One may deem the process to register a company in Australia to be a complicated one, especially if you are a non-citizen. Applying for the right business owner visa is the first step to set up a company in Australia. In this article, we will explore the 2 key things you should know about a business owner visa in Australia and the types of visas. Simply put, before you register a business in Australia, there are 2 stages of business visas, namely temporary and permanent visas, to take note of.
Types of business owner visa in Australia:
Stage 1: Temporary Business Visa (Business Innovation and Investment (Provisional) visa (subclass 188))
- Business and Innovation Stream
- Investor Stream
- Significant Investor Stream
- Premium Investor Stream
- Entrepreneur Stream
The Business Innovation and Investment (Provisional) visa (subclass 188) is for those who intend to establish a new business in Australia, manage an existing business or invest in Australia.
There are 5 streams for the Business Innovation and Investment (Provisional) visa (subclass 188), each with its own eligibility conditions.
Business and innovation stream
- This subclass visa is suitable for business owners and investors from overseas who are willing to invest in a new or existing business located in Australia. It is provisional and valid for up to 4 years. Those under 55 years of age or of exceptional benefit to the state are eligible.
- This is a temporary visa that applicants must hold for 4 years before becoming eligible for permanent residence through the Investor Stream. The visa applicant must invest 1.5 million in Government bonds for up to 4 years. Those under 55 years of age or of exceptional benefit to the state are eligible.
Significant Investor Stream
- You are eligible if you are an investor who intends to invest at least 5 million AUD and successfully meet the significant investment criteria for this visa. There are no age restrictions.
- Applicants must also be willing to maintain active business and investment activity in Australia.
- Only those who have received a nomination from a territorial or state government in Australia can qualify.
Premium Investor Stream
- This visa is only valid for a temporary period. To qualify, you must be an investor intending to spend at least 15 million AUD in a premium investment in Australia.
- This visa is suitable for those who will maintain an active business and investment domain in Australia.
- This is only eligible for business owners who possess a funding agreement from a third party of least 200,000 AUD worth of funds.
- The agreement needs to be formed between two parties for entrepreneurial activity, either for the purpose of growing a business in Australia, or to create a commercial product or service.
- To qualify, you must first receive a nomination from an Australian territorial or state government.
General Requirements for the provisional business owner visa in Australia:
You qualify for the application criteria for the 188 subclass visa if you:
- have been invited to submit an application
- have a successful business or work and investment history
- can show proof of adequate business and personal assets when asked
- were nominated by a state or territory government
Stage 2: Permanent Business Visa (Business Innovation and Investment (Permanent) visa (subclass 888))
The permanent visa allows people to continue to own and manage a business in Australia (the Business Innovation stream) or continue business and investment activity in Australia (the Investor stream and the Significant Investor stream).
This is typically the next stage of a Business Innovation and Investment visa and is the route to becoming a permanent resident in Australia.
The Business Innovation and Investment (Permanent) visa, also known as the subclass 888 visa, has 3 streams:
- 888 Business Innovation stream (Permanent): this is the route to becoming a permanent resident for holders of the corresponding 188 visa subclass.
- 888 Business Investor stream (Permanent): this is the route to becoming a permanent resident for holders of the corresponding 188 visa subclass.
- 888 Significant Investor stream (Permanent): this is the route to becoming a permanent resident for holders of the corresponding 188 visa subclass.
In order to apply for the 888 visa subclass, applicants must have already possessed and used a 188 provisional visa for a certain length of time. In the Business Innovation Stream, the required length is 2 years, while in the Investment Stream, it is 4 years.
General Requirements for the permanent business owner visa in Australia:
You qualify to apply for this visa if you:
- Fulfil the individual requirements of the subclass 188 visa specified by your selected stream.
- Are the primary owner of a Business Innovation and Investment Visa from the 188 subclass.
- Have successfully fulfilled all the eligibility criteria for your provisional Business Innovation and Investment visa in the original stream for which you applied.
- Have no record of involvement in any illicit or unpermitted business or investment activities.
- Have an adequate record of abiding by laws in Australia.
- Have received a nomination from a territorial or state government in Australia.
- You and the members of your family all satisfy the mandated requirements for character and health (if you have already previously fulfilled this criteria for the provisional Business Innovation and Investment Visa under subclass 188, you are not required to meet it again.
- Display a true desire and commitment to continuing to do business or investment in Australia.
Looking for help obtaining a business owner visa in Australia?
Although the application process for a business owner visa in Australia seems complicated at first, Tetra Consultants’ team of experienced professionals can guide you through the full process hassle-free. Our full suite of services covers not only the application for the business visa, but also Australia company formation and corporate bank account opening.
Contact us today to kickstart your business in Australia. Our team will revert to you within 24 hours.