The provisional Business Innovation Visa (often referred to as SC188A) is for successful business owners and business innovators. It is open to those who intend to conduct business in Australia and contribute to the growth of the Australian economy. Business owners up to the age of 55 years who have business management and ownership experience for at least 2 years or longer must use those business skills to obtain a substantial ownership interest in a new or existing business in Australia and actively participate in that business at a senior management level. The main objective is to maximise the number of business migrants successfully engaging in business in Australia and to achieve better dispersal of the business migration intake to enable regional and low growth areas of Australia to attract business persons they need to promote regional economic development and growth. Persons who successfully establish a business while holding the provisional Subclass 188 Innovation Visa are provided with clearer pathways to permanent residence when meeting specific criteria from the first 3 (three) years of operation. You can lodge this visa from Australia or outside Australia.
THIS VISA
KEY CRITERIA – [All of the following must apply]
This is a temporary or provisional visa and is points tested. Higher Points may be allocated if you can provide substantial business supporting evidence to demonstrate higher turnover, asset value and years of business management operation. Audited financials by an external and reputable auditor are required to support your points claims. Applicants who have operated their businesses in Hong Kong or Mainland China will need special purpose audit reports for their application. Additional factors which can enhance or affect your points threshold at the time of invitation include your age, english language levels, educational qualifications, innovation patents or trademarks registered, and financial venture capital funding received for your current business operations.
You must have a genuine and realistic commitment to:
SC188 A BUSINESS INNOVATION VISA APPLICATION PROCESSING FEES | |
State Government Nomination Fees (TBC) | $500.00 – $850.00 |
Immigration Application Fees Main Applicant [Business Owner] | $6,085.00 |
Immigration Application Fees Partner or Spouse | $3,045.00 |
Immigration Application Fees Child over 18 years under 23 years | $3,045.00 |
Immigration Application Fees Child under 18 years under 23 years | $1,520.00 |
ADDITIONAL ESTIMATED COSTS | |
Business Legal & Advisory Fees [Set Up or Acquisition] | TBC |
Mygration Professional Service Fees [excl.gst] | See more |
Medical Exams for Migration (per person) | TBC –up to $400.00 |
Police Clearance Certificates must be obtained from all countries resided in for longer than 12 months in the last 10 years (over 16yrs) | TBC –up to $50.00 p/p |
Key Identity Document Translations & Certification | TBC –up to $50.00 p/doc |
WHAT WE DO FOR YOU
Additional Matters will be considered in our discussions such as:
Once the SC188A visa is granted – applicants who have operated their Australian approved business may be eligible to apply for SC888A Permanent visa after 3 years of holding the SC188A and meeting other main requirements such as;
Business ownership, Turnover & Asset requirement post visa grant before applying for Permanent residency
For the 24 months immediately before you apply, you must own at least:
Your main business or businesses (or the business or businesses of your spouse or de facto partner, or of you and your spouse or de facto partner together), had an annual turnover of at least AUD300,000 in the 12 months immediately before the application was made
Business and Personal Asset requirement for Business migration to Australia
For the 12 months immediately before you apply, you or your partner (or you and your partner together) must show at least 2 of the following:
Residence Requirement
You must have been residing in Australia for at least 1 year in the 2 years immediately before you apply for the permanent stage of the Subclass 888 A Innovation Visa if you lodged a SC188A Innovation visa or SC188A Innovation Extension visa before 1st July 2021.
Applicants who apply for and are granted a Subclass 188A or 888A Innovation visa after the 1/7/2021 must reside in Australia for a total period of at least 1 year in the 3 years immediately before applying for SC888 Permanent stream
SETTING UP YOUR NEW BUSINESS IN AUSTRALIA
Once your visa is lodged, you may begin setting up your new business. In setting up a new business, you will ideally hold 100% shares of your business. You are also able to establish a discretionary trust and assign your new company as the corporate trustee of your family trust. The corporate trustee company (Pty Ltd) would be the start-up company used for operation for goods and services in line with your Business Innovation Visa requirements.
If you are outside Australia and require assistance, we can assist you by facilitating all business migration requirements on your behalf with trusted legal and accounting professionals who are experienced in the international business startup space. Applicants who are in Australia at the time of lodgement, will receive a bridging visa A after lodging their visa applications. This bridging visa will come into effect after the visa you have arrived with expires. Once the bridging visa takes effect (and as long as it has not conditions or restrictions) you can commence your business activities.
General Startup Expenses (depending on the business type) can range from $100,000 – $150,000 for Small Enterprise. For Medium enterprise, set up costs are estimated above $200,000 AUD. The Business Innovation Visa requires that you transfer AUD$1,250 000million to Australia of which needs to be set aside for your new business and the balance of the funds can be attributed to acquiring residential property. The amount required to be utilized for business purposes is subject to whether you will operate your business in metropolitan or regional areas. State or Territory governments will also influence the allocation of these funds depending on the nature of business you intend to operate in Australia
Factors to consider when starting your business in Australia
During our initial consultation, we will elaborate further on New Business Processes and Investment opportunities in Australia
MATCH AND INVEST
Setting up a new business as a new migrant in Australia can be challenging when arriving to a new country, many business owners have opted to obtain a substantial ownership interest in an existing business in Australia and actively participate in that business at a senior management level. Owning substantial interest in an existing business means that you should acquire minimum of 30% equity shares and can be up to a max 100% depending on your chosen business venture.
Most Australian business owners seeking investment will generally provide their brokers a full financial history of their business and will have the business valued by their own professional providers. In determining the value of the business, you intend to invest in, it is important to ensure that due diligence is undertaken for this business by reputable solicitors and accounting firms who will provide you with key information pertaining to the full value of the business and any associated risks.
The negotiation phase involving entering a partnership with an existing Australian entity can be a smooth one or challenging. It is important to consider your preference and management style before investing into an existing business.
Other alternatives to partially acquiring equity interest, is choosing to purchase an existing business outright. This would provide you with full operational and management control.
We work with registered Australian business brokers to source businesses that match your skill set, industry experience and preference.
Once your visa is lodged, you may then finalise your business purchase. If you are outside Australia and require assistance, we can facilitate all requirements on your behalf with trusted legal and accounting professionals who are experienced in business sales & acquisitions. Enquire about Australian Businesses seeking international joint ventures.
THIS VISA ALLOWS YOU TO:
This Visa is not points tested, does not require any skills assessment, does not require employer sponsorship, and does not require business financial historical documents
POST 1 JULY 2021
Subclass 188 Entrepreneur Visa applicants invited to apply after 1 July 2021 must propose to undertake a complying entrepreneur activity in Australia and must be nominated by a State or Territory government agency to develop your concepts. Your complying entrepreneur activity must relate to an innovative idea that will lead to the commercialisation of a product or service in Australia, or the development of an enterprise or business in Australia. You must:
BEFORE 1 JULY 2021
Subclass 188 Entrepreneur Visa applicants invited to apply before 1 July 2021 must have one or more legal funding agreement from a third party to receive funding of at least AUD$200,000 to undertake a complying entrepreneur activity that is proposed to lead to either the commercialisation of a product or service in Australia or the development of a business in Australia. Funding must be received from one of the following:
SC188 E VISA APPLICATION PROCESSING FEES | |
State Government Nomination Fees (TBC) | $500.00 – $800.00 |
Immigration Application Fees Main Applicant [Entrepreneur] | $4,045.00 |
Immigration Application Fees Partner or Spouse | $2,025.00 |
Immigration Application Fees Child over 18 years under 23 years | $2,025.00 |
Immigration Application Fees Child under 18 years under 23 years | $1,010.00 |
ADDITIONAL ESTIMATED COSTS | |
Business Advisory Fees to secure VC funding and all legal set up | TBC |
Mygration Professional Service Fees [excl.gst] | See more |
Medical Exams for Migration (per person) | TBC –up to $400.00 |
Police Clearance Certificates must be obtained from all countries resided in for longer than 12 months in the last 10 years (over 16yrs) | TBC –up to $50.00 p/p |
Key Identity Document Translations & Certification | TBC –up to $50.00 p/doc |
WHAT WE DO FOR YOU
Processing times vary and change continuously. As an indication only, our current Subclass 188 Entrepreneur Visas preparation is between 12-14 weeks before state lodgement and 12-20 weeks to be finalized by Department of Home Affairs Processing Centre as long as all information is provided as decision ready application at the time of lodgement.
POST VISA GRANT CRITERIA
This is a permanent visa. With this visa you can:
POST 1 JULY 2021 ELIGIBILITY CRITERIA FOR BUSINESS PERMANENT RESIDENCY IN AUSTRALIA
YOU MUST:
Key success factors include the following:
Supporting success factors include the following:
Entrepreneurial activities in Australia CANNOT BE:
Resident requirements
COMPLYING ENTREPRENEUR ACTIVITY FOR ENTREPRENEUR VISA
A complying entrepreneur activity must relate to an innovative idea that will lead to:
This activity must not relate to any of the following categories:
BEFORE 1 JULY 2021 – CRITERIA FOR RECEIVING FUNDING FROM AN APPROVED ENTITY
You must have one or more legally enforceable agreements to receive funding with a total of at least AUD200,000. The funding must be from one of the following entities:
At least 10% – 40% of the funding must be payable to the entrepreneurial entity within 12 months of the activity starting in Australia which must be reflected in the agreement
The entity that will conduct the activity (the entrepreneurial entity) must be either an individual (yourself), a company or a partnership
You must have held at minimum 30% interest in your entrepreneurial entity when you entered into the agreement
All the funding provided or to be provided to the entrepreneurial entity under the funding agreement must be unencumbered and lawfully acquired
You and your partner must not have a history of involvement in business or investment activities that are of a nature that is not generally acceptable in Australia
THIS VISA SUBCLASS HAS CEASED AND IS NO LONGER AVAILABLE. APPLICANTS CAN ONLY ACCESS BUSINESS VISAS THROUGH THE SUBCLASS 188 STREAMS POST 1 JULY 2021.
THIS VISA SUBCLASS HAS CEASED AND IS NO LONGER AVAILABLE. APPLICANTS CAN ONLY ACCESS BUSINESS VISAS THROUGH THE SUBCLASS 188 STREAMS POST 1 JULY 2021.
THIS VISA SUBCLASS HAS CEASED AND IS NO LONGER AVAILABLE. APPLICANTS CAN ONLY ACCESS BUSINESS VISAS THROUGH THE SUBCLASS 188 STREAMS POST 1 JULY 2021
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