Business Innovation Stream (subclass 188)

26/03/2017 - Immigration Policy

Quick read:

The BIS stream is suitable for professionals, businessmen or investors:

Whether you look for relocation or business opportunities in Australia, Landmark can help you obtain strategic advice to overcome the legal hurdles, determine profitable opportunities and realise your goals.

Part I – Business Innovation Stream – Ideal migration pathway for high-income earners

Overview

The Business Innovation Stream subclass 188 (“BIS”) is one of the 6 main streams under the business migration scheme. This visa allows you to migrate to Australia for business purposes, including equity acquisition and direct involvement in a local business.

There are two visa types under business migration scheme: temporary visa (188) and permanent residency visa (888 and 132). Of which, BIS (188) is the gateway to your PR. It enables you to stay in Australia for five years and apply for permanent residency (“PR” in Australia or “Green card” in the U.S) after completing 1-year aggregate stay.

Application timeline

BIS is an ideal migration pathway

At first glance, BIS process might appear complex and lengthy. With sound planning, however, you can overcome these challenges easily.

BIS is the best option for professional and business owners because of its low opportunity cost and minimal disruption to your daily business activities:

With temporary work visa, you need to maintain employment with the business sponsor for 4 years to secure your citizenship. Whereas with BIS visa, Landmark will assist you in preparing all necessary arrangements with the invested business so you don’t have to worry about the entire visa process and focus on your business activities.

The downsides

Compared to temporary work visa, all 188 visa streams including BIS have two downsides: longer visa processing time and longer wait time until PR. Therefore it is more suitable for professionals and entrepreneurs looking for long term planning with minimal disruption to their current business.

Key criteria for BIS application:

  1. Financial requirements by states:

(*) Assets can be owned by you or your spouse

2. Having held ownership interest in the nominated business(es) for 2 years under one of the following options:

a. 51% share equities, if the business has less than $400K turnover/year; or

b. 30% share equities, if the business has $400K turnover/year;

3. Having had 2 years of direct management of the invested business(es)

4. Total revenue of maximum 2 invested businesses: $500K ($1.1M for Sydney) for each of 2 years before application

5. Meet 65 test points (See Volume 2 – Innovation Points Test

Key criteria for PR application (subclass 888):

  1. Having completed 1 – year aggregate stay
  2. Maintaining ownership interest and management in the nominated business for 2 years before application
  3. Having recorded business turnover of $300K and employed 2 fulltime employees within 1 year before application
  4. Having transferred $400K of personal assets to AUS within 2 years after BIS visa grant

Call +617 3535 1235 or email info@lmkgroup.com.au to be linked with migration experts and get advice on your visa plan. All enquiries will be responded within 48 hours.

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