Applications are now open for the Business Innovation and Investment (Provisional) visa (subclass 188)

NSW is now accepting direct applications for the Business Innovation and Investment (Provisional) visa (subclass 188) for the following streams:

• Business Innovation stream
• Investor stream
• Significant Investor stream

To apply for NSW nomination for each of these streams has certain eligibility criteria which you have to meet.

Since its inception in 2012, the Business Innovation and Investment Program has given approximately $16 billion in investment to the Australian economy.

The government virtually quadrupled the programme, giving 13,500 visa spots in the 2020-21 annual migration programme, which would be carried over into 2021-22.

However, there will be some substantial modifications commenced on July 1, 2021.

Business Innovation stream

This provisional visa is for people with business skill. It lets you operate a new or existing business in NSW.

Eligibility criteria

• You must meet the Home Affairs requirements for the Business Innovation and Investment (Provisional) visa (subclass 188A) – Business Innovation stream.
• You must be under 50 years of age and have:
  • a bachelor’s degree recognised as equivalent to the Australian standard, or
  • In the past 10 years have at least:
    • 3 years of business experience in a NSW target sector, or
    • 5 years of business experience in a non-target sector
• You must have combined net personal and business assets of:
  • A$1,750,000 – Sydney
  • A$1,250,000 – Regional NSW
• You must have a qualifying ownership stake in up to two businesses that have a combined annual turnover of the below amount in two of the four most recent fiscal years:
  • A$1,250,000 – Sydney
  • A$750,000 – Regional NSW
• Your SkillSelect EOI must show a minimum score of 65 points.Applications showing the following will be prioritised:
  • 15 points for business experience, or
  • Points for business innovation qualifications
• You must submit a business proposal that explains how your company will benefit the NSW economy and generate new employment.
• You must create a minimum of two new full time equivalent jobs.
• You must show growth in the business since taking over through either an:
  • increase in annual turnover of at least 10%, or
  • increase in business assets of at least 25%

If your qualified firm meets the following criteria, you may be excused from the job creation and business growth requirement:

• has implemented innovative practices that did not previously exist in the marketplace, or
• is located in Regional NSW and trades primarily in a Regional NSW target sector

If you have not made the following business investments, NSW will reject your nomination application for a permanent visa (subclass 888):

• • $A500,000 – Sydney
  • $A300,000 – Regional NSW

Investor stream

This provisional visa require you to invest$2.5 million in designated investments and maintain business or investment activity in NSW

Eligibility criteria

• Meet the Home Affairs requirements for the  Business Innovation and Investment (provisional) visa (subclass 188) – Investor stream.
• You must be under 50 years of age and have either:
  • a bachelor’s degree recognised as equivalent to the Australian standard, or
  • in the past 10 years have at least:
    • 5 years of successful investment history, or
    • 3 years work experience in a NSW target sector, or
    • 5 years work experience in a non-target sector
• For at least one of the five most recent fiscal years, you have directly managed one of the following:
  • a qualifying business in which you, your partner, or you and your partner together had at least 10% ownership interest, or
  • an eligible investment of at least A$2,500,000 owned by you, your partner, or you and your partner together
• For the two most recent fiscal years, you, your partner, or you and your partner together have combined personal and business net assets of at least A$2,500,000.
• You must make a substantial investment of at least A$2,500,000 and have a genuine desire to keep that investment for the duration of your temporary visa.
  It must be invested in the following proportions:
  • at least A$500,000 in venture capital and growth private equity funds which invest in start-ups and small private companies
  • at least A$750,000 in approved managed funds. The managed funds must invest in emerging companies listed on the Australian Stock Exchange
  • a ‘balancing investment’ of at least A$1,250,000 in managed funds
• To qualify for NSW nomination, you must show that your complying investments will make a contribution to the NSW economy.

If you cannot demonstrate that your conforming investments fulfil the following conditions, NSW will deny your nomination application for a permanent visa (subclass 888):

• • At least 50% of your venture capital component must be invested in:
    • a venture capital fund investing in startups and
      small-to-medium enterprises in NSW, or
    • a venture capital limited partnership that sources investments in NSW
  • At least 50% of the emerging companies component must be invested in emerging companies listed on the Australian Stock Exchange that are headquartered in NSW.
  • At least 50% of your balancing investments must bring benefits to NSW. This can be shown where:
    • the funds have an office in NSW; or
    • the business of underlying investment is headquartered in NSW; or
    • the business activities of underlying investment are of economic benefit to NSW
• You must have a genuine commitment to reside in NSW and contribute to NSW through your investment activity.
• Your SkillSelect EOI must show a minimum score of 65 points. Applications showing the following will be prioritised:
  • Points in investor experience, or
  • 35 points in financial assets, or
  • Points for business innovation qualifications

Significant Investor stream

This provisional visa is for people who invest at least $5 million in designated investments and maintain investment activity in NSW

Eligibility Criteria

• You must meet the Home Affairs requirements for the Business Innovation and Investment (Provisional) visa (subclass 188) – Significant Investor stream.
• There is no age limit for this visa stream and you are not required to meet the Home Affairs points test.
• You must make a complying significant investment of at least A$5,000,000 and have a genuine intention to hold that investment for the life of your provisional visa.It must be invested in the following proportions:
  • at least A$1,000,000 in venture capital and growth private equity funds which invest in start-ups and small private companies
  • at least A$1,500,000 in approved managed funds. The managed funds must invest in emerging companies listed on the Australian Stock Exchange
  • a ‘balancing investment’ of at least A$2,500,000 in managed funds
• To be eligible for NSW nomination, you must demonstrate that your compliant investments would benefit the NSW economy.

If you cannot demonstrate that your conforming investments fulfil the following conditions, NSW will deny your nomination application for a permanent visa (subclass 888).:

• • At least 50% of your venture capital component must be invested in:
    • a venture capital fund investing in startups and
      small-to-medium enterprises in NSW, or
    • a venture capital limited partnership that sources investments in NSW
  • At least 50% of the emerging companies component must be invested in emerging companies listed on the Australian Stock Exchange that are headquartered in NSW.
  • At least 50% of your balancing investments must bring benefits to NSW. This can be shown where:
    • the funds have an office in NSW; or
    • the business of underlying investment is headquartered in NSW; or
    • the business activities of underlying investment are of economic benefit to NSW
• You must have a genuine commitment to reside in NSW and contribute to NSW through your investment activity.

You must apply for NSW nomination before you can apply to Home Affairs for this visa. To apply for NSW nomination you must:

• Submit an EOI in SkillSelect

  • Submit an EOI in SkillSelect selecting NSW as your preferred state.

• Apply for NSW nomination

  • Apply to NSW for nomination using our online form

• Pay application fee

  • Application fees for NSW nomination are:
    • A$902 if applying from within Australia (includes GST)
    • A$820 if applying from outside Australia

To find out more about the latest changes to the Business, Investment and Innovation Program, visit the Department of Home Affairs website.

Feel free to get in touch with us if you like to know more. We are more then happy to take you through the process. Book your appointment from provisa.setmore.com or alternatively give us a call at 02 9279 0473