The Business Innovation and Investment Provisional visa is designed for successful entrepreneurs, business innovators, and investors who want to invest, establish, and run a business in Australia.
The Business Innovation & Investment Provisional visa has three streams.
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- Business Innovation Stream
- Investor Stream
- Significant Investor Stream
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The Programme is designed to facilitate permanent residence by encouraging the establishment and management of innovative businesses in Australia. Those holding a provisional visa under either the Business Innovation Stream or the Significant Investor Stream have the ability to renew their visa for a prescribed number of years.
The provisional visa is also the first step towards qualifying for a Business Innovation and Investment Permanent visa (Subclass 888).
Holding a provisional visa allows you to:
- Establish a new business or develop an existing business and/or invest in Australia.
- Transact a designated investment with a State or Territory government in Australia.
- Transact and maintain complying investments in Australia.
- Travel in and out of Australia as long as the visa is valid.
- Establish the residence of your family members in Australia
- Seek permanent residence by becoming eligible to apply for the Business Innovation and Investment (Permanent) visa (subclass 888).
Inclusion of Family Members
You can include the following family members in your application:
- Married or de-facto partner
- Dependent children or dependent children of your partner.
- Other dependent relatives.
All family members must meet the prescribed eligibility, health, and character requirements and must provide documentary evidence concerning their relationship with the applicant.
Business Innovation & Investment Provisional Extension of Visa
The visa is issued for a period of four years. Those who apply under the Business Innovation Stream can apply for an extension of two years provided they are nominated by a State or Territory Government. Those who apply under the Significant Investor Stream can apply for two subsequent extensions of two years each. Those who apply under Investor stream are not eligible for any extensions.
Costs
Business Innovation and Investment (Provisional)- (Subclass 188)
| Application Charge | AUD 4675 |
| Additional Applicant charge(above 18 years of age) | AUD 2340 |
| Additional Applicant charge(below 18 years of age) | AUD 1170 |
Business Innovation Stream & Significant Investor Stream Extension
| Application Charge | AUD575 |
| Additional Applicant charge(above 18 years of age) | AUD 290 |
| Additional Applicant charge(below 18 years of age) | AUD 145 |