{"id":4032,"date":"2023-03-14T15:00:16","date_gmt":"2023-03-14T08:00:16","guid":{"rendered":"https:\/\/investmentaus.vemvisa.com\/?p=4032"},"modified":"2023-07-06T16:17:40","modified_gmt":"2023-07-06T09:17:40","slug":"subclass-188b-visa","status":"publish","type":"post","link":"https:\/\/investmentaus.vemvisa.com\/en\/subclass-188b-visa\/","title":{"rendered":"Subclass 188B Visa"},"content":{"rendered":"

What is a subclass 188B visa?<\/h2>\n

Business Innovation and Investment (Provisional) visa (subclass 188)<\/strong><\/a> 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.<\/p>\n

 <\/p>\n

\"188b
subclass 188b investor stream<\/figcaption><\/figure>\n

 <\/p>\n

The benefits of holding a subclass 188B visa<\/h2>\n

With this visa, applicants can:<\/p>\n\n\n\n\n\n\n\n\n\n
Benefits<\/b><\/span><\/td>\nDetails<\/b><\/span><\/td>\n<\/tr>\n
Residence<\/span><\/td>\nStaying in Australia for up to 5 years (or previously 4 years 3 months for legacy visa holders).<\/td>\n<\/tr>\n
Business and investment<\/span><\/td>\nBeing able to carry out business and investment activities in Australia.<\/td>\n<\/tr>\n
Multiple entries<\/span><\/td>\nBeing able to travel outside Australia and return as many times as they want while the visa is valid.<\/td>\n<\/tr>\n
Education and working<\/span><\/td>\nAllowed to work and study in Australia, especially being entitled to a free English course.<\/td>\n<\/tr>\n
Sponsor family member<\/span><\/td>\nEligible family members can be granted the visa together with the main applicant to come to Australia to enjoy the same benefits.<\/td>\n<\/tr>\n
Applying for Australian citizenship, if eligible<\/span><\/td>\nBeing able to apply for citizenship after becoming a permanent resident and having met residential requirements.<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

 <\/p>\n

Core Criteria for Investor Stream 188(B)<\/h2>\n

The requirements of a subclass 188B visa (stage 1)<\/h3>\n

In order to successfully apply for this temporary visa, you must meet the following requirements:<\/p>\n

 <\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n
Requirements<\/b><\/span><\/td>\nDetails<\/span> <\/b><\/span><\/td>\n<\/tr>\n
Age<\/span><\/td>\nUnder 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).<\/td>\n<\/tr>\n
Be nominated<\/span><\/td>\nApplicants must be nominated by an Australian State before being invited to apply for this visa.<\/td>\n<\/tr>\n
Business ownership<\/span><\/td>\nHave at least 3 years experience in managing one or more qualifying businesses or eligible investments.
\nAt least 1 year in the last 5 years from the time of application, applicants must:<\/p>\n
    \n
  • Directly run a business in which the applicant own at least 10% of the shares or<\/li>\n
  • The applicant must make legitimate investments of at least 1,500,000AUD. (\u0111\u1ed5i t\u1eeb 2,500,000 AUD th\u00e0nh 1,500,000AUD)<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n
Net assets<\/span><\/td>\n\n
    \n
  • Have a net business, investment and personal assets of at least: 2,500,000 AUD (can be combined with spouse\u2019s property).<\/li>\n
  • Applicants must be able to prove the sources of funds.<\/li>\n
  • Transfer 2,500,000AUD to Australia before the visa is granted<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n
Investment<\/span><\/td>\nAfter being granted the visa, must invest at least 2,500,000 AUD:<\/p>\n
    \n
  • At least 500,000 AUD (20%) in venture capital and growth private equity funds which invest in start-ups and small private companies.<\/li>\n
  • At least 750,000 AUD in approved managed funds. The managed funds must invest in emerging companies listed on the Australian Stock Exchange.<\/li>\n
  • A \u2018balancing investment\u2019 of at least 1,250,000 AUD in managed funds.<\/li>\n<\/ul>\n

    Commit to maintaining this investment throughout the visa holding period.<\/td>\n<\/tr>\n

Migration points<\/span><\/td>\n\n

Applicants must achieve at least 65 points on the points test.<\/p>\n<\/td>\n<\/tr>\n

English<\/span><\/td>\n\n

At least 4.5 IELTS, or an equivalent result (or pay an additional fee if they do not meet the conditions).<\/p>\n<\/td>\n<\/tr>\n

Health<\/span><\/td>\nMust meet the health requirements of the Australian Government.<\/td>\n<\/tr>\n
Criminal Records<\/span><\/td>\n\n
    \n
  • Applicants and partners have no history of illegal business or investment in Australia.<\/li>\n
  • Have no debt to the Australian Government. If so, applicants must have paid it back or have an approved arrangement in place to pay it back.<\/li>\n
  • Have no criminal background.<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

     <\/p>\n

    \n

    You should get advice and assistance from a qualified migration consultant to make sure you meet the requirements.<\/p>\n<\/blockquote>\n

     <\/p>\n

    \"business
    Australian business investor stream visa basic requirements<\/figcaption><\/figure>\n

     <\/p>\n

     <\/p>\n

    Core Criteria for Investor Stream 888(B) – (2nd Stage)<\/h3>\n

     <\/p>\n\n\n\n\n\n\n\n
    Requirements<\/b><\/span><\/td>\nDetails<\/b><\/span><\/td>\n<\/tr>\n
    Residence time<\/span><\/td>\nThe applicant must have been physically living in Australia for at least 2 years in the 4 years immediately before making the application.<\/td>\n<\/tr>\n
    Investment<\/span><\/td>\n\n

    For the whole period during which applicants held their subclass 188B visa, they had to maintain an investment of 2,500,000 AUD.<\/p>\n<\/td>\n<\/tr>\n

    Be nominated<\/span><\/td>\nApplicants must obtain nomination approval from a state or territory where they are investing.<\/td>\n<\/tr>\n
    Criminal Records<\/span><\/td>\n\n
      \n
    • Have followed Australian laws.<\/li>\n
    • Applicants and partners have no history of illegal business or investment in Australia.<\/li>\n
    • Have no debt to the Australian government<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

       <\/p>\n

      How to get migration points for a subclass 188B visa<\/h2>\n

      Applicants must score at least 65<\/p>\n

       <\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
      Standard<\/b><\/span><\/td>\nRequirements<\/b><\/span><\/td>\nPoints<\/b><\/span><\/td>\n<\/tr>\n
      Age<\/span><\/td>\n18 – 24 years old<\/td>\n20<\/td>\n<\/tr>\n
      25 – 32 years old<\/td>\n30<\/td>\n<\/tr>\n
      33 – 39 years old<\/td>\n25<\/td>\n<\/tr>\n
      40 – 44 years old<\/td>\n20<\/td>\n<\/tr>\n
      45 – 54 years old<\/td>\n15<\/td>\n<\/tr>\n
      Over 55 years old<\/td>\n0<\/td>\n<\/tr>\n
      English language ability<\/span><\/td>\nIELTS 5.0 or higher<\/td>\n5<\/td>\n<\/tr>\n
      IELTS 7.0 or higher<\/td>\n10<\/td>\n<\/tr>\n
      Qualifications<\/span><\/td>\n\n
        \n
      • Trade certificates, Bachelor\u2019s degree from educational institutions in Australia.<\/li>\n
      • A Bachelor\u2019s degree is awarded by a qualified educational institution.<\/li>\n<\/ul>\n<\/td>\n
      		5<\/td>\n<\/tr>\n
      Graduate with a Bachelor\u2019s degree in business, science or technology from an Australian institution\/recognized educational institution.<\/td>\n10<\/td>\n<\/tr>\n
      Net personal and business assets<\/span><\/td>\nTotal personal and business assets of applicants and his\/her spouse in the last 2 financial years:<\/td>\n<\/td>\n<\/tr>\n
      Over 1,250,000AUD<\/td>\n5<\/td>\n<\/tr>\n
      Over 1,750,000AUD<\/td>\n15<\/td>\n<\/tr>\n
      Over 2,250,000AUD<\/td>\n25<\/td>\n<\/tr>\n
      Over 2,750,000AUD<\/td>\n35<\/td>\n<\/tr>\n
      Business turnover<\/span><\/td>\nFor 2 out of 4 fiscal years prior to the time of application, annual business revenue must be:<\/td>\n<\/td>\n<\/tr>\n
      Over 750,000AUD<\/td>\n5<\/td>\n<\/tr>\n
      Over 1,250,000AUD<\/td>\n15<\/td>\n<\/tr>\n
      Over 1,750,000AUD<\/td>\n25<\/td>\n<\/tr>\n
      Over 2,250,000AUD<\/td>\n35<\/td>\n<\/tr>\n
      Business statement<\/span><\/td>\nAt the time applicants receives the invitation, the business has been running:<\/td>\n<\/td>\n<\/tr>\n
      At least 4 years<\/td>\n10<\/td>\n<\/tr>\n
      At least 7 years<\/td>\n15<\/td>\n<\/tr>\n
      Total investment<\/span><\/td>\nLifetime of the investment (at least AUD 250,000 in investment funds:<\/td>\n<\/td>\n<\/tr>\n
      More than 4 years<\/td>\n10<\/td>\n<\/tr>\n
      More than 7 years<\/td>\n15<\/td>\n<\/tr>\n
      <\/td>\nHas a registered patent at least 1 year<\/td>\n15<\/td>\n<\/tr>\n
      Has a registered trademark 1 year ago<\/td>\n10<\/td>\n<\/tr>\n
      Applicants directly run their business for at least 1 year before applying for the visa<\/td>\n5<\/td>\n<\/tr>\n
      Applicant\u2019s shares are equal to or more than 50% of the company\u2019s annual turnover from the export trade.<\/td>\n15<\/td>\n<\/tr>\n
      \n

      For the last 5 years:<\/p>\n

        \n
      • There are 3 consecutive financial years where the average annual revenue growth is higher than 20%.<\/li>\n
      • At least once in those 3 years the business has at least 10 employees working. The minimum total working hours of these employees must be equal to those of full-time employees.<\/li>\n<\/ul>\n<\/td>\n
      		10<\/td>\n<\/tr>\n
      \n
        \n
      • The business owner received a government subsidy which is at least 10,000 AUD during the period of starting the business.<\/li>\n
      • The minimum venture capital fund is 100,000 AUD (within 4 years before applicants are invited to start an early-stage business, the commercialization concept of a product, develop the business or expand the business).<\/li>\n<\/ul>\n<\/td>\n
      		10<\/td>\n<\/tr>\n
      Certifications<\/span><\/td>\nA state or territorial government in Australia certifies that the applicant\u2019s business is the only entity of particular interest to the region.<\/td>\n10<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

       <\/p>\n

      Step-by-step of a subclass 188B visa application process<\/h2>\n

      Step 1: Preparing the documents (from 1 to 3 months)
      \nStep 2: Being nominated by a State or Territory.
      \nStep 3: Submitting applicant\u2019s Expression of Interest (EOI) and then be invited to apply.
      \nStep 4: Applying for the visa.
      \nStep 5: Having a health examination and biometrics.
      \nStep 6: Attending the interview if requested (most cases have no interview).
      \nStep 7: Make the investment
      \nStep 8: The subclass 188B visa is granted.<\/p>\n

       <\/p>\n

      \"Step-by-step<\/p>\n

       <\/p>\n

      The processing times of a subclass 188B visa<\/h2>\n

       <\/p>\n\n\n\n\n\n
      Processing times<\/b><\/span><\/td>\n<\/tr>\n
      75% of applications<\/span><\/td>\n42 Months<\/td>\n<\/tr>\n
      90% of applications<\/span><\/td>\n44 Months<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

       <\/p>\n

      The cost of a subclass 188B visa<\/h2>\n

       <\/p>\n\n\n\n\n\n\n\n
      Visa application charge installments<\/b><\/span><\/td>\nVisa costs<\/b><\/span><\/p>\n

      (not including 1.4% surcharge)<\/b><\/span><\/td>\n<\/tr>\n

      \n

      Main applicants<\/b><\/span><\/p>\n<\/td>\n

      		Additional applicants<\/b><\/span><\/td>\n<\/tr>\n
      Over 18 years old<\/b><\/span><\/td>\nUnder 18 years old<\/b><\/span><\/td>\n<\/tr>\n
      First installment: the time of lodging a visa application.<\/span><\/td>\n9,450 AUD<\/td>\n4,725 AUD<\/td>\n2,365 AUD<\/td>\n<\/tr>\n
      Second installment: Additional applicants who are 18 years old or older have less than functional English (4.5 IELTS).<\/span><\/td>\n9,795 AUD<\/td>\n4,890 AUD<\/td>\n0 AUD<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

       <\/p>\n

      \n

      Applicants’ documents must be well\u2013prepared to avoid a longer process or visa refusal.<\/p>\n

       <\/p><\/blockquote>\n

      What must prepare for subclass 188B visa documents?<\/h2>\n

       <\/p>\n\n\n\n\n\n\n\n\n\n\n
      Documents<\/b><\/span><\/td>\nDetails<\/b><\/span>
      \n<\/b><\/span><\/td>\n<\/tr>\n
      Identification papers<\/span><\/td>\n\n
        \n
      • Passport photos.<\/li>\n
      • Certified copies of the applicant’s passport.<\/li>\n
      • Certified copies of the applicants’ ID cards.<\/li>\n
      • Certified copies of the applicant’s birth certificate.<\/li>\n
      • Marriage certificates (if any).<\/li>\n
      • Proof of change of name, if applicable<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n
      Business documents<\/span><\/td>\nBusiness Overview<\/td>\nDetails the functional areas of business and the business activities.<\/td>\n<\/tr>\n
      Financial proof<\/td>\n\n

      Fill out form 1139A Statement of Assets and Liabilities Position (SALP) to prove the applicant has assets of at least 2.5 million AUD<\/p>\n<\/td>\n<\/tr>\n

      Prove the ownership right to run the company<\/td>\n\n

      Demonstrate at least 3 years of owning a business in which the applicant held at least 10 percent ownership.<\/p>\n<\/td>\n<\/tr>\n

      English<\/span><\/td>\nAt least 4.5 IELTS<\/td>\n<\/tr>\n
      Migration points<\/span><\/td>\nObtain at least 65 on the points test<\/td>\n<\/tr>\n
      Documents for accompanying person (if any)<\/span><\/td>\n\n
        \n
      • Identification papers.<\/li>\n
      • Proof of his\/her eligibility.<\/li>\n
      • Proof of the relationship with the main applicant.<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

         <\/p>\n

        Applicant’s obligations<\/h2>\n
          \n
        • 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.<\/li>\n
        • Hold complied investments of at least 2.5 million AUD continuously during the visa duration.<\/li>\n
        • Applicants must comply with Australian laws.<\/li>\n<\/ul>\n

          In addition, applicants can also refer to and consider the subclass 188A visa.<\/p>\n

           <\/p>\n

          Testimonials<\/h2>\n

          VEM’s customer \u2013 Ms. Susan Le has just been granted subclass 188A visa – Business Innovation stream just before the Australian Government increases the requirements.<\/p>\n