attend an interview in person, bring your passport or other identification and any requested documents to the interview.

Report changes in your circumstances

You must tell us if your circumstances change. This includes a new residential address, a new passport, or a pregnancy, birth, divorce, separation, marriage, de facto relationship or death in your family.

You can use the following forms:

If you do not provide us with the details of any new passport issued to you, you could experience significant delays at the airport and may be denied permission to board your plane.

Withdrawing your application

You can withdraw the application at any time before we make a decision about it. To do this, send us a letter or email to ask for the withdrawal. Your request must include your full name and date of birth. You should also include the number we gave you when you applied, if you know it – this could be a file reference number, client ID, or a Transaction Reference Number.

If you are 18 years of age or older, you must sign the letter of withdrawal or send a separate email or letter.

Visa decision

If the visa is granted, we will let you know:

  • when you can use the visa
  • the visa grant number
  • any conditions attached to the visa.

You will not have a visa label placed in your passport.

If the visa is not granted, we will let you know:

  • why the visa was refused
  • your review rights (if any). Where applicable, your sponsor can apply for the decision to be reviewed
  • the time limit for lodging an appeal.

Document checklist

You need to provide documents to support your application for this visa. We can make a decision using the information you provide when you lodge your application. It is in your interest to provide as much information as possible with your application.

Provide certified copies of original documents. Do not include original documents unless we specifically ask for them. Police certificates should be original documents. Documents not in English must be accompanied by accredited English translations.

Use this checklist to make sure your application is complete.

Forms

Complete the online application: your letter of invitation will give you the link to the form

  • Form 1139A Statement of Assets and Liabilities Position (68 kB PDF)

Personal documents

Your identity

  • Certified copies of the biographical pages of the current passports or travel documents of all people included in the application (these are the pages with the holder's photo and personal details and the issue/expiry dates).
  • Two recent passport-sized photographs (45 mm x 35 mm) of each person included in the application.
    • These photographs should be of the head and shoulders only against a plain background.
    • Print the name of the person on the back of each photograph.
  • If your name has changed or the name of anyone included in your application has changed: a certified copy of evidence of the name change.

Your relationships

  • Certified copies of marriage certificates or relationship registrations for you and anyone else included in your application, even if they are not joining you in Australia.
  • If you are living in a de facto relationship: independent evidence that your relationship is genuine and continuing (for example, joint bank account statements, billing accounts in joint names or joint ownership of major assets).
  • If you or anyone included in the application has been widowed, divorced or permanently separated: a certified copy of the death certificate, divorce documents, or statutory declaration separation documents.
  • Evidence of financial dependency for all your family members aged 18 or older:
    • a certified copy of their birth certificate and proof of their relationship to you
    • proof that they live in your household
    • proof that they have been financially dependent on you for at least the 12 months immediately before you lodge your application.

Your children

  • Certified copies of birth certificates or the family book showing the names of both parents of all your dependent children.
  • If any dependent child included in the application is adopted: certified copies of the adoption papers.
  • If you want to bring a child younger than 18 years of age with you to Australia, and that child’s other parent is not included in the application: documentary evidence that you have the legal right to bring that child to Australia, such as:

Character requirements

  • Police checks for everyone included in the visa application who is 16 years of age or older:
    • an Australian National Police Check for anyone who has spent a cumulative total of 12 months or more in Australia since turning 16 years of age
    • police certificates from each country in which anyone in your application has spent a cumulative total of 12 months or more in the past 10 years since turning 16 years of age.

Provide the original certificates and keep a copy for yourself.

  • If anyone included in the application has served in the armed forces of any country: certified copies of their military service record or discharge papers.

English language proficiency

  • For yourself and each of your dependants aged 18 years or older at the time of application, provide one of the following:
    • to show functional English: the results of an IELTS test that they each took less than 12 months before you lodge the application
    • if you or your dependents have less than functional English a statement indicating your intention to pay the second visa application charge for each person with less than functional English.

Business documents: Business Innovation stream and investor stream

  • Overview of your business career and intentions in Australia, which can include:
    • a statement outlining your intended business and/or investment activities
    • a description of your research or study in relevant sectors in Australia
    • a description of the business activities of the business in Australia in which you have an interest, and the period of ownership (if applicable).
  • Evidence of net value of business and personal assets, which can include:
    • For cash assets: bank statements, on a single day in the three months preceding your application. All bank statements must have the same date of issue and must clearly identify the account holder
    • For real estate assets: evidence of ownership (certificate of title, title deed, valuation certificate by an accredited property valuer and/or mortgage certificate
    • For personal loans: loan agreements clearly identifying the borrower and lender, loan statements indicating amount borrowed and repayment schedule
    • For stocks and bonds: share or debentures certificates, fixed interest securities, ownership and market value of claimed marketable securities such as bonds
    • If you want to include assets held by a trust, you must include a copy of the trust deed.
  • Evidence of business ownership at the time you are invited to apply, such as:
    • full company extract or certificate of incorporation
    • shareholder certificate lodged with the Company Registrar, showing your share of capital annual return of the business
    • memorandum and articles of association
    • certificate of business registration, business licence or business names extract for the business
    • franchise agreement, company registrar, or share transfer documents
    • partnership agreements between all partners
    • if your business is a trust: full trust deed and amendments (including the names of all trustees and beneficiaries at the time the trust was formed).

Business Innovation stream

Provide the documents in this section only if you are applying for this visa under the Business Innovation stream.

Business documents

  • Evidence that you have participated in the day-to-day management of the business for two of the four fiscal years before you were invited to apply, such as business contracts, minutes of meetings and documents initiated or authorised by you.
    The evidence needs to demonstrate your involvement in decisions about the management of all or substantial part of the business and responsibility for such areas as strategic management, recruitment, price structure, business profitability and expenditure.
  • Business registration certificate or licence for your main business.
  • Evidence of your ownership or share of ownership of the main business, such as:
    • evidence of purchase
    • share registers, company registers, or share transfer documents
    • historical company extracts
    • annual returns of directors and shareholders
    • partnership , trust or franchise agreements.
  • A full set of financial statements for your business for two of the four fiscal years immediately before you were invited to apply for this visa (the statements must be prepared by an independent accountant to International Accounting Standards and include a balance sheet, profit and loss statement and notes to the accounts).
  • A one-page organisational chart showing your position in the business, staff attribution, management reporting lines and functional responsibilities.
  • Photos of business premises and business activities (maximum six photos).
  • If applicable:
    • details if any of your businesses has operated at a loss
    • evidence if any of your businesses is or has been subject to insolvency, receivership or liquidation
    • evidence of bankruptcy of any of your businesses.

Net assets

  • Evidence that you, your partner, or you and your partner combined hold total net business and personal assets of at least AUD800 000 that are legally acquired and can be transferred to Australia within two years after the visa is granted.
  • A one-page summary statement outlining all your and your partner’s assets and liabilities on a day of your choice in the three months before you were invited to apply for this visa, with details of how those assets were acquired, including the source of funds.
  • Evidence of your ownership of each asset, its value, and liabilities (if any) against the asset (for example, mortgages, credit cards and loans, including unsecured and third-party loans):
    • for assets held by a trust: the trust deed
    • for cash assets: bank statements, all less than three months old, with the same date of issue
    • for real estate assets: title deeds, valuation certificates by an accredited property valuer, and mortgages
    • for business assets other than the main business: business registration certificates; evidence of shared ownership; full set of financial statements for two of the four fiscal years before you were invited to apply (prepared by an independent accountant to International Accounting Standards and including a balance sheet, profit and loss statement and notes to the accounts)
    • for personal or business loans: loan agreements, loan statements indicating the amount borrowed and the repayment schedule, and loans listed in the business balance sheet (for loans to or from a business)
    • for stocks and bonds: share or bond registers, share/fixed interest securities, debentures or transfer certificates.
  • If a publicly listed company operates any of your qualifying businesses: evidence that you, your partner or you and your partner combined own at least 10 per cent of the issued shares of the publicly listed company.
  • Evidence of a business plan to indicate your intentions and efforts to actively participate in and manage the qualifying business, describing your proposed business activities in Australia and indicating how they will benefit Australia economically.

Investor stream

Provide the documents in this section only if you are applying for this visa under the Investor stream.

  • Overview of your eligible investment activity or your qualifying business activity and intentions in Australia, which could include:
    • your curriculum vitae or resume
    • a statement outlining intended business and investment activities
    • a description of your research or study in relevant sectors in Australia
    • a description of the business activities of the business in Australia in which you have an interest and your period of ownership, if applicable.
  • If applicable:
    • details if any of your businesses has operated at a loss
    • evidence if any of your businesses is or has been subject to insolvency, receivership or liquidation
    • evidence of bankruptcy of any of your businesses.

Management or ownership in a qualifying business

Provide these documents only if you want to prove your management or ownership in a qualifying business.

  • A statement of management for one of the five fiscal years before you were invited to apply for this visa, showing your direct and continuous involvement in the management of the business and day-to-day decision-making.
  • An organisational chart of the business for the same year, showing direct management reporting lines and functional responsibilities.
  • A business registration certificate or licence.
  • Evidence of your share of ownership, such as:
    • evidence of purchase
    • share registers, company registers and/or share transfer documents
    • historical company extracts
    • annual returns of directors and shareholders
    • partnership, trust and/or franchise agreements.

Management, ownership and value of eligible investments

Provide these documents only if you want to prove your management or ownership of AUD1.5 million in eligible investments.

  • A summary of eligible investments claimed for one of the five fiscal years immediately before you were invited to apply for this visa, including:
    • their net value
    • a summary statement of management of each eligible investment.
  • Evidence of management of investments for the above period one of the five fiscal years immediately before you were invited to apply for this visa:
    • for ownership interest in a business: evidence that you have managed the performance of the business or have been involved in the management of the business
    • for loans to businesses: a copy of terms and conditions, interest rate, record of repayments
    • for cash on deposit: evidence of having monitored interest rates and returns on this investment against other potential eligible investments
    • for stocks and bonds: evidence that you have measured the performance of these assets
    • for real estate: yield statements in terms of income from investment properties, cash flow statements and disbursements, records of property maintenance or improvements
    • for gold and silver bullion: the result of regular (at least twice yearly) valuations of bullion.
  • Evidence of your ownership of each eligible investment:
    • for ownership in a business: at least one of evidence of purchase; share registers, company registers, or share transfer documents; historical company extracts; annual returns of directors and shareholders; partnership, trust or franchise agreements
    • for loans to a business: certified copies of loan agreements, evidence that the loan is recorded in the financial statements of the debtor business
    • for cash on deposit: bank statements identifying the account holder
    • for stocks and bonds: a record of share transactions verified by a stockbroker or the stock exchange as at the end of the fiscal year
    • for real estate: certified copies of title deeds
    • for gold or silver bullion: certified copy of the purchase contract from a registered bullion dealer; independent confirmation that you still own the bullion, indicating where it is held.

Label each document so that it clearly identifies the eligible investment. Cross-reference the investment to the appropriate item in the Statement of Assets and Liabilities Position (SALP) onForm 1139A Statement of Assets and Liabilities Position (68 kB PDF).

  • Evidence of the net value of each eligible investment for the five​ fiscal years immediately before you were invited to apply for this visa.

Source of funds used to make the designated investment

  • Evidence of liabilities (if any) against each investment (for example, mortgages; loans, including unsecured and third party loans; credit cards).

Label each document so that it clearly identifies the eligible investment. Cross-reference the investment to the appropriate item in the Statement of Assets and Liabilities Position (SALP) onForm 1139A Statement of Assets and Liabilities Position (68 kB PDF).

  • Evidence that funds proposed to be used to make the designated investment were accumulated from qualifying business or eligible investment activities (for example, evidence of dividends or profit retained in the business and available for distribution).

Identify those funds or assets that will be used to make the designated investment inForm 1139A Statement of Assets and Liabilities Position (68 kB PDF).

Net assets

  • A Statement of Assets and Liabilities Position (SALP) completed to the end of each of the three consecutive fiscal years before you were invited to apply:
    • Form 1139A Statement of Assets and Liabilities Position (68 kB pdf file)
  • If you lodge your application more than three months after the end of the fiscal year: a fourth SALP as at the date of the application.
  • Evidence of ownership of assets with a minimum total net value of AUD2.25 million at each point of time shown in the SALPs, including evidence of:
    • the value of each asset
    • liabilities (if any) against each asset (for example, mortgages; loans, including unsecured and third-party loans; credit cards)
    • for assets held via a trust: a copy of the trust deed
    • for cash assets: bank statements for the dates nominated on your SALPs
    • for real estate assets, for the dates nominated on your SALPs: title deeds, valuation certificate by an accredited property valuer, mortgage documents
    • for personal or business loans, for the dates nominated on your SALPs: loan agreements, loan statements indicating amount borrowed and repayment schedule; listings in business balance sheets (if loan is to or from a business)
    • for ownership interests in businesses, for the dates nominated on your SALPs: evidence of ownership, such as evidence of purchase; share registers; company registers; share transfer documents; historical company extracts; annual returns of directors and shareholders; partnership, trust or franchise agreements; evidence of value, such as extracts from financial statements for each business, prepared by an independent accountant to International Accounting Standards and including a balance sheet and notes to the accounts
    • for stocks and bonds: share or bond registers, shares, fixed interest securities, debenture certificates, transfer certificates for the dates nominated on your SALPs.
  • Label each document so that it clearly identifies the eligible investment. Cross-reference the investment to the appropriate item in the SALPs.

Significant Investor stream

Provide the documents in this section only if you are applying for this visa under the Significant Investor stream.

Assets proposed to be used to make complying investments

Provide evidence that the assets proposed to be used to make the complying investment are unencumbered and lawfully acquired

  • A Statement of Assets and Liabilities Position (SALP) Form 1139a completed as at a date that is within three months preceding the lodgement of your application.
    • Form 1139A Statement of Assets and Liabilities Position (SALP) (68 kB PDF).
  • Evidence of ownership and value of assets - (minimum AUD5 million) - proposed to be used to make the complying investments.  You must include evidence of liabilities (if any) against each asset (for example mortgages, loans including unsecured and third party loans, credit cards). Evidence must be provided for each asset / liability recorded in the SALP.  Each document must be clearly labelled identifying the asset / liability and cross-referencing it to the SALP.
  • For cash assets, provide bank statements or certificate of deposits for the date nominated on your SALP
  • For real estate assets, for the dates nominated on your SALP, provide:
    • evidence of ownership (title deeds)
    • evidence of value (valuation certificate by an accredited property valuer)
    • evidence of relevant mortgage
  • For business loans, for the date nominated on your SALP, provide loan agreements, loan statements indicating amount borrowed and repayment schedule, listed in business balance sheet
  • For ownership of business(es), for the date nominated on your SALP, provide evidence of ownership of the business(es).  This may include one or more of the following:
    • evidence of purchase
    • share registers
    • company registers
    • share transfer documents
    • historical company extracts
    • annual returns of directors and shareholders
    • partnership / trust / franchise agreements
    • evidence of value of the business(es). For listed companies, the published annual report.  For unlisted companies, financial statements prepared by an independent accountant to international accounting standards or a review report conducted in accordance with ISRE2400 by qualified accountants.
  • For stocks and bonds: stocks trading account statements, stocks or bonds registers, stocks / fixed interest securities / debentures certificates, transfer certificates etc for the date nominated on your SALP
  • For assets held via a trust, provide a copy of the trust deeds.
  • A signed declaration on your proposed method of fund transfer to make the complying investments. Please note that you will need to demonstrate with the relevant transfer / bank records that the funds ultimately available to make the complying investments are originated from the assets nominated to make the complying investments. The trail of funds must also be reasonably established with supporting evidence.
  • Provide an overview of your complying investment intentions in Australia, which should include:
    • an outline of intended investments and/or business activities in Australia
    • a description of the nature of research or study in relevant sectors in Australia with regards to your business intentions if investing directly into an Australian private company.

Source of funds

  • A signed declaration on the “source of funds” of your asset portfolio and that it has been lawfully acquired
  • Evidence to substantiate claims made in your source of funds declaration. This may include one or more of the following:
    • for business income: evidence supporting business ownership, performance and profit
      distribution (e.g. company registration and shareholder records, financial statements,
      taxation records etc.)
    • for investment income: evidence supporting investment activities and performance  (e.g. statements issued by stocks trading company, property purchase and sale contracts, leases, investment product contracts etc.)
    • for gifted or inherited assets, duly witnessed gift deeds,  wills and other evidence demonstrating how the gift provider accumulated such assets
    • for historical accumulation of wealth where official verifiable evidence is no longer available, bank records demonstrating continuous ownership of funds over a substantial period may assist
    • for assets held in Australia, evidence to link the assets to the declared sources will also be required.

Complying investments

Note: You are not required to have made the complying investments at the time that you apply. You will be advised when you are required to make the complying investments and when this evidence is required.

  • Documents showing the liquidation of assets evidenced in ownership and value of assets and transfer of minimum AUD5 million funds to make the complying investments
  • Evidence that you have made the complying investments:
    • for complying investments in state or territory government bonds provide a holding statement issued by the state or territory government. 
    • for complying investments in eligible managed funds with a mandate for investing in Australia provide a holding statement by the fund manager. The fund manager will also be required to provide a signed declaration using Form 1413 that the fund complies with our requirements for investing in Australian assets
      Form 1413 Declaration in relation to managed funds)
    • for complying investments into private Australian companies provide a shareholder certificate and company extract from ASIC in relation to the shareholder information of the company.
  • Provide a signed Form 1412 Deed of Acknowledgement, Undertaking and Release.

Form 1412 Deed of Acknowledgement, Undertaking and Release (33 kB pdf file).

Points test documents

Provide the documents in this section only if you are applying for this visa under the Business Innovation stream or the Investor stream. There is no points test for the Significant Investor stream.

Provide documents only for items for which you seek to be awarded points.

English language proficiency

  • Provide either:
    • An International English Language Test Score (IELTS) of vocational or proficient English proficiency in a test that has been conducted within three years immediately before lodgement of your application
    • A score of at least 'B' in each component of the Occupational English Test (OET) in a test that has been conducted within three years immediately before lodgement of your application
    • Evidence that you are the holder of a passport from the United Kingdom, the United States of America, Canada, the Republic of Ireland or New Zealand.

Qualifications

  • A certified copy of the trade qualification, diploma or bachelor degree used to claim points.

Net assets

  • A statement of your assets and liabilities at the time you were invited to apply for this visa, with supporting documents.

Business turnover

  • A full set of financial statements for the business, for two of the four fiscal years before you were invited to apply for this visa, prepared by an independent accountant to International Accounting Standards, including a balance sheet, profit and loss statement and notes to the accounts.

Business experience

  • Evidence that you have been engaged in business activities for either:
    • at least four years in the five years immediately before you were invited to apply for this visa
    • at least seven years in the eight years immediately before you were invited to apply.
  • Corporate ownership records, business financial statements, taxation records, trust deeds or other documents demonstrating your history in business.

Investment experience

  • Evidence that you have been engaged in investment activities for either:
    • at least four years in the five years immediately before you were invited to apply for this visa
    • at least seven years in the eight years immediately before you were invited to apply.
  • Documentary evidence for the first year that will establish your history of investment experience. For example, if you are seeking to demonstrate investment experience of more than seven years, provide evidence of investment activity for the first of the seven years immediately before the time of invitation.
  • A statement of assets and liabilities for the first and each subsequent year for the claimed period of investment experience to indicate that the eligible investments had a value of not less than AUD100 000 throughout the claimed investment period:
    • Form 1139A Statement of Assets and Liabilities Position (68 kB PDF)
  • A statement of management of the investments over the claimed investment period.

Innovation

  • Registered patent or design:
    • Documentary evidence issued by the relevant national or regional intellectual property administration office to prove ownership, including sufficient information to allow an assessment of whether your ownership meets the requirement for the award of points.
    • A detailed statement outlining how the registered patent or registered design is relevant to the operations of your main business and how it is applied in the day-to-day activities of the business. You must be able to provide evidence to support any claims made in the statement if we ask you to.
  • Registered trademark:
    • Documentary evidence issued by the relevant national or regional intellectual property administration office to prove ownership of the trademark. The documents should include sufficient information to allow an assessment of whether your ownership meets the requirement for the award of points.
    • A detailed statement outlining how the trademark is relevant to the operations of your main business and how it is applied in the day-to-day activities of the business. You must be able to provide evidence to support any claims made in the statement if we ask you to.
  • Joint venture agreement: A copy of the agreement showing:
    • the details of the respective rights and obligations of the parties to the joint venture
    • that the agreement was entered into at least one year before you were invited to apply for this visa, and that your business is a party to the joint venture
  • Joint venture agreement: A detailed statement outlining:
    • how you used your skills when actively participating at a senior level in the day-to-day management of the joint venture business evidence to support the claims made in the statement
    • that the joint venture was operated in accordance with the joint venture agreement.
  • Export trade: Evidence that at least 50 per cent of the turnover of your main business related to export trade for at least two of the four fiscal years before you were invited to apply for this visa, such as:
    • monthly or annual tax returns showing the cumulative export sales of the main business for the year
    • customs declarations
    • the underlying source documents in relation to the export transactions.

You might be required to provide a special-purpose report prepared by a qualified accountant attesting to your claim.

  • Gazelle business:
    • A business licence or company extracts that show your main business was registered no more than five years before you were invited to apply for this visa.
    • The financial statements of the main business, with supporting tax documents, to show an average annualised growth in turnover greater than 20 per cent per year over three consecutive fiscal years.
    • Evidence that you have had 10 or more full-time employees for at least one fiscal year of in the same consecutive three-year period claimed for growth in turnover, such as taxation records, insurance or superannuation documents or similar business records identifying each employee by name.
  • Receipt of grant or venture capital funding:
    • Certified copies of a grant letter and bank records to show the transfer of a government grant of at least AUD10 000 from the government to you or your main business.
    • A copy of the final contract entered into between you and the venture capital firm and evidence of the receipt of the venture capital funding of at least AUD100 000.
    • Evidence that funding from either the government grant or a venture capital firm was received within the four years before you were invited to apply for this visa.

Visa holders

Apply for a subsequent entry

Apply for a renewal

This information is for people who have already been granted a Business Innovation and Investment (Provisional) visa (subclass 188). It explains your rights and obligations.

You can use Visa Entitlement Verification Online (VEVO) for free to check your visa details and entitlements.

You and your family members who hold visas must comply with all visa conditions and Australian laws.

How long your visa lasts

Your visa is valid for four years from the date it is granted.

You might be able to extend your stay under an extension stream if you hold this visa under the Business Innovation stream or the Significant Investor stream. If you hold this visa under the Investor stream, you cannot apply for an extension stream under this visa.

The extension streams let you stay in Australia for another two years.

Business Innovation stream

Your obligations

You need to provide valuable input into the Australian economy. You must:

  • obtain and maintain substantial ownership interest in a business in Australia
  • participate, at a senior level, in the day-to-day management and decision-making of that business.

In the business, it is expected that you will do at least one of the following:

  • develop business links with international markets
  • create or maintain employment in Australia
  • export Australian goods
  • produce goods or services that would otherwise be imported
  • introduce new or improved technology
  • add to commercial activity and competitiveness within the Australian economy.

We might ask you to complete a monitoring survey about your business activities in Australia.

Extend your stay: the Business Innovation Extension stream

You can apply to extend your stay for an extra two years under a Business Innovation Extension stream.

To be eligible for this extension stream:

  • you must already hold a visa in the Business Innovation stream, and have had it for at least three years
  • you must demonstrate a need for you to be resident in Australia to operate the main business
  • you must have a current nomination from a state or territory government agency
  • you must have maintained an ownership interest in your nominated main business, which must have been operating actively in Australia for at least two years
  • you must have maintained your commitment to stay directly involved in the day-to-day management and decision-making of the business.

You cannot apply for this stream if you have held more than one subclass Business Innovation and Investment (Provisional) visa (subclass 188).

If another visa is granted, it will be valid for another two years from the date your first visa is granted (six years in all). The extra time gives you time to qualify for a Business Innovation and Investment (Permanent) visa (subclass 888).

To apply for this visa under the Business Innovation Extension stream, complete:

Provide your supporting documents and pay the visa application charge by credit card when you apply.

Investor stream

Your obligations

You must maintain your designated investment for at least four years.

Extend your stay: the Investor  stream

There is no Extension stream for this visa.

Significant Investor stream

Your obligations

You must hold complying investments continuously for the life of your provisional visa.

You can switch between complying investments provided that:

  • funds you withdraw from an investment are reinvested into other complying investments within 30 days
  • the sum withdrawn corresponds with the sum reinvested (irrespective of any gains and losses due to market exposures).

Funds reinvested into a complying investment within 30 days are taken to have been held continuously from the original investment date.

Extend your stay: the Significant Investor stream

You can apply to extend your stay for an extra two years under a Significant Investor Extension stream. You can apply for this extension stream twice, giving you a maximum of eight years on this provisional visa.

To be eligible for this extension stream:

  • you must already hold a visa in the Significant Investor stream, and either:
    • have had it for at least three years, or
    • have not held more than one visa in the Significant Investor Extension stream
  • you must have a current nomination from a state or territory government agency
  • you must have a genuine intention to live in the nominating state or territory
  • you must have continuously maintained your complying investment.

You are responsible for the investment decisions that you make. You must submit:

  • Form 1412 Deed of acknowledgement, undertaking and release (33 kB pdf file).

You and each other applicant aged 18 years or older must sign the form, in which you acknowledge that you are responsible for your financial and legal affairs and decide not to sue or incur any liabilities to the Australian Government in relation to any loss relating to the complying investment.

If your complying investment was made through or switched into a managed fund, you must have submitted:

  • Form 1413 Declaration in relation to managed funds (33 kB pdf file).

The form must be signed by a fund manager for each complying investment made through or switched into a managed fund, and state that investments made via the managed fund are limited to certain prescribed categories.

If your complying investment was made directly in an Australian private company, the company must be registered with the Australian Securities and Investments Commission and you must have an ownership interest in the company.

You must also ensure that:

  • if the period of your direct investment was less than two years, the company operated a qualifying business for the entire time
  • if the period of the direct investment was more than two years, the company was a qualifying business for at least two years.

To apply for this visa under the Significant Investor Extension stream, complete:

Provide your supporting documents and pay the visa application charge by credit card when you apply.

What this visa lets you do

This visa allows you to:

  • establish a new or develop an existing business in Australia, make a designated investment with an Australian state or territory government or make and maintain complying investments in Australia
  • travel in and out of Australia for the life of your visa
  • bring family members with you to Australia
  • seek permanent residence by applying for a Business Innovation and Investment (Permanent) visa (subclass 888).

You might be eligible to be granted a Business Innovation and Investment (Permanent) visa (subclass 888) if:

  • you have been in Australia on a subclass 188 visa in the Business Innovation stream or Business Innovation Extension stream for a total of at least one year in the two years immediately before lodging your application
  • you have been in Australia on a subclass 188 visa in the Investor stream for a total of at least two years in the four years immediately before lodging your application
  • when you apply for a subclass 888 visa, you:
    • held a subclass 188 visa in the Significant Investor stream and/or the Significant Investor Extension stream for a continuous period of at least four years
    • have been in Australia on this visa for a minimum of 120 days, or the equivalent of 40 days per year the visa was held.

You must also have met all the obligations of your Business Innovation and Investment (Provisional) visa (subclass 188) and all the requirements for the grant of the permanent visa (subclass 888).

Your family

After you are granted this visa, if your partner, your or your partner’s dependent children or eligible dependent relatives want to apply for the same visa, they must lodge a separate online application as subsequent entrants using:

If you add a dependent child to your application, that child must meet the requirements for including family members in your application. The application needs to include documentary evidence of the child's relationship to you.

They must pay the full visa application charge by credit card when they apply.

Family members can be in or outside Australia when they apply for this visa.

Costs

Family members who apply after a visa has been granted to you must pay the full visa application charge.

Documents

Family members who apply after a visa has been granted to you must provide the documents listed under ‘Personal documents’ in the Document checklist.

Report changes in circumstances

Tell us if your circumstances change. This includes a new residential address, a new passport, or a pregnancy, birth or death in your family.

You can use the following forms:

  • Form 929 Change of address and/or passport details (86 kB PDF) — if you move to a new address or change your passport
  • Form 1022 Notification of changes in circumstances (77 kB PDF) — if there are other changes in your circumstances.

These forms can be submitted to us through your ImmiAccount.

Every time you change address (even to a location outside Australia), you must send a new form to us within 28 days of the move.

Points test

You 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 you if you are applying in the Significant Investor stream or the Business Innovation Extension stream or the 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.

Points are awarded on the basis of the factors listed in the following table. All factors are assessed as at the time you are invited to apply for this visa, unless otherwise noted.

Factor

Description

Points

Age

18–24 years

20

25–32 years

30

33–39 years

25

40–44 years

20

45–54 years

15

55 and older

0

English language ability

Vocational English: IELTS 5 on each of the four components of speaking, reading, listening and writing

5

Proficient English: IELTS 7 or OET score B on each of the four components of speaking, reading, listening and writing

10

Qualifications

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

5

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 your 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 you, your partner or you and your partner combined in each of the preceding two years of at least:

 

AUD800 000

5

AUD1.3 million

15

AUD1.8 million

25

AUD2.25 million

35

Business turnover

Annual turnover in your main business during a period of at least two years of the preceding four fiscal years of at least:

 

AUD500 000

5

AUD1 million

15

AUD1.5 million

25

AUD2 million

35

Business Innovation stream only

Business experience

You have held one or more businesses before you 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

Age

You can receive up to 30 points based on your age on the day you were invited to apply.

For the Business Innovation stream or Investor stream, if you are aged 55 years or you are not eligible for points for your age under the points test.

English language ability

You can receive up to 10 points based on your English language ability. You must have one of the following:

  • A current passport from the United Kingdom, the United States, Canada, New Zealand or the Republic of Ireland
  • English language ability as measured by the International English Language Test System (IELTS test) to the Vocational level (IELTS score of at least 5) or Proficient level (IELTS score of at least 7), or
  • English language ability as measured by the Occupational English Test (OET) to the Proficient level (OET score of at least B).

The IELTS band score for the four components must be demonstrated in one IELTS test taken within the three years before you are invited to apply for this visa. We will not accept separate IELTS tests for each component. There are two IELTS tests—an academic test and a general training test. You need to take only the general test unless otherwise advised by your skills assessing authority.

The OET test must have been taken within the three years before you are invited to apply for this visa.

Qualifications

You can receive up to 10 points for your educational qualifications at the time you were invited to apply if you have met the requirements for:

  • a trade qualification, diploma or bachelor degree from an Australian educational institution (5 points)
  • a bachelor degree from another educational institution that the minister is satisfied meets a recognised standard (5 points)
  • a bachelor degree in business, science or technology from an Australian educational institution (10 points)
  • a bachelor degree in business, science or technology from another educational institution that the minister is satisfied meets a recognised standard (10 points).

If you have a higher degree in business, science or technology (such as Masters in Science), but have no bachelor degree in one of those fields, you do not qualify for the award of 10 points.

Experience in business or investment

You can receive up to 15 points if you have a demonstrated history of relevant business or investment experience for a specified amount of time in the period before you are invited to apply:

  • Business Innovation stream: experience of
    • at least four years in the preceding five years (10 points)
    • at least seven years in the preceding eight years (15 points)
  • Investor stream: a minimum of AUD100 000 in eligible investments for
    • at least the preceding four years (10 points)
    • at least the preceding seven years (15 points).

Net personal and business assets

To be awarded points for your assets, in each of the two fiscal years before you are invited to apply, you, your partner or you and your partner combined must have held net business and personal assets of at least:

  • AUD800 000 (5 points)
  • AUD1.3 million (15 points)
  • AUD1.8 million (25 points)
  • AUD2.25 million (35 points).

Business turnover

You can be awarded points on the basis of the turnover of your nominated main business in at least two of the four fiscal years before you are invited to apply:

  • AUD500 000 (5 points)
  • AUD1.0 million (15 points)
  • AUD1.5 million (25 points)
  • AUD2.0 million (35 points).

There is no business turnover requirement for the Investor stream.

Business innovation

For the Business Innovation stream, this component of the points test gives points for evidence of the following attributes at the time you are invited to apply for this visa. You can be awarded points for more than one attribute, but only once for each of them.

  • Registered patents or registered designs (15 points)
    • The patent or design must have been registered at least one year.
    • It must have been used in the day-to-day activities of your nominated main business.
  • Registered trademarks (10 points)
    • The trademark must have been registered at least one year.
    • It must have been used in the day-to-day activities of your main business.
  • Joint venture agreements (5 points)
    • The agreement must be a formal agreement that has been in force for at least one year.
    • You must have been involved at a senior level in day-to-day management and decision-making for the venture.
  • Export trade (15 points)
    • One or more of your nominated main businesses must have derived at least 50 per cent of annual turnover from export trade for at least two of the preceding four fiscal years.
  • Gazelle businesses (newly established businesses experiencing rapid growth during a short period) (10 points)
    • Your nominated main business must have been registered for no more than five years.
    • The average annualised growth in turnover of the business must have been greater than 20 per cent each year for a continuous period of three fiscal years.
    • The business must have had 10 or more full-time employees for at least one fiscal year in the three-year period.
  • Receipt of grants or venture capital funding for an innovative business idea (10 points)
    • This funding must have been for the early-phase start-up of a business, product commercialisation, business development or business expansion.
    • Grants: You must have received a grant of at least AUD10 000 under specified conditions from a government body in your home country within the preceding four years.
    • Venture capital funding: You must have received venture capital funding of at least AUD100 000 within the preceding four years.

Special endorsement

In a limited number of cases, a nominating state or territory government could determine that your proposed business or investment is of unique and important benefit to the state or territory. In these circumstances, you can be awarded 10 points.

Estimate the cost of your visa

* Price will be displayed in Australian dollars unless changed.
The Visa Pricing Estimator requires you to answer the questions as accurately as possible to provide you with an estimate for lodging a visa application. The estimator does not include the second instalment of the visa application charge which is payable for some visas. Please note this is an estimate for a visa application, if you have already lodged your application and you want to change/add applicants please refer to the Visa Pricing Table. The Department of Immigration and Border Protection Visa Pricing Estimator will give you an estimate of the charges you may need to pay to lodge a visa application. This is paid after you have made your application but before the visa can be granted. Read the department's full disclaimer. The Commonwealth of Australia does not guarantee the accuracy, currency or completeness of any material in the Visa Pricing Estimator.

Last reviewed Friday 4 April 2014

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