188 Business Innovation (A) visa is a four-year temporary for Business owners who intend to establish business operations in Australia or purchase an existing business.
This visa is the first stage to get a Permanent Residence visa in Australia. There is an option to get this visa extended by an extra two years, but the extension is available only if you have held the subclass 188 visa for at least three years.
The main criteria that you have to follow are:
- Have an overall successful career in business or an enterprise
- To own a company incurring a revenue of at least AUD 500,000 for the last two 2 of the total four fiscal years.
- Net personal or business worth of at least AUD 800,000.
- Invitation to apply through Skillselect
- Under 55 years of age
- Meet the passing requirements in the Business Innovation and Investment Points test (currently 65 points)
The next step towards your Permanent Residency is the Subclass 888. Click here to learn about this visa