Business Innovation stream- 188 (a)
These visas are for business people to establish a business in Australia, manage a new or existing business or invest in Australia. This is visa offers a pathway to permanent residence.
If you are in the Business Innovation stream, you must
be younger than 55 years of age, although a state or territory can waive this requirement if your proposed business will be of exceptional economic benefit to the relevant region
score at least 65 on the Innovation Points test
have a total annual turnover of at least AUD500 000 (in one or more of your main businesses) in at least two of the four fiscal years immediately before you are invited to apply own
at least one of the following percentages of that main business (or two main businesses):
51% of a business with a turnover of less than AUD400 000 per annum
30% of a business with a turnover of more than AUD400 000 per annum
10% of a publicly-listed company
have managed a business, in which you spent less than half your time on professional
(such as a doctor or lawyer), technical or trade services
have a genuine desire to own and maintain a management role in a business in Australia.
You (or your partner, or you and your partner combined) must also:
have total assets of at least AUD800 000 that have been legally acquired and able to be legally
transferred to Australia within two years of the visa being granted
have an overall successful business career with no involvement in unacceptable business activities.
Business Innovation stream- Permanent 888
If you are applying for the Business Innovation stream, you must have been in Australia for at least one year in the two years immediately before you apply. In addition, you must be able to show ongoing business involvement, meet certain financial requirements, and have a history of employing Australian workers.
You must be able to show that you (or you and your partner together) have:
had an ownership interest (and continue to havean ownership interest) and a direct and continuous management role in an actively operating main business (or main businesses) in Australia for the two years immediately before you apply.
had an annual turnover of at least AUD300,000 from the main business (or businesses) in the 12 months before you apply. (A nominating state or territory might agree to waive the requirement to show an annual turnover of AUD300,000 if you live and operate business in a specified regional area of Australia)
owned at least one of the following percentages of the main business (or main businesses) in Australia in the year immediately before you apply:
51 per cent of a business with a turnover of less than AUD400,000 per year
30 per cent of a business with a turnover of AUD400,000 or more per year
10 per cent of a publicly listed company
obtained an Australian Business Number for each of your main businesses
submitted Business Activity Statements to the Australian Taxation Office for the two years immediately before you apply
not acquired the ownership in your main business (or two main businesses) from a person who was an applicant for, or a holder of, a permanent Business Innovation and Investment visa (subclass 888) or a permanent business skills visa (in subclasses 890, 891, 892 or 893), unless you and that person had a joint interest in the main business for at least one year before you lodge your application for this visa.
You (or your partner, or you and your partner together) must also demonstrate that you have acheived at least two of the following requirements:
a net value of business assets of at least AUD200,000 in your nominated main business (or two main businesses) in Australia throughout the year immediately before you apply
a net value of personal and business assets of at least AUD600,000 in Australia throughout the year immediately before you apply
employed at least the equivalent of two full-time employees in your main business (or main businesses), throughout the year immediately before you apply who are: