The 188 Visa is for people that are interested in owning and managing a new or existing business in Australia. It is a 4-year temporary visa for applicants with business skills. This visa is only available to applicants that have been nominated by an Australia State or Territory. The applicant is required to meet the points test and must lodge an Expression of Interest or EOI through SkillSelect.
- The applicant for this visa must be nominated by an Australian State or Territory.
- The applicant must meet score a minimum of 65 points on the Points Test.
- The applicant can be either in Australia or overseas.
- If the applicant is in Australia, they must hold a Substantive Visa or a Bridging A, B or C Visa
- Being Nominated by a State or Territory.
- Submit an Expression of Interest through SkillSelect.
188 Visa General Requirements:
- The applicant must have ownership of a business with a turnover of at least AUD 500,000 for at least 2 of the 4 economic years.
- Should have net business and personal assets of at least AUD 800,000
- Should be under the age of 55 years, unless the State or Territory that the applicant has been nominated by certifies that granting the visa will result in excellent economic benefit.
- Should meet the required points in the Business Innovation and Investment Points Test.
- Must have an overall successful business career.
Subclass 888 Visa Requirements:
- The applicant should have stayed in Australia on SC 188A visa for a period of at least 12 months
- Should have owned and operated a business in Australia with an annual turnover of at least $300,000 for the at least 2 of the last 4 years.
The applicant and/or their partner are required to meet at least 2 of the 3 below mentioned criteria in the 12 months:
- Assets worth at least AUD 200,000
- Should have net business and personal assets of at least AUD 600,000 in Australia
- Should have employed at least two full-time Australian employees in your business in the country.
On establishing an ownership interest in an Australian business, the applicant is applicable to apply for Permanent Residence through Business Innovation and Investment SC 888 Visa. On holding the Subclass 188 Visa for 3 years and having completed 6 years from the grant of the Original Visa, the applicant can apply for an extension of 2 years.