Who should apply for 188 Visa?
If you are under 55 and able to score at least 65 on the points test as well as meet the overall successful business career criteria, you can submit an expression of interest (EOI) through SkillSelect. However, you can only apply for this temporary visa if you have been invited by the nominating State or government agency or Austrade.
To be eligible to apply, your personal assets must be AUD1.25 million if you were invited to apply for this visa on or after 1 July 2021 or AUD800,000 if you were invited to apply for this visa before 1 July 2021.
You can choose one of 5 streams,
- 188A VISA (BUSINESS AND INNOVATION Stream) – Government Agency or State/Territory government nomination.
- Willing to establish business operations in Australia.
- Score at least 65 on the points test.
- Must have Functional English.
- You can extend your stay for 4 years more, if
- You have held your 188 visa for at least 3 years.
- Pathway to permanent residence 888 visa: after 4 years.
- 188B VISA (INVESTOR Stream) – Government Agency or State/Territory government nomination.
- Have net business, investment and personal assets of at least AUD 2.5 million.
- Score at least 65 on the points test.
- Willing to invest AUD 2.5 million in an Australian State or Territory’s bonds when invited to apply after 1 July 2021 (AUD 1.5 million if invited before 1 July 2021).
- You can extend our stay for 2 years more, if
- You have held your 188 visa for at least 3 years.
- Pathway to permanent residence 888 visa: after 4 years.
- 188C VISA (SIGNIFICANT INVESTOR Stream)- Austrade or State/Territory government nomination.
- Willing to invest at least AUD 5 million into complying significant investments in Australia; and
- Maintain business and investment activity in Australia.
- Pathway to permanent residence 888 visa: after 4 years.
- 188D VISA (PREMIUM INVESTOR Stream)- Austrade nominations.
- Willing to invest at least AUD 15 million into complying premium or philanthropic investments in Australia and want to maintain business and investment activity in Australia.
- Genuinely intend on holding the investment (except for philanthropic investments) for the whole period of the visa.
- Pathway to permanent residence 888 visa: after holding the investment for 1 year.
- 188E VISA (ENTREPRENEUR Stream) – Government Agency or State/Territory government nomination.
- Must have a funding agreement from a third party for at least AUD 200,000 for an entrepreneur activity. which leads to a product or service in Australia or the development of a business in Australia.
- Must have Competent English.
- Pathway to permanent residence 888 visa: after 4 years.
English Skills
Any applicants aged 18 years old and above must have at least functional English skills or will need to pay the second instalment of visa application charge.
Visa Application
If you are invited to apply for the 188 visa, you will have 60 days to lodge a visa application.
Processing Times
188A VISA (BUSINESS AND INNOVATION Stream)
75 percent of applications processed in 25 months.
90 percent of applications processed in 28 months.
188B VISA (INVESTOR Stream)
75 percent of applications processed in 36 months.
90 percent of applications processed in 39 months.
188C VISA (SIGNIFICANT INVESTOR Stream)
75 percent of applications processed in 18 months.
90 percent of applications processed in 26 months.
188D VISA (PREMIUM INVESTOR Stream)
Processing times are not available.
188E VISA (ENTREPRENEUR Stream)
75 percent of applications processed in 5 months.
90 percent of applications processed in 7 months.
Start to prepare your 188 Visa Application
| Comparison of 188 Visa Streams | ||||
| 188A VISA Business & Innovation | 188B VISA Investor | 188C VISA Significant investor | 188D VISA Premium Investor | 188E VISA Entrepreneur |
| · Business documents
Overview of your business career and intentions in Australia Evidence of the net value of your business and personal assets Evidence of business ownership at the time you are invited to apply (full company extract or certificate of incorporation) Evidence you managed the business Evidence of business registration Evidence of your ownership or share of ownership of the main business Financial statements Organisational chart and business premises Information about losses or insolvency · Net Assets Evidence of assets that can be transferred within 2 years: AUD1.5 million (if apply after 1 July 2021) AUD800,000 (if apply before 1 July 2021) Summary statement of assets and liabilities Evidence of asset ownership and value · Points Test documents |
· Business documents
A statement outlining your intended business or investment activities · Evidence to support the ownership of all assets and liabilities and their values totalling AUD2.5 million · A statement of Assets and Liabilities Position. · Source of funds declaration listing the sources of funds for your asset portfolio · List of your intended complying significant investments and the amounts of each investment. · 3 years of experience in Management of a qualifying business or Management of eligible investments: – Management of eligible investments (not including your home) valued at AUD2.5 million (invited after 1 July 2021); or AUD1.5 million (invited before 1 July 2021). Or, – Management of a qualifying business in which you held at least 10 per cent ownership – historical company extract, annual returns of directors and shareholders partnership, trust or franchise agreements purchase documents; share transfer documents an organisational chart of the business, showing direct management reporting lines and functional responsibilities a business registration certificate or licence a summary of your management of eligible investments for at least 3 years · Points Test documents |
· Evidence of ownership and net value of your business and personal assets indicating which will be used to fund your AUD 5 million complying significant investment.
· A statement of Assets and Liabilities Position. · List of your intended complying significant investments and the amounts of each investment. · Source of funds declaration listing the sources of funds for your asset portfolio |
· Evidence that you own the assets you propose to use to make the complying investments and evidence of their value (minimum AUD15 million)
· A statement of Assets and Liabilities Position. · List of your intended complying significant investments and the amounts of each investment. · Overview of your complying premium investment intentions. · Source of funds declaration listing the sources of funds for your asset portfolio |
· Entrepreneur documents
Must relate to an innovative idea that will lead to: the commercialisation of a product or service in Australia, or the development of an enterprise or business in Australia · For invitations before 1 July 2021, you must also include: your funding agreement your business plan evidence of your ownership interest in the entrepreneurial activity, such as a historical company extract or partnership agreement, or business name registration for sole traders. · The activity must not relate to any of the following categories: residential real estate labour hire purchase of an existing enterprise or a franchise in Australia |
| 188A VISA Business & Innovation (Extension) | 188B VISA Investor (Extension) | |||
| · Evidence of business ownership for at least the 2 years immediately before you make the application.
· Evidence of business management · 1-page Organisation chart and photos of business premises & activities · Evidence of 10% ownership of publicly listed company · Demonstrate your business activities are of a nature that will require a substantial presence in Australia to operate your business and manage its day-to-day affairs. · Main business should be operating actively in Australia for a combined period of at least 2 years · commitment to stay directly involved in the day-to-day management and decision-making of the business. |
· Form 1413D Declaration in relation to complying significant and premium investments
· Recent holding statements for each investment. |
MANDATORY FORMS
Online form
ENGLISH SKILLS
English Language test results
PROOF OF ASSETS
Trust deeds
Bank statements
Mortgages Valuation certificate
Loan agreements
Shares or fixed interest securities, debentures, transfer certificates
Form 1139A Statement of Assets and Liabilities Position
BUSINESS HISTORY
Detailed resume or CV
Written references to support a previous Management role
Financial statements of the qualifying business
CHARACTER
Form 80 Declaration of applicant(s) and those who are not migrating
Military Discharge Papers of applicant(s) and those who are not migrating
Police Check from Residence Abroad of applicant(s) and those who are not migrating
AFP Police Certificates of applicant(s) and those who are not migrating
IDENTITY – Applicant
Certified copy of applicant passport and national identity documents
Certified copy of applicant Birth Certificate
Certified copy of applicant Police Records in all countries of residence
Current CV of applicant
Recent passport-size photo of applicant(s) and those who are not migrating
IDENTITY – Partner & Dependents under 18 years or older
Proof of shared finances and home address with Partner (joint bank account statements, billing accounts in both names, joint leases or mortgages)
Certified copy of passport and national identity documents
Certified copy of Birth Certificate
Certified copy of Police Records in all countries of residence
Current CV
Proof of Functional English Skills
Recent passport-size photo
Health and Character documents
Form 47a – Proof of dependency for dependents
* Complete Form 1436 if adding an additional applicant after lodgement
Originally posted 2022-07-02 22:43:36.
