What is Visa 188A?

Visa 188A (Business Innovation Stream) is a type of provisional visa for business innovation. It is part of the Business Innovation and Investment (Provisional) visa category. With Visa 188A, foreign entrepreneurs can come to Australia to live, conduct business, and invest. Specifically, entrepreneurs can either start a new business or acquire an existing business in Australia. Additionally, Visa 188A serves as a stepping stone for entrepreneurs to obtain permanent residency in Australia – subclass 888 for investment and eventually become Australian citizens!

Benefits of Holding Visa 188A

When doing business and investing in Australia with Visa 188A, entrepreneurs will benefit from six key advantages. Notably, dependent family members accompanying the visa holder also enjoy similar benefits.

Specific benefits for the family when an entrepreneur holds Visa 188A include:

• Residency Rights: Entrepreneurs can stay in Australia for 5 years.

• Business Management Rights: Entrepreneurs can establish and manage a business in Australia or acquire an existing business.

• Work and Education Rights: Entrepreneurs can work and study in Australia, including receiving more than 510 hours of free English language classes.

• Travel Rights: Freedom to travel within and outside Australia during the visa’s validity period.

• Family Sponsorship Rights: Entrepreneurs can sponsor family members to come to Australia if they meet the requirements for dependents.

• Permanent Residency Application: Entrepreneurs can apply for Visa 888A for permanent residency if they meet the requirements (to be detailed in section 3).

Conditions for Applying for Australian Permanent Residency with Visa 188A

With Visa 188A, entrepreneurs CANNOT directly obtain permanent residency in Australia. HOWEVER, after holding this visa and meeting the conditions, there is an opportunity to apply for Visa 888A for permanent residency.

Visa 188A is a foundational visa, providing entrepreneurs with a pathway to meet the requirements for Visa 888A. Therefore, holding Visa 188A is essential for entrepreneurs seeking to settle in Australia.

The conditions for applying for Visa 188A are quite specific and may vary depending on the stage. Let’s explore the requirements in the following sections.

Requirements for Visa 188A

The requirements for Visa 188A are considered the "easiest" compared to other Australian business investment visas. You can quickly assess your eligibility based on the following information:

• Age: Under 55 years at the time of application.

• Nomination: Entrepreneurs must be nominated by a state or territory government in Australia.

• Business Ownership: Entrepreneurs must own one business and have directly managed it for at least 2 years.

• Shareholding in the Business for 2 Years:

  • At least 51% if the business’s annual turnover is under AUD 400,000.

  • At least 30% if the business’s annual turnover is AUD 400,000 or more.

  • At least 10% if the business is managed by a publicly listed company.

• Net Assets: Minimum net personal and business assets of AUD 1,250,000 (can include the assets of a spouse).

  • Entrepreneurs must prove the source of recently acquired assets.

  • Assets must be available to transfer to Australia within 2 years from the visa grant.

• Revenue:

  • For 2 out of the 4 financial years before receiving an invitation from Australia, the business revenue must be at least AUD 750,000 (if the entrepreneur owns 30% of the shares).

  • If the revenue is below AUD 750,000, the entrepreneur must own 40% of the shares.

• Migration Points: Entrepreneurs must achieve at least 65 points.

• English Proficiency: At least IELTS 4.5 or equivalent. If you haven't achieved this score, don’t worry, contact AOC for solutions.

• Health and Character: Meet the health and character criteria as assessed by the Australian Government.

• Criminal Record: No debts to the Australian Government. Any debts must be cleared before applying. No serious criminal convictions. Never been refused or had a visa canceled by the Australian Government.

• Application Location: Depending on the specific case, entrepreneurs can apply from inside or outside Australia.

Visa Application Process

To apply for Visa 188A, you need to understand the process you will go through before submitting your application. AOC provides the latest updates from the Australian Department of Home Affairs:

1. Assess your eligibility for the visa.

2. Prepare documents, audit, and assess assets.

3. Submit an Expression of Interest (EOI) for nomination.

4. The Australian Government sends an invitation to submit an application.

5. Submit the application and visa fee.

6. The Department of Home Affairs processes the application.

7. Entrepreneurs may need to provide additional documents (if required).

8. The Australian Government grants Visa 188A.

Documents for Visa 188A Application

• Identification Documents:

  • Passport-sized photo.

  • Valid passport (certified copy).

  • Valid ID card (certified copy).

  • Birth certificate (certified copy).

  • Marriage certificate (if applicable).

  • Proof of name change (if applicable).

• Business Documents:

  • Overview of the business - a description of the business sector.

  • Business activity description.

  • Organizational chart.

  • Photos of the business premises and operations (no more than 6 images).

  • Proof of business ownership: evidence such as:

    • Business registration.

    • Business license.

    • Documents submitted to the registration company showing annual contributions.

• Proof of Business Management:

  • Evidence of continuous direct management and business direction.

  • Validity of evidence: 2 out of the 4 financial years before the entrepreneur was invited to apply.

• Proof of Asset Origin:

  • Documents proving transparency of assets, such as:

    • For cash assets: bank statements.

    • For real estate: property ownership certificates.

    • For personal loans: loan agreements, loan statements, and repayment schedules.

    • For shares and bonds: share ownership certificates.

    • For business assets: financial reports.

Providing these documents is not simple. Many entrepreneurs may need additional time to provide clear and convincing information. Thus, AOC’s migration specialists are dedicated to guiding and assisting clients with documentation.

• Proof of Business Loss (if applicable):

  • If the business is experiencing losses or is insolvent, a detailed description is required.

• English Certificate:

  • Provide proof of meeting the English language requirement.

• Migration Points

• Documents for Dependents (if applicable):

  • Identification documents.

  • Evidence showing that dependents meet the requirements.

  • Proof of relationship with the primary applicant.