Business Innovation and Investment Class EB Subclass 188 (Entrepreneur Stream) Or Business Entrepreneur (Subclass 188) 188E Visa: Who Can Apply
If you have a new innovative idea or invention that can be commercialised and received at least $200,000 funding (funding will not be required after 1 July 2021 but you must be endorsed by a state or territory), you may be able to apply for the Business Entrepreneur (Subclass 188) 188E visa.
The funding of at least $200,000 must be from a Commonwealth government agency, or state or territory government, or publicly funded research or innovation organisation, or higher education provider, or investor registered with an Australian Venture Capital Limited (VACL) Partnership, or Early Stage Venture Capital Limited Partner. The $200,000 funding is for you to implement your new innovative idea. From 1 July 2021 the $200,000 funding threshold will be removed but you will need to be endorsed by a state or territory.
Is there an age requirement?
You must first lodge an Expression of Interest (EOI) requesting a state or territory government to nominate you (click here if you are interested in Victoria government nomination). Once your nomination is accepted, the Department of Immigration (Department of Home Affairs) will invite you to apply for the Business Entrepreneur (Subclass 188) 188E visa.
You must be under 55 when you are invited to apply for the Business Innovation and Investment (Subclass 188) visa in the Entrepreneur stream. However, the nominating state or territory may waive age requirement if your entrepreneur idea has exceptional economic benefit.
If invited to apply for the visa, what business do I have to do?
If you have been granted the Business Entrepreneur (Subclass 188) 188E visa, you will be required to start a new business or operate an existing business. Your business must undertake a complying entrepreneur activity and do at least 1 of the following:
- your business must add to commercial activity and competitiveness within the Australian economy; or
- you must develop business links with international markets; or
- your business must employ people in Australia; or
- your business must export Australian goods; or
- your business must introduce new or improved technology; or
- your business must produce goods or services that Australia would otherwise import
Your entrepreneur activity or innovative idea must lead to the commercialisation of a product or service, or the development of an enterprise or business in Australia. The business activity cannot be related to residential real estate, or labour hire, or the purchase of an existing company, or a franchise.
Shareholding with your funds provider
You must sign an agreement with your funds provider. They must transfer at least 10% of the $200,000 to new business, which can be owned by you, or a shareholding agreement, within 12 months of the entrepreneur activity starting.
You must hold at least 30% interest or shareholding in the entrepreneur entity or business.
Do I need English?
You must demonstrate you have at least competent English, that is, obtaining not less than 6 in each of the 4 components in the IELTS test.
Do I need to show my own money?
You will be required to show that you have enough money for you and your family to live in Australia.
Adding or including family members
You may include members of your family unit in a combined visa application. If you are in a de facto relationship, that relationship must have existed at least 12 months before the visa application. While your visa application is being processed, you can add a newborn child or dependent child.
After granted your Business Entrepreneur (Subclass 188) 188E visa, you can still add a newborn child born in Australia as the child is taken to have the same visa as you.
Previous non-migrating children can also apply to join you as subsequent entrants.
Under policy, the Department of Immigration recognised that your family circumstances can change during the visa validity period (4 years and 3 months provisional period) and make it easy for your new spouse or de facto partner or dependent (whether in or outside Australia) to obtain the same Business Entrepreneur (Subclass 188) 188E visa.
New family member’s visa application will be assessed without having to reassess all the other visa holders in the family unit if they still satisfy the Business Innovation and Investment Class EB Subclass 188 Entrepreneur stream visa criteria.
The Business Entrepreneur (Subclass 188) 188E visa is a temporary or provisional visa and is valid for 4 years and 3 months. At the end of your visa, there is a permanent visa pathway for you and your family to apply. If you meet the criteria for the grant of Business Innovation and Investment Class EC Subclass 888 visa, you will be granted a permanent visa.
Australian migration law is complex and difficult to understand, contact our immigration lawyer for a consultation (fee applies) to help you decide if you are eligible to apply for a Business Innovation and Investment Class EB Subclass 188 visa in the Entrepreneur stream (click here to learn about other Business and Investment visa or click here to find out how an immigration lawyer or registered migration agent can help you) ). You may also refer to our FAQs for answers regarding visa application or visa cancellation by clicking here.
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This article is not intended to be or taken as migration legal advice. The author of this article disclaims any liability for any action or omission on the information provided or not provided in this article. You should always consult an immigration lawyer or a registered migration agent to form an informed opinion on your immigration matter.