Business Innovation stream requirements
Business innovation stream does not require a significant investment, but instead the proposed business, the applicant must also do at least one of the follow must meet one of the following requirements:
- develop business links with international markets;
- create or maintain employment in Australia;
- export Australian goods;
- produce goods or services that would otherwise be imported;
- introduce new or improved technology;
- add to commercial activity and competitiveness within sectors of the Australian economy.
The applicants applying through that stream should meet DIABP requirements and state requirements.
· be under 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 nominating state or territory.
· score at least 65 on the points test. Please see the Points test tab on this webpage for further information.
· for two out of the four fiscal years immediately before you are invited to apply, have had an ownership interest in an established business or businesses that had at least AUD500 000 turnover in each of those years
· own at least one of the following percentage of your nominated main business:
o 51 per cent, if the business has a turnover of less than AUD400 000 per year
o 30 per cent, if the business has a turnover of AUD400 000 or more per year
o 10 per cent, if the business is a publicly listed company
· have an overall successful business career
· have a genuine desire to continuously own and maintain a management role in a business in Australia.
· If your nominated main business provides professional, technical or trade services, you must have spent no more than half your time providing those services, as opposed to general management of the business.
· At the time of invitation, you, your partner, or you and your partner combined must have total net business and personal assets of at least AUD800 000 that are lawfully acquired and available for legal transfer to Australia within two years of the visa being granted.
· You and your partner must have had no involvement in unacceptable business or investment activities.
Each State has its own standards and requirements, which sometimes higher, than a General requirement.
The standard of NSW
· Age less than 55 years at time of application.
· Annual turnover of at least AU$1.0 million.
· Net personal and business assets of at least AU$1.3 million.
· If the proposed business will be in regional NSW a business investment of AU$300,000 is required
If the business will be in Sydney at least AU$500,000 in business investment is required
· If your business will be in Sydney, it cannot be in one of those sectors: Cafes & Restaurants (ANZSIC H4511); Takeaway Food Services (H4512); Supermarket & Grocery Retail Stores (G4110); Fruit & Vegetable Retailing (G4122); Specialised Food Retailing (G412); Newspaper & Book Retailing (G4244); Clothing Retailing (G4251); Footwear Retailing (G4252); Other Personal Accessory Retailing (G4259); Houseware Retailing (G4213); Manchester & Other Textile Goods Retailing (G4214); Other Electrical & Electronic Goods Retailing (G4229).
The standard of VIC
· have a genuine commitment to remain in Victoria and to engage in ongoing eligible business activity within 23 months of visa activation;
· agree to transfer no less than A$600,000 net assets (of which A$400,000 will be available for business) to Victoria within 23 months of visa activation.
· You proposed business cannot be one of the following: small scale property development, small scale freight forwarding and warehousing, commodity and scrap metal export, passive investment.
The standard of South Australia
- Proposed business which is solely on-selling imports (including bringing product into South Australia from other States/Territories) will require substantial justification via the business plan to demonstrate the benefit to state
- It is up to the discretion of Immigration SA to approve an application to DIBP for an extension (2 years) to their 188 visa
- Approval for a proposed business undertaking property development is still at the discretion of the Manager, Business Migration for 188 and 888 with respect to the business required to be a sufficient business undertaking and not deemed as private investor property development, even if the minimum financial requirement is met
- It is strongly recommended that applicants obtain professional legal and financial advice before investing or undertaking any business activity.
The standards of Western Australia
· You have a score of at least 65 on the Business Innovation and Investment Points Test;
· For two of the last four fiscal years you have held an ownership interest and directly managed up to two main businesses which had a minimum turnover of A$500,000 in each of those years;
· You have held an ownership interest in your business as follows:
o 51 per cent, if the business has a turnover of less than A$400,000 per year
o 30 per cent, if the business has a turnover of A$400,000 or more per year
o 10 per cent, if the business is a publicly listed company.
· You, your partner, or you and your partner combined must have total net business and personal assets of at least $850,000 which will be held in Western Australia within two years of visa grant;
· You have not been engaged in a business where the provision of professional, technical or trade services took up more than 50 per cent of your time; and
· You are less than 55 years of age, or you are proposing to participate in a business or investment activity which will be of exceptional economic benefit to the State (please refer to the State nomination guidelines).
The standards of Northern Territory
The proposed investment activities benefit the NT and align with the economic / development goals and activities of the region
Investment activities benefiting the NT include:
· transfer of new capital
· generation of new employment
· generation of Indigenous employment
· expansion of trade in NT goods and / or services
· development of export markets for NT products or replacement of imports
· introduction of new skills, expertise, technologies or innovations
· investment in remote areas
· investment in a wide range of key areas such as healthcare, education, tourism, mining and primary industries and fisheries
· have a significant flow on effect to other sectors of the economy.
Proposed investment / business activities that align with the NT Government’s three-hub economy strategy and the economic / development goals and activities of the region will be given favourable consideration. The NT Government’s three-hub economy is focused on:
· Mining and energy
· Tourism and international education
· Primary industries and fisheries / food exports.
The standard of Australian Capital Territory
- Invest a minimum AUD$200,000 to purchase / establish a business in the ACT.
- Plan to meet two out of the following three investment criteria while holding the Business Innovation and Investment (Provisional) (subclass 188) visa :
- Invest at least AUD$200,000 to purchase or establish a business in the ACT; and / or
- Invest at least AUD$600,000 investment in personal and business assets in the ACT; and / or
- Employ at least the equivalent of two full-time employees who are Australian citizens, Australian permanent residents or New Zealand passport holders, and are not your family members.
The standard of Queensland
· An investment of AUD$500,000 in the proposed business if intending to establish a business in Brisbane or the Gold Coast.
· An investment of AUD$300,000 in the proposed business if intending to establish a business in other regions of Queensland.
· Be less than 55 years old.
· Preference will be given to investment in businesses in the agribusiness, tourism infrastructure, resources, infrastructure and education and training sectors, particularly in regional Queensland.