What is a subclass 188B visa?
Business Innovation and Investment (Provisional) visa (subclass 188) is a points-tested program for people with a successful record of qualifying business or eligible investment activity who will make a designated investment in a State or Territory of Australia, and have a realistic commitment to continue the business or investment activity in Australia after the designated investment has matured.
The benefits of holding a subclass 188B visa
With this visa, applicants can:
|Residence||Staying in Australia for up to 5 years (or previously 4 years 3 months for legacy visa holders).|
|Business and investment||Being able to carry out business and investment activities in Australia.|
|Multiple entries||Being able to travel outside Australia and return as many times as they want while the visa is valid.|
|Education and working||Allowed to work and study in Australia, especially being entitled to a free English course.|
|Sponsor family member||Eligible family members can be granted the visa together with the main applicant to come to Australia to enjoy the same benefits.|
|Applying for Australian citizenship, if eligible||Being able to apply for citizenship after becoming a permanent resident and having met residential requirements.|
Core Criteria for Investor Stream 188(B)
The requirements of a subclass 188B visa (stage 1)
In order to successfully apply for this temporary visa, you must meet the following requirements:
|Age||Under 55 years old at the time of the nomination application (unless the State or Territory government agency has determined their investment will be of exceptional economic benefit).|
|Be nominated||Applicants must be nominated by an Australian State before being invited to apply for this visa.|
|Business ownership||Have at least 3 years experience in managing one or more qualifying businesses or eligible investments.
At least 1 year in the last 5 years from the time of application, applicants must:
|Investment||After being granted the visa, must invest at least 2,500,000 AUD:
Commit to maintaining this investment throughout the visa holding period.
Applicants must achieve at least 65 points on the points test.
At least 4.5 IELTS, or an equivalent result (or pay an additional fee if they do not meet the conditions).
|Health||Must meet the health requirements of the Australian Government.|
You should get advice and assistance from a qualified migration consultant to make sure you meet the requirements.
Core Criteria for Investor Stream 888(B) – (2nd Stage)
|Residence time||The applicant must have been physically living in Australia for at least 2 years in the 4 years immediately before making the application.|
For the whole period during which applicants held their subclass 188B visa, they had to maintain an investment of 2,500,000 AUD.
|Be nominated||Applicants must obtain nomination approval from a state or territory where they are investing.|
How to get migration points for a subclass 188B visa
Applicants must score at least 65
|Age||18 – 24 years old||20|
|25 – 32 years old||30|
|33 – 39 years old||25|
|40 – 44 years old||20|
|45 – 54 years old||15|
|Over 55 years old||0|
|English language ability||IELTS 5.0 or higher||5|
|IELTS 7.0 or higher||10|
|Graduate with a Bachelor’s degree in business, science or technology from an Australian institution/recognized educational institution.||10|
|Net personal and business assets||Total personal and business assets of applicants and his/her spouse in the last 2 financial years:|
|Business turnover||For 2 out of 4 fiscal years prior to the time of application, annual business revenue must be:|
|Business statement||At the time applicants receives the invitation, the business has been running:|
|At least 4 years||10|
|At least 7 years||15|
|Total investment||Lifetime of the investment (at least AUD 250,000 in investment funds:|
|More than 4 years||10|
|More than 7 years||15|
|Has a registered patent at least 1 year||15|
|Has a registered trademark 1 year ago||10|
|Applicants directly run their business for at least 1 year before applying for the visa||5|
|Applicant’s shares are equal to or more than 50% of the company’s annual turnover from the export trade.||15|
For the last 5 years:
|Certifications||A state or territorial government in Australia certifies that the applicant’s business is the only entity of particular interest to the region.||10|
Step-by-step of a subclass 188B visa application process
Step 1: Preparing the documents (from 1 to 3 months)
Step 2: Being nominated by a State or Territory.
Step 3: Submitting applicant’s Expression of Interest (EOI) and then be invited to apply.
Step 4: Applying for the visa.
Step 5: Having a health examination and biometrics.
Step 6: Attending the interview if requested (most cases have no interview).
Step 7: Make the investment
Step 8: The subclass 188B visa is granted.
The processing times of a subclass 188B visa
|75% of applications||31 Months|
|90% of applications||33 Months|
The cost of a subclass 188B visa
|Visa application charge installments||Visa costs
(not including 1.4% surcharge)
|Over 18 years old||Under 18 years old|
|First installment: the time of lodging a visa application.||6,270 AUD||3,135 AUD||1,565 AUD|
|Second installment: Additional applicants who are 18 years old or older have less than functional English (4.5 IELTS).||9,795 AUD||4,890 AUD||0 AUD|
Applicants’ documents must be well–prepared to avoid a longer process or visa refusal.
What must prepare for subclass 188B visa documents?
|Business documents||Business Overview||Details the functional areas of business and the business activities.|
Fill out form 1139A Statement of Assets and Liabilities Position (SALP) to prove the applicant has assets of at least 2.5 million AUD
|Prove the ownership right to run the company||
Demonstrate at least 3 years of owning a business in which the applicant held at least 10 percent ownership.
|English||At least 4.5 IELTS|
|Migration points||Obtain at least 65 on the points test|
|Documents for accompanying person (if any)||
- Live in the State or Territory in which applicants made the designated investment for at least 2 years during the period their provisional visa is valid.
- Hold complied investments of at least 2.5 million AUD continuously during the visa duration.
- Applicants must comply with Australian laws.
In addition, applicants can also refer to and consider the subclass 188A visa.
VEM’s customer – Ms. Susan Le has just been granted subclass 188A visa – Business Innovation stream just before the Australian Government increases the requirements.
VEM’s customer who is granted the subclass 188A visa
Frequently asked questions
Can I include another family member with a subclass 188B visa?
- Yes, you can if that person is eligible.
Is there any risk in applying for a subclass 188B visa? What is it?
- Choosing a good management fund organization would help your investments profitable and reduce risks.
I am a senior manager of a business. I want to apply for a subclass 188B visa for a temporary stay, then apply for a subclass 888B visa for permanent residence. But on documents, I do not have shares in that company. Can I apply for a visa?
- You must share at least 10% of the business owners to meet the requirements for this visa. You should contact our migration specialist for further advice.
Do I have to apply for a subclass 188B visa inside or outside Australia?
- It depends on your actual situation. You should contact VEM and schedule a consultation with our qualified migration specialist.
A Points-tested program for people with a successful record of qualifying business or eligible investment activity who will make a designated investment in a State or Territory of Australia, and have a realistic commitment to continue the business or investment activity in Australia after the designated investment has matured.
|Management experiences||At least 2 years||At least 3 years|
|Turnover||For 2 out of 4 fiscal years immediately before applicants receive an invitation to apply, the turnover of the business must be at least 750,000 AUD||Not required|
At least 200,000 AUD and depending on state/territory designation.
|At least 2,500,000AUD AUD in managed funds|
|Minimum total assets||
You must transfer 2,500,000AUD to Australia before the visa is granted and make the investments as soon as possible for meeting the requirements of the PR stage.
The answer is yes. If you are a client of VEM, Mr. Phong Cao will guide you on how to prove it accurately and convincingly.
You have 70 days to transfer money when receiving the request.
Unfortunately, the answer is no. If you withdraw this investment, you will not be able to apply for the subclass 888B visa.
You need to stay in Australia for a minimum of 2 out of 3 years since making the investments.
The answer is yes. And the more English level you get the higher points you can obtain.
The Australian government assesses tuberculosis as a major threat to public health. So they will not issue visas to applicants with this disease. In addition, the following diseases also limit Australian visa applications: hepatitis, polio, cancer, and HIV/AIDS,…
Yes, the location of the medical examination will be designated by the Australian Department of Immigration based on each applicant’s situation.
If you need help from our licensed migration specialist – Mr. Phong Cao, contact VEM now! Moreover, we have a preferential program for this investment visa!