Australia – Business Innovation Visa
What is Business Innovation Visa (SC188A)?
Business Innovation Visa, also known as SC188A, is a provisional visa for business owners to operate a new or existing business in Australia and contribute to its economy. This visa program allows you to enter, travel and stay in Australia until the validity of the visa expires (4 years). Through this visa, you can bring dependent family members with you to Australia. However, to obtain the Business Innovation Visa, you must be nominated by the Australian State or Territory government agency. Moreover, you need to meet the minimum threshold of 65 points to receive an Invitation for Expression of Interest (EOI). Once the Business Innovation Visa is granted, you can apply for an SC888A permanent visa after 3 years.
Benefits of Business Innovation Visa
The key benefits of the Australian Business Visa include:
The right to establish a new business or develop an existing one in Australia.
Stay in Australia for an indefinite period provided you extend your visa validity timely.
Enroll in Medicare of the Australian healthcare system.
Apply for Australian Citizenship after you obtain the eligibility.
Sponsor eligible relatives for Australia PR.
Unlimited travel in and out of Australia.
Innovation Visa Guidance
From eligibility criteria, the application process to processing time – find everything you need to know about the Australia Business Innovation Visa here.
- Of the 2 years of the 4 fiscal years’ preceding your visa application, you must have had an ownership interest in the main business with an annual turnover of AUD$750 000 for each of the 2 financial years.
- You and your partner/spouse combined must own assets worth AUD$1,250,000 million that can be made available for a legal transfer to Australia within 2 years of receiving the visa.
- In the main business that is assessed to meet the above two criteria, you must hold more than 30% equity for each of the 2 main fiscal years.
- You must be under 55 years of age. This criterion can be waived off if your proposed business can provide an exceptional economic benefit to the nominating state or territory.
- You should have an overall successful business career.
- You should score at least 65 on the Points Test.
- You should have a genuine desire to continuously own and operate
At the time of invitation, each factor will be assessed and awarded a set of points, as follows:
|English Language Ability||Proficient English||10|
- a bachelor in business, science or technology by an educational institution of a recognised standard OR
-a Bachelor degree in business, science or technology by an Australian institution
- Diploma or bachelor degree by an Australian education institute OR
-Trade certificate OR
-a bachelor degree by an educational institution of a recognised standard
|Financial Assets||Net worth of your and your partners business and personal assets combined in each of the preceding 2 fiscal years immediately before the time of invitation of at least:|
|At least AUD1,250,000||5|
|At least AUD1,750,000||15|
|At least AUD2,250,000||25|
|At least AUD2,750,000||35|
|Business Turnover||If invited to apply on or after 1 July 2021, you should have had an ownership interest in one or more main businesses with an annual turnover in at least 2 of the 4 fiscal years immediately before the time of invitation to apply for the visa:|
|At least AUD750,000||5|
|At least AUD1,250,000||15|
|At least AUD1.,750,000||25|
|At least AUD2,250,000||35|
|Business Experience||You have held one or more main businesses before you you received an invitation to apply for the visa for:|
|At least 4 years within the preceding 5 years||10|
|At least 7 years within the preceding 8 years||15|
|Business Innovation Qualifications||An ownership and day to day involvement in the operations and management of one or more main business operated under a formal joint venture agreement/s entered into at least 1 year before the time||5|
|Trademarks registered at least 1 year before that time and used in the daily main business activities||10|
An ownership interest in a main buisness/s not more that 5 years before:
- More than than 20% per annum average annualised growth in turnover over 3 continuous fiscal years AND
- employed 10 or more employess in at least one of the 3 fiscal years for a total number of hours that equals to the total number of hours that would have been worked by 10 full-time employees
An ownership interest in a main business/s that received:
- a government grant in your home country of at least AUD10,000 to start up (early phase) of a business, business development, product commercialisation, or business expansion
-venture capital funding of at least AUD100,000 not more than 4 years before the time of the invitation to start up (early phase) of a business, business development, product commercialisation, or business expansion
|Designs or patents registered not less than 1 year before that time and used in daily main business/s activities||15|
|An ownership interest in a main business/s that derives at least 50% of its annual turnover from export trade||15|
|Special Endorsement||The nominating State or Territory government agency has evaluated your proposed business to be unique and beneficial to the nominated State or Territory||10|
You and family members who apply for the visa with you must provide:
- colour copies of the passport
- a national identity card
- proof of a change of name, if applicable
Business And Assets Documents
You must provide business and assets documents, as follows:
Business career and intentions in Australia
- a statement detailing your intended business
- a description of your research on relevant sectors in Australia
- a description of your business activities in Australia, and the period of ownership, if applicable
Business ownership at the time you are invited to apply
- certificate of incorporation or full company extract
- memorandum and articles of association
- shareholder certificate lodged with the Company Registrar that shows your share of annual capital return of the business
- business registration certificate, business licence or business names extract for the business
- partnership agreements between all partners
- company registrar, franchise agreement, or share transfer documents
- If your business is a trust, provide the trust deed and amendments with the names of all trustees and beneficiaries at the time the trust was formed.
Net value of your business and personal assets
- For real estate assets- evidence of ownership
- For cash assets- bank statements or similar ownership records
- For stocks and bonds- fixed interest securities, share or debentures certificates, ownership and market value of claimed marketable securities such as bonds
- For personal loans- loan agreements and loan statements
- For business assets- financial statements (including balance sheet, P&L statement and notes to the accounts). These statements must be completed to International Accounting Standards and should be dated as of the fiscal year ending immediately before your date of invitation.
- For assets held by a trust– a copy of the trust deed.
- Business registration certificate or licence for your main business.
Evidence that you were directly and continuously involved in business management from day to day operations and in decision making that affects the overall direction and performance of the business for 2 of the 4 fiscal years before you received the invitation to apply.
It must show your responsibilities in areas, including:
- strategic management
- price structure
Organisational chart and business premises
- organisational chart
- photos of business premises and business activities (maximum 6 photos)
Ownership or share of ownership of the main business
- evidence of purchase (company registers, share registers, or share transfer documents
- historical company extracts (annual returns of directors and shareholders)
- trust, partnership or franchise agreements
- Business financial statements
Losses or insolvency (if applicable)
- evidence of the bankruptcy of any of your business
- details if any business operated at a loss
- evidence if any business is or has been subjected to receivership, insolvency, or liquidation
Points Test Documents
Provide documents for the factors you get points:
- English language ability
- Net assets
- Business turnover
- Business experience
English Language Documents
- Provide proof that you have at least functional English.
- The doctor will send these documents directly to the immigration office.
- an overseas police certificate from your home country or any country where you’ve spent a total of 12 months or more in the last 10 years since you turned 16
- discharge papers or military service records if you served in the armed forces of any country
Under 18 documents
- copies of birth certificates
- copies of the adoption paper, if applicable.
Over 18 documents
- identity documents
- documents that prove their dependency
- character documents
Step 1: Check your eligibility.
You must meet the general requirements of Subclass 188 and also the specific requirement of the Business Innovation Visa, including a nomination by state or territory government.
Step 2: Submit an expression of interest (EOI) to get invited through the SkillSelect to apply.
Before you apply for a Subclass 188 visa, you must submit an EOI and get invited to apply through the SkillSelect program. When you submit an EOI, the state and territory governments examine your business claims to determine whether to nominate you or not. If nominated, you’ll receive an invitation to apply through the SkillSelect. You have 60 days to apply online once you receive the invitation.
Step 3: Gather your documents.
The Business Innovation Visa requires you to submit several documents along with your application as supporting evidence for the business claims you’ve made.
Step 4: Apply online.
When you apply online, you need to have all your documents ready. You’ll have to pay a visa application fee online.
Step 5: Wait until the decision is made.
It may take several months for the decision to be made on your visa application.
Step 6: Secure the visa.
Once the application is approved, you’ll receive the Australia Business Innovation Visa.
The Australia Business Innovation Visa costs AUD6,085 for the main applicant.
Each family member applying for the visa with you also need to pay.
- additional applicant over 18 years old: AUD3,045
- additional applicant under 18 years old: AUD1,520
The second instalment charges are:
- main applicant: AUD9795
- family members: AUD4890
You might also have to pay for costs for police certificates, health checks, and biometrics.
Validity & Processing Time
The Australia Business Innovation Visa is valid for 5 years. if you want to extend your stay, you need to reapply.
There are no standard processing timelines available for this visa type. However, the application process can take longer if:
- You filled the form incorrectly
- You didn’t provide all the required documents
- It took time to verify your information
Let Nysa Global help you complete your application quickly and accurately.
Pathway to Permanent Residency
Once the SC188A visa is granted, and you have operated your Australian approved business for 3 years after holding the SC188A visa, you can apply for an SC888A Permanent visa if you meet the other key requirements such as:
- Business ownership
- Turnover & Asset requirement after visa grant and before applying for permanent residency
Before Applying for a Permanent Visa
For 3 years immediately before you apply for a permanent visa, you must have:
- had and continue to have an ownership interest in up to two main businesses in Australia
- had a continuous and direct management role in that business or businesses
- submitted Business Activity Statements to the Australian Taxation Office & have an ABN for each of your businesses
For 24 months immediately before you apply for a permanent visa, you must at least own:
- 10% of the total value of a business operated by a publicly listed company, or
- 30% of the total value of a business having an annual turnover of AUD400,000 or more, or
- 51% of the total value of a business having an annual turnover of less than AUD400,000
For 12 months immediately before you apply for a permanent visa:
- Your main business/businesses or business or business of your spouse/de facto partner, or of you and your spouse/de facto partner combined have had an annual turnover of at least AUD300,000
Business & Personal Asset Requirement
For the 12 months immediately before you apply, you or your partner (or both together) must have had at least 2 of the following:
- AUD200,000 net value of assets in your main business or 2 main businesses in Australia
- AUD600,000 net value of personal and business assets in Australia
- at least 2 full-time eligible employees or equivalent in your main business
- If you lodged an SC188A Innovation visa or SC188A Innovation Extension visa before 1 July 2021, you must reside in Australia for at least 1 year in the 2 years immediately before you apply for the permanent stage of the Subclass 888.
- If you are granted a Subclass 188A or 888A Innovation visa after 1/7/2021, you must reside in Australia for a total period of at least 1 year in the 3 years immediately before applying for SC888 permanent stream.
A solid immigration strategy from the start will increase your Australia Business Innovation Visa success rate. Nysa Global can help
Solution Offered by Nysa Global
Nysa brings to you an easy way to qualify for Australian permanent residency (SC888A).
Introducing a business in a box model, an opportunity to invest AUD 575,000 in a patented Micro Manufacturing & Distribution model.
Suitable for Business Visa Projects (SC888A) - This Model Gives You an Opportunity To:
- Establish a business in Australia
- Invest in a licensed manufacturing and distribution business
- Join the supply chain of wholesale and retail manufacturing for greater outcomes
- Be part of a growing initiative and solve real challenges for Australian market needs
- Earn great financial returns
How Does the Micro-Manufacturing & Distribution Model Work?
Investing in this model is a clear pathway to obtaining a permanent business visa (SC888A). This is how the micro-manufacturing & distribution model works to help you meet the SC888A Business Visa eligibility:
- With a minimum initial start-up cost of $ 575,000 AUD, you get 100% ownership of the company.
- You receive a business boost for the first year of guaranteed orders at wholesale to Licensor.
- In the first year itself, your wholesale revenue is set to exceed $900,000 AUD.
- The flexible company structure allows you to initially manage the company remotely with ongoing support from management consulting partners.
- Your projected return on investments is from 8% in year 1 up to 32% in year 5.
- The licenses are linked to regional growth areas that are aimed at workers’ accommodation for infrastructure projects, agriculture growth, tourism accommodation, caravan parks, and residential, according to local government areas population growth statistics.
The table below clearly indicates how easy it is to meet the business visa (SC888A) eligibility through the Nysa Global model:
|Business Visa Eligibility– SC888A||Nysa Global Business Model|
|Net business(es) in Australia value of at least AUD$200,000||Satisfies this requirement in year 3 of business operations|
|Employed 2 full-time Australian/New Zealander employees||Satisfies this requirement from year 1 of business operations|
|Turnover of the business(es) value of at least AUD 300,000||Satisfies this requirement from year 1 of business operations|
What Sets Us Apart
As pioneers in the field of immigration, we’ve brought many firsts to India, especially the Expedited EB-5 Program for USA.