Australia is not only the best destination for study but also the right place for the establishment of your business; be it a small, medium or big. Australia provides the first-class global business prospects for businessmen who aspire to develop business in Australia. For setting up and development of businesses in Australia, Business visas are mandatory which can be of short term, provisional or permanent.
Coming to the business prospects, Australia is a golden mine for people willing to establish business. There are different categories of business visas which are as follows:
(1) Business Innovation and Investment Subclass 188 (Provisional visa)
This type of Business Visa to Australia gives you permission to do and manage business, and do investment activity in Australia. This visa is particularly for those who wish to create new or existing business in Australia or aspire to invest in the Australian state or region.
The following criteria must be met if you are willing to apply through Business Innovation Stream (Subclass 188 Provisional Visa):
- You must be less than 55 years of age at the time of submission to apply for the visa;
- You must have the evidence to show ownership of a business with turnover of at least AUD 500,000 for 2 of the last 4 fiscal years;
- You should show net personal and business assets of at least AUD 800,000; and
- You must have spent at least 50% of time in a management role in the entire business for at least 2 out of the 4 fiscal years before the application for the visa.
(2) Business Innovation and Investment visa Subclass 888 (Permanent)
This Australian visa is the second stage of the Business Innovation and Investment Subclass 188 (provisional Visa). You can apply for this particular visa after you have met the eligibility criteria of your provisional Visa.
This visa allows you to manage and own a business in Australia under the Business Innovation Stream and continues investment and commercial activity in Australia (Investor Section and Important Investor Section). You will be eligible if:
- You are already a provisional Business Innovation and Investment Visa holder (subclass 188) and have fulfilled the requirements of the visa in the stream.
- You are a Special Category visa (subclass 444) or a Business (Long stay) visa (subclass 457IE) holder and you have fulfilled the requirements of the business innovation stream.
(3) Business Talent -Permanent visa (Subclass 132)
This type of Australian business visa allows you to establish a new business or develop an existing business. These are permanent visas available to applicants in two streams:
- Significant Business History Stream: for people with ownership interests in large businesses; and
- Venture Capital Entrepreneur Stream: for people who have access to venture capital funding of at least AUD 1 million.
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