Positive Signs with BIIP Visa Australia
Introduction
The Business Innovation and Investment (Provisional) visa (subclass 188) is a temporary visa for entrepreneurs and investors who want to establish, manage, or grow an innovative business in Australia. This visa allows you to stay in Australia for up to 5 years with a possible 2-year extension. After meeting certain requirements, you can apply for the Business Innovation and Investment (Permanent) visa (subclass 888).
Important Update: Program Currently Closed
Please note that the Business Innovation and Investment (subclass 188) program is currently closed for new applications for the 2023-2024 financial year (until June 30, 2024). However, existing applications for both subclass 188 and 888 submitted to the Department of Home Affairs before the closure are being processed at an accelerated rate.
Positive News for Existing Applicants
Increased Processing Resources: To address the backlog of applications, the Department of Home Affairs has boosted its processing team and resources.
Recent Approvals: In October-November 2023, there were 5 successful approvals for subclass 188-888 visas.
Benefits of the subclass 188 visa:
Business Opportunity: This visa grants you the chance to set up, manage, or expand an innovative business in Australia.
Live and Work in Australia: You and your family can reside and work in Australia for the duration of your visa.
Education: Your children can attend public schools at subsidized rates.
Healthcare: You and your family can access the Medicare healthcare system.
Pathway to Permanent Residency: Upon fulfilling specific requirements, you can apply for the Business Innovation and Investment (Permanent) visa (subclass 888).
Requirements for subclass 188 visa:
Pass the Points Test: Depending on the stream you apply for, you need to achieve a minimum score on the points test.
Business Experience: You must have demonstrably successful business experience in a field relevant to your intended business in Australia.
Investment: You need to invest a specific amount of money in your Australian business.
English Language: You must achieve a minimum English language proficiency of IELTS 5.0 in all four skills.
For detailed information, please visit the Department of Home Affairs website: https://immi.homeaffairs.gov.au/visas/getting-a-visa/visa-listing/business-innovation-and-investment-188: https://immi.homeaffairs.gov.au/visas/getting-a-visa/visa-listing/business-innovation-and-investment-188
Disclaimer:
The information provided is for general informational purposes only and may change over time.
Seek professional advice from a registered migration agent regarding your specific situation.
