This visa is for successful business people and entrepreneurs who want to own and run, develop, or invest significantly in, a business in Australia.
Australia’s Business Innovation and Investment Program
In the Migration Program for the 2020-21 migration year, the number of places available for business migration to Australia under the Business Innovation and Investment Program (BIIP) has been almost doubled from 2019-20, with 13,500 places up for grabs in 2020-21 compared to 6,862 allocations last year.
There are four streams – Business Innovation, Entrepreneur, Investor, and Significant Investor.
Provisional visa holders (subclass 188) under all the four streams of Australia’s Business Innovation and Investment Program (BIIP) will be able to apply for permanent residency in Australia, provided they meet the application requirements.
All four streams will allow business migrants to apply for permanent residency with Australia’s Business Innovation and Investment (Permanent) visa (subclass 888).
Business Innovation Stream
This stream allows business migrants to operate a new or existing business in Australia. Applicants can also bring eligible family members with them to the country.
Business Innovation visa applicants will be required to own personal and business assets worth AUD1.25 million, and have an annual turnover of AUD750,000 to be eligible for this visa. Applicants also need to be nominated by an Australian State or Territory government.
This stream of Australia’s BIIP lets visa holders carry out entrepreneurial activities in Australia. Eligible family members can also accompany applicants to Australia under this stream.
Changes made to this stream include the removal of the AUD 200,000 funding threshold requirement. However, applicants will still be required to obtain a nomination from an Australian State or Territory government to qualify for this visa.
This stream allows business migrants to carry out business and investment activities in Australia.
The total investment requirement for the Investor stream is AUD2.5 million.
Of this AUD2.5 million requirement, applicants will have to invest a minimum of:
- AUD1.25 million in managed funds;
- AUD750,000 in approved managed funds; and
- AUD500,000 in Australian venture capital and growth private equity funds for startups and emerging companies in the country.
A State or Territory nomination is also required for this stream of the subclass 188 visa.
Significant Investor Stream
This stream enables business migrants to carry out their investment activities in Australia. Applicants must be endorsed by an Australian State or Territory government for business migration to Australia with this visa.
For Significant Investors, the investment requirement has been raised to AUD5 million.
Of this AUD5 million requirement, the proportions include a minimum of:
- AUD2.5 million in managed funds;
- AUD1.5 million in approved managed funds; and
- AUD1 million in Australian venture capital and growth private equity funds for startups and emerging companies in the country.
|Business Migration Stream||Requirements|
|Business Innovation (188A)||
|Significant Investor (188C)||
Table: Business Innovation and Investment Program (BIIP) requirements for 2021-22 migration year
How to apply
To apply for business migration to Australia with any of the four streams under the Business Innovation and Investment (Provisional) visa (subclass 188), applicants need to earn a nomination from an Australian State or Territory government agency. Applicants can then apply for business migration to Australia through the Australian Immigration Department’s online portal, ImmiAccount.
For any assistance regarding business migration to Australia, get in touch with our registered migration consultants at eduaid!