The objective of this visa aka business visa is to attract successful business owners and investors to Australia. The idea is to promote investment and growth in the Australian economy and generate employment for Australians. The three visas in this category are discussed below:
This is a temporary visa for people who want to own and manage a new or existing business in Australia, or to invest in an Australian state or territory. There are three streams in this visa; the business innovation stream, the investor stream and the significant investor stream. Applicants in all streams have to score 65 on the points test except the significant investor stream (they are exempted from the points test). Applicants in the innovation stream and investor stream also apply through skill select, are nominated by a state or territory and need an invitation to apply. Thereis investment threshold of A$1.5 million for investor stream and $A5 million for the significant investor stream. Different assets, activity and managerial tests also apply. The significant investor stream is most liberal and exempted from most requirements.
This visa allows the holders of Business innovation and investment visa( subclass 188) to obtain a permanent visa. Applicants for subclass 888 visas must apply in the same stream in which they were granted the subclass 188 visa. To obtain these permanent visa applicants in all streams must have satisfied all the conditions of subclass 188 visas, not engaged in any illegal activity, complied with commonwealth and state law and continue to meet the health and character requirements and have not had the nomination withdrawn. Different streams have differing requirements regarding physical presence in Australia, active participation in business employing Australian workers, personal assets and business turnover.
This visa is a permanent visa. There are two streams in this visa; the significant business history stream and the Venture Capital Entrepreneur stream. There are various personal and business assets tests, ownership requirements and business turnover tests in significant business history stream. In the Venture Capital entrepreneurship stream the applicant must have received a venture capital funding of minimum A$1million from an Australian venture capital firm.