How to Get an Entrepreneur Visa in Australia

Undoubtedly, one of the greatest destinations to settle down with your family is Australia. If you are considering making an investment or starting a business in Australia, your arrival is well-timed. There are numerous visa options under subclass 188. You can stay for a period of two to eight years with an entrepreneur visa in Australia.

Once you receive the approval of a State or Territory government or an Australian agency, you can have this visa authorized. Once your business is registered in Australia, you may apply for a subclass 888 permanent visa, which is a visa that is valid for a lifetime.

Benefits of Entrepreneur Visa in Australia

The several benefits of an entrepreneur visa in Australia include that, you:

• Can bring eligible family members with you.
• Can apply for the subclass 888 Business Innovation and Investment (Permanent) visa (subclass 888) Investor stream
• Can stay up to 5 years or more.
• Can pursue your entrepreneurial activities in Australia and can extend the branches of your business.
• Can apply for Australian citizenship.

Entrepreneur Visa in Australia Eligibility Criteria

• Must lodge for an Expression of Interest (EOI) and receive an invitation from the Department of Immigration to apply for this visa
• The state/territory government or an Australian agency must nominate you,
• You must have an entire business or personal bank balance of 2.5 million AUD
• On the points test, you must have scored at least 65 points or above
• Meet health and character requirements.
• Age must be less than 55, and if not then the nominating jurisdiction must provide their support to waive the age requirement.

What are the subclasses or streams of Entrepreneur Visa in Australia?

1. Business Innovation stream

Eligibility criteria:

1. Could operate a new or existing business in Australia.
2. Australian agency, territory, or state government must make the nomination.
3. Must score 65 points on the points test
4. You must have evidence of business success.

Benefits:

1. Can apply for a permanent visa (subclass 888).
2. Can bring your immediate family members.
3. Can make your entrepreneurial activity grow.

Processing time: 13 months to 28 months.

Costs: From AUD 6,270

2. Investor stream

Eligibility criteria:

• Have net assets of 2.5 million AUD.
• Must score 65 points on the points test.
• Australian agency, territory, or state government must make the nomination.
• A 1.5 million AUD investment is required in an Australian state or territory.

Benefits:

• Can apply for a permanent visa (subclass 888).
• Can bring your immediate family members.
• can help your entrepreneurial endeavors expand.

Processing time: 26 months to 39 months.

Costs: From AUD 6,270

3. Significant Investor Stream

Eligibility criteria:

• Australian agency, territory, or state government must make the nomination to let you invest 5 million AUD.
• You must be invited.
• You must sincerely want to live in the state and invest there.

Benefits:

• Can apply for a permanent visa (subclass 888).
• You may successfully conduct your business and increase your entrepreneurial activities.

Processing time: 8 months to 26 months

Costs: From AUD 9,195

4. Business Innovation Extension stream

Eligibility criteria:

• You should be nominated by a state or territory government agency.
• For the Business Innovation stream, you must have held onto your 188 visas for at least three years.
• Must not hold more than one Business Innovation and Investment (Provisional) visa subclass 188.

Benefits:

• You can run a new or existing business in Australia
• You can bring an immediate family member with you
• If you meet the certain criteria for permanent residence ship, then you can get a permanent visa subclass 888
• Can stay up to 6-8 years

Processing time: 7 months to 19 months

Costs: From AUD 755

5. Significant Investor Extension stream

Eligibility criteria:

• You must have kept your 188 visas for at least three years to apply for the significant investor extension stream.
• You must hold a business innovation and Investment provisional visa subclass 188 in the Significant Investor Extension stream but not more than one.

Benefits:

• Can stay up to 4 years.
• Can operate your entrepreneurial activities in Australia.
• You can get the permanent visa subclass 888 after meeting the requirements.

Processing time: 4 months to 15 months

Costs: From AUD 755

6. Premium Investor stream

Eligibility criteria:

• You must be invited
• Your nomination is required by an Austrade
• You should be genuinely interested in holding the investment for the entire time during 188 visas.
• Investments in Australian or charitable contributions that satisfy the conditions must total AUD15 million.

Benefits:

• You can stay up to 4 years and 3 months with this visa
• Can run the entrepreneurial activity there and invest easily.

Costs: From AUD 9,455

7. Entrepreneur stream

Eligibility criteria:

• Meet competent English requirements.
• Could operate a new or existing business in Australia.
• Australian agency, territory, or state government must make the nomination.
• Show an abstract of a compelling business plan.
• Undertake a complying entrepreneur activity in Australia.

Benefits:

• Can apply for a permanent visa (subclass 888).
• Can bring your immediate family members.
• Can make your entrepreneurial activity grow.

Processing time: 3 months to 7 months

Costs: From AUD 4,240

Facts and Statistics Related to Entrepreneur Visa in Australia

• Most of the immigrants for the entrepreneur visa in Australia belong to China.
• The top 5 countries that are granted significant investor visas includes China, Hong Kong, Malaysia, South Africa, and Vietnam.
• The majority of those applying for the significant investor visa are also from China, according to data.
• The majority of people use the significant investor visa to get permanent residency in Australia.
• According to the significant investor visa statistics, barely 20 out of 500 or more applicants receive the primary visa.

How to Get an Entrepreneur Visa in Australia

1. The most important step is to submit your expression of interest (EOI) through Skill Select. After that, await your invitation after receiving a nomination from a state or territorial government agency. You will at any moment get an invitation letter if your EOI is submitted within the two-year window. After receiving it, you have 60 days to apply for a visa. Your entrepreneur visa in Australia will begin processing if you meet all the qualifying requirements and earn more than 65 points. You will need help with your visa issue throughout the entire procedure. To address your visa needs, you can employ an agent through the Immigration and Education Services (IES) Portal.
   
2. The following stage requires all of your paperwork, including proof of your identification and the identities of any co-applicants. Business and asset documents will be required in addition to point test documents, your qualification documents, English language documents, documents demonstrating your business turnover, innovation, and business expertise, as well as documents demonstrating your character and those of all other candidates, including those of your partner and your children above the age of 18 or below it.
   
3. After receiving your invitation letter, you may now apply for your visa by filing all of your supporting documentation either online at ImmiAccount or through a registered agent, which will save you time and hassle. You can contact the IES Portal for your questions regarding this.
   
4. This stage can be called 188 visa processing time. For example, if you wish to submit more papers or make modifications to your application, you can do so in the meantime. This stage will include your biometrics and any further health records that may be needed. During the 188 visa processing time, you could also be prompted to submit the second installment of the 188 visas.
   
5. This last step will inform you of whether your application for a visa has been approved or denied. If your application is approved, you will be given a grant number, along with information on the terms and the start date of your visa. However, you must exercise caution and have these items with you at all times when in Australia. If rejected then they will let you know the cause of rejection.

Entrepreneur Visa in Australia

Pros

1. You can stay up to 4 years using an entrepreneur visa in Australia and make your startup there or carry out the existing entrepreneurial activity in Australia
2. This visa can allow you to stay with your family in Australia with you and they are even allowed to study and work there.
3. The 188 visa allows you to apply for the Business Innovation and Investment (subclass 888) visa which is the permanent visa and your key to permanent residency in Australia

Cons

1. You must have a huge amount of assets to apply for an entrepreneur visa in Australia.
2. You can not hold more than one visa during the time with Business Innovation and Investment subclass 188 visas
3. Even if you don’t want to invest, you must receive the 188 visas and wait patiently through the 188 visa processing time.

Best Ways to Get an Entrepreneur Visa in Australia

You can apply for an Entrepreneur visa in Australia through ImmiAccount, a registered agency, a legal practitioner, or another exempt person. However, getting in touch with a service is probably the best option. The IES Portal is available to handle all of your visa-related issues, including obtaining the required paperwork, following the correct legal procedure, and expediting your 188 visa application.

To ensure that you are directed in the best way possible during the entire process, they have hired the finest agent who is licensed and legally approved.

FAQ

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Conclusion

Under the business innovation and investment visa subclass 188, a significant investor visa is given to a person who applies for an entrepreneur visa in Australia. The criteria for those visas are covered above, so you may choose the one that interests you and apply as soon as you can. since it takes a while for a Visa to be processed. You can run your business or partner with an Australian corporation if you have a Visa 188. You can contact the IES Portal with any more questions.