As is the case for all streams of Subclass 188 visas, applicants must be nominated by a State or Territory authority. The nominations are predicated on a separate points test and the specific criteria set by the relevant nominating authority.
Generally, applicants must not have turned 55 at the time of invitation in order to qualify for the business and innovation stream. Nevertheless, State and Territory authorities reserve the discretion to afford waiver where the applicant’s Australian business is deemed to be of significant economic benefit to said State or Territory.
It is important to note that the funds for designated investment have been derived from the applicant’s business or investment activities. Other funds, such as those sourced from windfall gains, may not be allowed. Sources of funds must be produced and submitted in evidence as part of the visa application.
The securities and issuing authorities for Subclass 188B visas are summarised as below:
Elements indicative of direct high-level management of a business include:
Successful Record of Investment or Business Activities
Recent Direct Involvement
Applicants should demonstrate an ownership interest of at least 10% of the total value of the business in case of a qualifying business. If eligible investments, their total net value should have been more than $1,500,000.
Personal and Business Assets
The assets which have been calculated as the grounds for the net value must be those that were of sufficient liquidity to be transferred to Australia within 2 years of the visa grant. The value of property should only be included in the case that it would be liquidated.