Visa Class 188 is called Business Innovation and Investment Visa. This is actually a temporary business skills class of visa. It permits those individuals who have worked to build up a successful investment career or business to come run a business or manage the investment in Australia. It helps to consult Perth Migration Experts in the process of applying for this visa class. Here are six things you need to know about Visa Class 188.
1. Investor 188 Visa Is Valid For 4 Years
Visa holders of this class of visa gain eligibility to apply for their permanent residence status after they have met their visa’s full obligations for two years or longer. This visa must be sponsored by either a territorial or state government. The visa provisions do not include a minimum English speaking requirement and last for four years duration. As an applicant, you can be outside or inside of Australia when you apply for it or receive the visa grant.
2. An Innovation Points Test Is Used To Determine Who Can Get The Business Innovation and Investment 188 Visa
Being eligible for this Business Innovation and Investment class of visa requires that you pass an innovation points test. This test provides points to applicants for differing elements of business innovation and human capital traits. Naturally, the test will also check for business performance based on objective metrics. Its goal is to choose those entrepreneurs who are innovative and can bring their desirable skills to Australia. The hope is to increase and vary the country’s current business expertise and skills pool.
The test provides points based on your ability with the English language, age, qualifications, net business and personal assets, expertise in investment or business, business turnover, and endorsement by a state government. If you are a Premium investor, Entrepreneur, or Significant investor, then this innovation points test will not apply to you.
3. Business Innovation Stream 188 Visa Program Requires Territory Or State Nomination
It is necessary to have nomination by the territorial or state government to successfully apply for the 188 Visa stream. You must also be under 55 years of age and receive minimally 65 points on this department points test relating to the Business Innovation and Investment visa. Also, for at least two of the immediately prior four fiscal years before you make an application, you must possess a qualifying ownership interest in one or two primary businesses that possess a yearly turnover of minimally $A500,000. Your combined assets must be minimally $A800,000 and must be available for running or starting a business in Australia. It is also crucial that neither you nor your spouse possesses a history of activities in investment or business dealings that are not acceptable in the country of Australia. You will have to show that you have to be in Australia in order to start or run the business activities.
4. Business Investor Stream 188 Visa Requires State or Territory Nomination
You have to receive a nomination from either a territory or state where you will file your designated investment in the state’s treasury corporation in order to qualify for this visa. Your investment’s rate of return will be established as you make your funds deposit to the designated investment. Interest rates vary from one state or territorial treasury corporation to the next and can change frequently.
You can only make the designated investment after you have been advised to do so in writing from the department. You must personally own such funds that you finance your designated investment with, and these funds have to be accumulated legally from your investment and business activities.
5. Significant Investor Stream 188 Visa Applicants Do Not Have to Pass the Innovation Points Test
For those applying for the Significant Investor Stream Visa 188 application, you are not required to pass the innovation points test. It requires that you have resided 160 days in Australia for over four years while having the Business Innovation and Investment visa class. There is no maximum age limit for this visa type.
6. The Investor Can Make the Required Investment Personally or Together With the Spouse or De Facto Partner
When your investment comes from a company, your firm has to be ASIC registered. The main visa applicant and de facto partner or spouse have to control all of the company-issued shares. If a trust is used, this has to be legally established and valid. The main applicant and partner would be required to be the only beneficiaries and trustees of this trust.
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