The Business Innovation Stream (subclass visa) is intended for business owners and investors who have a proven history in successful business ownership and management for at least the last four years. This visa is very popular with overseas business people, and there are some distinctive things you should be aware of.
1. Points tested
An applicant for the innovation stream is required to satisfy the Business Innovation and Investment Points Test. According to the prescribed legislative instrument IMMI 12/041, the minimum number of points needed to be satisfied is 65. All points are calculated at the time of invitation to apply for a visa.
2. No academic or English proficiency requirement
Even though applicants can gain points for having academic credentials, it is not a mandatory requirement. Similarly, English proficiency is not a threshold requirement either.
There are second instalment fees (second VAC) that apply to visa applicants of at least 18 years of age that cannot satisfy the Functional English requirement. It includes both the primary applicant and any secondary dependent applicants. These fees are intended to pay for English language courses for the applicants once they arrive in Australia.
3. Can include family members, including parents
All Subclass 188 visa applicants and visa holders are entitled to include members of their family unit as secondary applicants. Members of the family unit are defined under Reg. 1.12 of the Migration Regulations 1994 as including spouse, dependent children, and dependent relatives.
4. No investment before the visa
The Business Innovation Stream requires that the business and personal assets of the applicant and their spouse or de facto partner together be lawfully acquired and are available for transfer to Australia within two years after the grant of the subclass 188 visa.
5. Can be extended, meaning more flexibility
When an applicant has been granted a subclass 188 visa and has held this visa for a period of three years or more, they may be entitled to apply for a Business Innovation Extension Stream Visa. This visa essentially extends their subclass 188 visa for a total period of six years granted from the date of the initial visa grant.
The Business Innovation Extension Stream visa contains criteria that are generally more relaxed than the requirements to be met for the initial subclass 188 visa application. There is still a requirement to maintain State of Territory nomination, although this usually is satisfied so long as the initial nomination is not withdrawn.
6. It can lead to Australian citizenship
The Business and Innovation stream visa can lead to Australian citizenship. For that, applicants need to fulfil the following criteria to satisfy the citizenship requirement:
- are a permanent resident at the time of application and time of decision
- meet the residence requirements
- are of good character
- intend to reside in or maintain a close and continuing association with Australia.
- have adequate knowledge of the responsibilities and privileges of Australian citizenship.
Proactive business people win in the end
The Business Innovation Stream visa program has proven to be a successful one; the number of applications and eagerness among the overseas business community says it all. If a business person fulfils the prerequisites and wants a new beginning in Australia, they should step forward immediately. They can apply for this visa on their own, or get support from an Australian registered and recognised immigration consultant.
According to Australian law, only registered consultants can legally give immigration assistance. If someone finds it difficult to apply by themselves, eduaid is here to help them out. Contact us today and an Australian immigration consultant will directly communicate with you for an obligation-free initial consultation.