Business Innovation & Investor (Provisional) – SC188 Entrepreneur Stream
Who is the visa for?
For talented business professionals who have an innovative idea intends to setup a business leads to the commercialisation of a product or service in Australia,
The applicant must have Competent English, IELTs 6.0 in each band or equivalent.
Temporary visa for a period of 4 years and 3 months, entitle you and your dependent family member to set up your proposed business activities, live, work and study in Australia. You may apply for the permanent subclass 888 visa within this period when you are eligible.
- Establish your proposed business activities in Australia.
- Live and work in Australia.
- Enjoy unlimited travels from and to Australia.
- Study at Australian academic institutions such as schools, TAFEs or universities.
- Under 55 of age or of exceptional economic benefit to Australia.
- Have ‘Competent English’ (6.0 or more in each of the 4 components in IELTs or equivalent or hold an eligible passport).
- Must be nominated by a State or Territory government.
- Proposed to undertake a complying entrepreneur activity.
- Must be an innovative idea
- Must not be in Residential Real Estate, Labour Hire, or Purchase of an Existing Enterprise or a Franchise in Australia
- Secure one or more legally enforceable agreements to receive funding with a total of at least $200,000 from:
- Commonwealth or State or Territory Government
- Publicly Funded Research Organisation
- Registered Australian Venture Capital Limited Partnership (VCLP) or Early State Venture Capital Limited Partnership (ESVCLP)
- Higher Education Provider
- Must hold at least 30% interest in the Entrepreneurial Entity.
- 10% of the funding must be paid within 12 months of the day the activity starts.
- Must provide a satisfactory business plan for the entrepreneurial activity noting how the Innovation Idea will lead to the commercialisation of the product or service.
- Maximum of three applicants can apply under the same entity
- Meeting other such as health and character criteria.
Key Criteria for the Permanent Subclass 888 Visa
- Continuously holding the Subclass 188E visa for at least for years
- Has resided in Australia for at least 2 years in the 4 years period.
- Demonstrate successful record of entrepreneurial activities in Australia.
- Need to demonstrate the completion of at least two key success factors or a combination of one key success factor and three supporting success factors.
- Key success factors include:
- Employing two or more Australians, permanent residents or other eligible persons
- Generating an annual turnover of at least AUD300 000
- Filing a provisional patent or acquiring a standard or innovation patent
- Receiving ongoing funding or investment in your entrepreneur activity
- Entering into a partnership with a University
- Selling an entrepreneurial venture for AUD2,000,000.
- Supporting success factors include:
- Diversifying entrepreneurial activities into other business areas
- Receiving a statement of success from a state or territory government nominator
- Receiving sponsorship from the corporate sector
- Starting at least one other business or contributing to at least two other businesses
- Receiving formal awards or recognition
- Raising or contributing to social capital.
- Entrepreneurial activities in Australia must not be in one of the following categories:
- Residential real estate
- Labour hire
- Purchase of an existing enterprise or a franchise in Australia.
Key Advantages Over Other Business Visa Streams
- Does not require overall successful business career or being a business person.
- Does not require to evidence of source of funds (money required for the investment activity must be unencumbered.)
- Does not require minimum net business and personal assets (under the department policy minimum of $100,000 settlement fund is required for all business visas. State or Territory may have separate requirements)
- No minimum amount of business investments required.
- Not point tested
- Up to 3 visa applications can be lodged with the same entity.
Key Disadvantages Over Other Business Visa Streams
- Must have competent English.
- Must secure funding from an eligible provider, additional criteria to be met.
- Temporary visa, and must hold the visa continuously for at least 4 years before eligible for permanent residency.
- No provision for extension.
- Must be an innovative idea.
- Must be a new business and cannot buy into existing businesses.
- Must not be in a restricted business type.
How can we assist
- Advising you of your eligibility of this visa and all your other visa options.
- Provide step by step guidance on all requirements leading to the visa grant.
- Assist in the preparation of business plans.
- Assist in the negotiation and documents process with eligible fund providers.
- Prepare and lodge Expression of Interest with the Department on your behalf.
- Prepare and lodge State nomination on your behalf.
- Prepare and lodge Visa Application on your behalf.
- Verify all documents and information are accurate and met the eligibility criteria before submitting.
- Liaise with appropriate authorities on your behalf.
- Avoiding all common and other mistakes made by past applicants.
- A total peace of mind for you.
Not eligible? You may want to consider one of the following visas
- Skilled – Nominated Visa (subclass 190)
- Skilled – Regional Sponsored Visa (subclass 489)
- Employer Nomination Scheme (ENS) (Subclass 186 visa)
- Regional Sponsored Migration Scheme (RSMS) (Subclass 187 Visa)
- Temporary Work Skilled (Subclass 457)
- Other Business Skilled Visa
- Student Visa
- Family Visas
As with all visas, this visa can be cancelled if ground for cancellation exists. Cancellation can occur if information or documents provided to the department in any of the process are fond to be non-genuine in nature or contains information which is misleading in a material particular, it may include applicant’s past visa dealing with the Australian government, the identity of the applicant, information provided by a third party which may also be false or misleading.
All applicants are advised to ensure that they should check all information on forms and documents before submitting, please do double check that all information or documents obtained through a third party are genuine, that all information or documents provided in relation to yourself or any dependent family members can withstand rigorous checks conducted by the Australian government. Please do make sure that the department have your updated contact details even after your visa grant in case a problem exist. Please do contact us immediately if a visa cancellation notice has been issued to you.
Please do contact one of our experienced consultants should you wish to discuss your eligibility or any other matter.