Australia is one of the leading countries, where citizenship through investments is widely common. Therefore, to streamline the immigration process, few changes have been made to the Australian Business Innovation and Investment Programme (BIIP). The number of visa streams have been cut down from nine to only four streams.
The four BIIP streams are as follow:
Further details about how these visa streams function and important criteria to consider are explained below.
Business Innovation Visa Stream (Subclass 188A)
As an investor if you have already established a business that is profitable and operating well, then this is a visa stream that you can consider applying for. In order to put a measure to the success of your business, the following criteria needs to be met:
Once this Business Innovation stream visa (subclass 188A) is granted, you will get to live and run your visa for up to five years from the day of the visa grant.
After five years of this visa, if your business meets the minimum turnover and financial assets requirement, you can consider applying for permanent residence visa, though Business Innovation and Investment visa (subclass 888A).
However, if you don’t qualify for Subclass 888A, then you can choose to extend your 188A for another two years. It is important to know that this two year extension is only a single extension and you need to sufficiently prove that you are committed to running your business successfully in Australia.
In comparison to other countries’ investment programs. The Australian Investment Visa pathway is considered more secure. The reason is this pathway allows the investor to invest in their own business, rather than providing the funds to another company to invest for you. In countries like America, United Kingdom and Canada, the investment requires the applicant to invest the funds with other companies. This means that your investment return is dependent on someone else. Most of our investor clients prefer this pathway as they control the management of their investment.
At Path Migration, we have assisted clients from a number of countries:
Business Investor Visa Stream (Subclass 188B)
This is a temporary visa that is suitable for individuals who have had thriving experience in business ownership or investment management, which means the CEOs, senior managers and/or experienced investors. If you have had these experiences for no less than three years with a proven track record of success you can consider applying for this visa, given you meet the following criteria.
The Subclass 188B visa is granted for 5 years. Given the recent changes, if you want to pursue permanent residency then you can apply for permanent residency after three years of maintaining your investment. However, for your permanent residency visa to be granted you need to continue maintaining your investment for the fourth year. In addition to that, you need to live in Australia for two years during that period before you can apply for a permanent visa.
Significant Investor Visa Stream (Subclass 188C)
Unlike the prior streams we have looked into, this visa stream does not have any maximum age limit, therefore, as an investor if you are above the age of 55 this is a visa that is worthwhile to consider.
Given the recent changes made in July 2021, after five years of this visa, you are able to get two two-year extensions of this provisional visa. However, you still need to hold your investment during this extended period of four years.
Alternatively, if you meet the business or residency requirements, then after three years of holding this visa, you can apply for permanent residency.
Entrepreneur Visa Stream (Subclass 188E)
If you are an investor with profitable entrepreneurial skills and a project that will be successful in Australia, this is one visa stream that you might consider applying for. With an investment requirement that is comparatively the among all the visa streams discussed above this stream is designed to attract investments from innovators and business acumen.
Like the previous visa classes, this visa is also granted for a period of five years. While holding this temporary visa, if you can showcase a track record of successful entrepreneurial activities then you can apply for permanent residency through Subclass 888E.
Given the changes made, the number of places in the Australian Business Innovation and Investment Programme (BIIP) has increased to 13,500 for the fiscal year 2020-2021. Therefore, this is a very good opportunity for you to consider if you are planning to migrate to Australia.
As you look into investor visas, you might also need to consider the appropriate visa applicable for your family as well; along with understanding all the visa conditions and visa requirements. We understand that this can be a very complex and overwhelming process.
At Path Migration, we have a team of experienced immigration lawyers who are specialists in this field. If you are seeking professional advice regarding your personal situation and would like a partner to walk you through this process, you can contact us.
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