Successful applicants receive state or territory government nomination following Expression of Interest submission through SkillSelect. The nomination process ensures entrepreneurs possess genuine business expertise, adequate financial resources, and viable business proposals benefiting regional economic development. Note that the Business Innovation and Investment Program concluded in September 2024, with existing applications continuing under revised processing arrangements.
1 Visa Duration and Extension Options
Initial Grant Period: The visa provides five years temporary residence from date of grant, enabling business establishment and operational development throughout this period.
Extension Possibility: After maintaining the subclass 188A visa for three years, applicants may apply for two-year extensions, providing up to seven years total provisional residence for business development and permanent residency preparation.
Permanent Residency Pathway: Once ownership interests are established in qualifying Australian businesses and specified criteria are met, visa holders become eligible to apply for permanent residence through the Business Innovation and Investment (Permanent) subclass 888 visa.
Family Inclusion: Eligible family members including spouses and dependent children may be included in both initial applications and subsequent permanent residency applications, enabling family settlement during business establishment phases.
2 Eligibility Requirements and Points Test
State Nomination: Applications require formal nomination from Australian state or territory governments, demonstrating that proposed business activities align with regional economic priorities and development objectives. Each jurisdiction maintains specific criteria reflecting local business needs.
Points Assessment: Applicants must achieve passing scores on the Business Innovation and Investment points test, evaluated through the SkillSelect Expression of Interest system. Points are awarded based on factors including age, business experience, educational qualifications, English language proficiency, and proposed business turnover.
Expression of Interest Process: The EOI lodgement through SkillSelect represents the initial application stage, providing state and territory governments opportunities to review business proposals and nominate suitable candidates whose ventures support regional economic development goals.
Age and Experience Criteria: Applicants typically must be under specified age limits at invitation time and demonstrate substantial business ownership and management experience in their home countries, proving capacity to successfully establish and operate Australian businesses.
3 Application Process and Documentation
Required Documentation: Applications require comprehensive business plans, financial statements demonstrating net business and personal assets, evidence of business ownership percentages and turnover, detailed proposals outlining Australian business intentions, state nomination certificates, and standard identity and character documents.
Financial Evidence: Applicants must provide verified documentation of business turnover, ownership stakes, net assets, and available funds for business establishment. Financial requirements vary depending on whether applicants intend to establish businesses in metropolitan or regional areas.
Business Plan Requirements: Detailed business plans must outline proposed Australian operations, market analysis, financial projections, employment creation potential, and contribution to regional economic development. Plans should demonstrate viability and sustainability of proposed business ventures.
Processing Timeframes: Processing times vary based on application complexity, completeness of documentation, and verification requirements. Ensure all supporting documents are current, accurately translated if necessary, and properly certified to avoid processing delays.
4 Program Status and Future Considerations
Program Closure: The Business Innovation and Investment Program ceased accepting new Expressions of Interest from September 2024. Applicants who submitted EOIs before this date continue processing under existing arrangements, with provisions for application charge refunds for those choosing to withdraw.
Current Application Status: Existing applications in the system prior to program closure proceed through normal assessment channels. Applicants should maintain regular contact with state nomination bodies and the Department of Home Affairs regarding application status and any additional information requirements.
Alternative Pathways: Prospective business migrants should consult with registered migration agents regarding alternative visa options and programs that may better suit their circumstances following the BIIP closure, ensuring continued opportunities for business establishment in Australia.
Your Success Partner
AI Global provides comprehensive support for Business Innovation visa applicants, assisting with EOI preparation, state nomination liaison, business plan development, and documentation compilation. Our experienced team guides you through eligibility assessment, points calculation, and application lodgement processes, maximizing your chances of successful business establishment and eventual permanent residency.
Contact us today to explore your options for the Business Innovation visa subclass 188A and begin your journey toward business ownership and permanent settlement in Australia.