Updates on Business Innovation & Investment Program
The following actions are being taken by Skilled & Business Migration due to the strong demand and the small interim allocation of 70 nomination seats that South Australia has received from the Commonwealth Government Department of Home Affairs:
- Business Innovation stream (188A): The intention to Apply (ITA) process remains open
- Investor stream (188B): Temporarily closed to new applicants
- Significant Investor stream (188C): Temporarily closed to new applicants
- Entrepreneur stream (188E): This is still available, but there are very few spots, so you must first contact a service provider.
The South Australian government is still collaborating with the federal government to seek additional program slots.
This is a state-nominated visa for business people, entrepreneurs, and financial backers or investors that take into consideration temporary residence. The first of a two-step process prompting permanent residency. This program offers four different visa streams.
Who can apply for this visa?
This visa offers candidates the decision of four streams:
1. Business Innovation stream: Successful businesspeople want to expand their operations in South Australia
2. Investor stream: Successful Business Entrepreneur or Investors who are prepared to support a consistent venture store for the time of the temporary visa with AUD$2.5 million (or AUD$3.75 million on the off chance that they are of 55 years of age or more) and keep up with it.
3. Significant Investor stream: Those prepared to make a $5 million AUD investment into a permissible investment fund throughout the validity of the provisional visa.
4. Entrepreneur stream: People who are upheld by a selected service provider to participate in an entrepreneurial activity that follows guidelines and is expected to one or the other outcome in the commercialization of goods and services in South Australia or the development of a business there.
Pathway to permanent residency
Upon spending three years on a Business Innovation and Investment Visa subclass 188 (provisional) in Australia one can qualify to apply for a permanent resident visa for Australia on Business Innovation and Investment Visa subclass 888.
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