Entrepreneur SUBCLASS 188 (E):
The Business Innovation Stream Entrepreneur Subclass 188E visa is for entrepreneurs seeking to develop an enterprise in Australia. The 188E visa is a temporary visa, however it can lead you obtaining a permanent residency in Australia once you have managed an investment for 4 years.
You can lodge your visa application while being overseas or while staying in Australia, but if you lodge your application in Australia, you will need to hold a substantive visa or a bridging A, B or C visa.
Eligibility Criteria :
- To be an eligible candidate for the Business Innovation Stream, there is an age bar of 55 years, although a state or territory can waive off this requirement if your proposed business activity will be of an exceptional economic benefit to the nominating state or territory.
- You must have competent English speaking skills and be able to provide an evidence when you are invited to apply for the visa
- You should be able to show that you have an ownership interest of at least 30% in the proposed complying entrepreneur activity you are willing to invest in. Most importantly, you should have a genuine intention to continue this activity.
- You must complete the points test to be able to qualify for this stream; which is currently 65 points
Acceptable funding sources:
The following entities qualify for being acceptable sources of funding:
- An investor registered as an Australian venture capital limited partnership or an early stage venture capital limited partnership.
- Publicly funded research organisation
- Any Commonwealth government agency.
- Recognised higher education provider
What business activities qualify?
If you are interested in applying for this visa, you will need to show how your proposed enterprise will real economic benefits for the country.
Your entrepreneur activity should be an innovative and unique idea that will bring a new service or product to the market, or lead to economic development in Australia; excluding any activities related to real estate or labour hire.
Before you qualify to apply for the 188E, you will need to be nominated by the government of an Australian State or Territory, which involves lodging an expression of interest (eoi) through the skillselect system.
The next step towards your Permanent Residency is the Subclass 888. Click here to learn about this visa