Business Innovation and Investment (Provisional) visa (subclass 188)

This visa is for people who wish to own and manage a new or existing business in Australia, or to invest in Australia.

You must submit an Expression of Interest (EOI) through SkillSelect and be nominated by a state or territory government or Austrade on behalf of the Australian government before being invited to apply for this visa.

The visa includes four streams:

• Business Innovation stream: for people with business skills who want to establish, develop, and manage a new or existing business in Australia. Applicants must be nominated by a state or territory government.
• Business Innovation Extension stream: Applicants can extend their business visa for two more years.
• Investor stream: for people who want to make a designated investment of at least AUD2.5million in an Australian state or territory and maintain business and investment activity in Australia. Applicants must be nominated by a state or territory government.
• Significant Investor stream: for people who are willing to invest at least AUD5million into complying significant investments in Australia and want to maintain business and investment activity in Australia. Applicants can be nominated by a state or territory government or Austrade on behalf of the Australian government.
• Entrepreneur stream: for startup and initial stages entrepreneurs who have been endorsed to develop their concept. Applicants must be nominated by Austrade on behalf of the Australian government.

Holding this visa is the first stage before becoming eligible to qualify for a Business Innovation and Investment (Permanent) visa (subclass 888). You can apply for permanent residence, once you have proved that you meet the minimum criteria for business investment or turnover.