This five-year temporary visa is for Business owners who intend to establish business operations in Australia or purchase an existing business.

This visa is the first stage of getting a Permanent Residence visa in Australia.

There is an option to extend this visa by an additional two years. The extension becomes available once you have held the subclass 188 visa for at least three years. In other words, one can extend their stay to 6 years from the date of the original visa.

The Business Innovation Stream

The main criteria:

• Ownership of a business with a turnover of at least AUD 750,000 for 2 of the last 4 fiscal years.
  
• Net personal and business assets of at least AUD 1,250,000.
  
• Have an overall successful career in business or investment
• Expression of Interest to be lodged
• Invitation to apply through Skill Select
• No minimum English language requirement
• Under 55 years of age (exemption available in exceptional circumstances)
• Meet the pass mark in the Business Innovation and Investment Points test (currently 65 points)

Nomination by a State/territory government

Nomination is one of the most important requirements - the visa applicant must be nominated by an Australian State or Territory government (for example, Victoria, New South Wales, Western Australia, Australian Capital Territory, etc.)

Innovation Points test

The visa applicant is required to score at least 65 on the Innovation Points test. Points are awarded for:

• Age
• Business experience
• Net personal and business assets
• Business turnover
• Innovation (example: experts, patents, unique business idea, etc.)
• English language proficiency and
• Academic/vocational qualifications