Table of Contents
● Introduction to Australian PR through BIIP
● Understanding the Business Innovation and Investment Program
● Business Innovation Stream (Subclass 188A)
● Investor Stream (Subclass 188B)
● Significant Investor Stream (Subclass 188C)
● Entrepreneur Stream (Subclass 188E)
● State and Territory Nomination
● Application Process
● Closing Thoughts
● Introduction to Australia PR
Australia is renowned for its robust economy, high quality of life, and diverse opportunities, making it an attractive destination for businesspeople and investors worldwide. One of the primary pathways to Australian permanent residency (PR) for entrepreneurs and investors is through the Business Innovation and Investment Program (BIIP). This program is designed to attract individuals with business acumen and financial resources who can contribute to the country’s economic growth. Here’s a detailed guide on how to obtain Australian PR through the Business and Innovation Streams.
● Understanding the Business Innovation and Investment Program (BIIP)
The BIIP consists of several visa subclasses, each catering to different types of applicants. The most prominent ones are:
Business Innovation Stream (Subclass 188A)
Investor Stream (Subclass 188B)
Significant Investor Stream (Subclass 188C)
Entrepreneur Stream (Subclass 188E)
Each of these streams has specific requirements and pathways to transition from a provisional visa to permanent residency (Subclass 888).
● Business Innovation Stream (Subclass 188A)
The Business Innovation Stream is tailored for individuals who have a proven track record in managing a successful business and intend to establish, develop, and manage a new or existing business in Australia.
Key Requirements:
- Ownership and Management: The applicant must have owned a business with a turnover of at least AUD 750,000 in two out of the four fiscal years before the invitation to apply.
- Net Assets: The applicant must have net business and personal assets of at least AUD 1.25 million, which can be legally transferred to Australia within two years of the visa being granted.
- Points Test: The applicant must score at least 65 points on the BIIP points test, which assesses age, English language proficiency, business experience, net personal and business assets, and innovation factors.
- Pathway to Permanent Residency: After holding the provisional visa for the required period (usually four years), the applicant can apply for the Business Innovation and Investment (Permanent) visa (Subclass 888A) if they have established and maintained a successful business in Australia.
● Investor Stream (Subclass 188B)
The Investor Stream is designed for individuals who are willing to make a designated investment in Australia and maintain that investment for a specified period.
Key Requirements:
- Investment: The applicant must invest at least AUD 2.5 million in a complying investment in an Australian state or territory.
- Investment Experience: The applicant must have at least three years of experience in managing one or more qualifying businesses or eligible investments.
- Net Assets: The applicant must have net personal and business assets of at least AUD 2.5 million.
- Points Test: Similar to the Business Innovation Stream, applicants must score at least 65 points on the BIIP points test.
- Pathway to Permanent Residency: After maintaining the complying investment for the required period (four years), the applicant can apply for the Business Innovation and Investment (Permanent) visa (Subclass 888B).
● Significant Investor Stream (Subclass 188C)
This stream is aimed at ultra-high-net-worth individuals who are willing to invest a substantial amount in Australia.
Key Requirements:
- Investment: The applicant must make a complying significant investment of at least AUD 5 million in Australia.
- No Points Test: Unlike the other streams, there is no points test for the Significant Investor Stream.
- Pathway to Permanent Residency: After holding the provisional visa for at least four years and maintaining the complying investment, the applicant can apply for the Business Innovation and Investment (Permanent) visa (Subclass 888C).
● Entrepreneur Stream (Subclass 188E)
The Entrepreneur Stream is for individuals with a funding agreement from a third party for at least AUD 200,000 to undertake a complying entrepreneurial activity in Australia.
Key Requirements:
- Funding: The applicant must have a funding agreement from a third party, such as a venture capital firm, angel investor, or government funding.
- Complying Activity: The entrepreneurial activity must lead to the commercialization of a product or service in Australia or the development of an enterprise or business in Australia.
- Pathway to Permanent Residency: After demonstrating successful entrepreneurial activities for the required period, the applicant can apply for the Business Innovation and Investment (Permanent) visa (Subclass 888E).
● State and Territory Nomination
An essential aspect of the BIIP is state and territory nomination. Each Australian state and territory has its own nomination criteria and business priorities, which align with the overall BIIP requirements. Applicants must secure a nomination from an Australian state or territory government to proceed with their visa application. This nomination process often involves demonstrating how the applicant’s business or investment activities will benefit the local economy.
● Application Process
- Expression of Interest (EOI): Submit an EOI through the Department of Home Affairs’ SkillSelect online system. Indicate your interest in the relevant stream and seek state or territory nomination.
- State/Territory Nomination: Apply for nomination from an Australian state or territory. This may involve additional documentation and meeting specific criteria set by the nominating body.
- Invitation to Apply: If your EOI is successful, you will receive an invitation to apply for the provisional visa.
- Visa Application: Submit a detailed visa application, including supporting documents that demonstrate your eligibility, financial standing, and business intentions.
● Closing Thoughts
Obtaining Australian PR through the Business and Innovation Streams offers a viable pathway for entrepreneurs and investors to establish themselves in one of the world’s most dynamic economies. By understanding the specific requirements of each stream, preparing a robust application, and securing state or territory nominations, applicants can navigate the process effectively and take advantage of the opportunities that Australia has to offer. Whether you are a seasoned businessperson or a visionary investor, the BIIP provides a structured and supportive framework to help you achieve your goals and contribute to Australia’s economic success.
