A Big State With Even Bigger Business Potential - 188E Entrepreneur
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A Big State With Even Bigger Business Potential

With a diverse and rejuvenated economy, Queensland is again becoming one of the leading powerhouses of the Australian economy. It is currently entering a transitional period, and the economy is expected to exceed national growth over the coming years with the top-performing sectors being in agriculture, construction, resources, tourism, manufacturing and services.

For entrepreneurs with innovative ideas, Queensland offers the 4-year 188E Entrepreneur (Provisional) Visa as a step towards permanent residency. This is a great option if they wish to develop or commercialise their ideas and have funding agreed with a specified third party. After completing the four years, the holder can consider applying for the Business Innovation and Investment (Permanent) Visa (Subclass 888), which gives, visa holder’s permanent residency. Registered migration agents from Mygration can advise and guide you through these processes.

In order to eligibly apply for the visa 188E, the following requirements must be met:

  • There must be a funding agreement from a third party of at least AUD $200,000 to undertake the intended entrepreneurial activity
  • A comprehensive business plan demonstrating how the innovative entrepreneurial activity will result in a commercialisation of a new or improved product or service, or the development of a business in Australia
  • Proof that one has a 30% ownership of the entrepreneurial entity at the time the agreement was made
  • A commitment to living in Queensland
  • Proof of sufficient settlement funds

There are, however, limitations in relation to the activities you can be involved in. Residential real estate, labour hire and purchasing an existing enterprise or franchise in Australia are excluded.

With the recent upturn in Queensland’s fortunes, now is the perfect time to join, contribute and benefit from this growth. According to a report by Deloitte, one of Queensland’s challenges is to “transition its economy towards growth in industries that can supply reliable, sustainable and specialised products and services”. If you feel you and your business can provide this, and are in position to capitalise on this, this could well be the ideal entry path into the country.

If you feel this visa type is ideal for you and your business and are interested in applying for this or would like to know more about the other types, please call or e-mail Requel at requel@myg-group.com.au or Catherine catherine@mygration.com.au who will be able to discuss your eligibility.

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