Australia is one of the hottest destinations
in the world for business ventures. The economy of the country is growing year
after year. Even the world is currently on pause because of the deadly Pandemic
(COVID), Australia is growing consistently. It is attracting investors from
every corner of the world to invest in the field of engineering, health, and
innovative businesses. When it comes to the safest places in Asia for
investment, Australia is topping in the list. If you have a plan to invest in
the country, the Business Innovation & Investment visa would be an ideal
choice. Though the visa is provisional, but it opens the door of permanent
residency. In this article, we are
throwing some light on the visa requirements which are necessary to follow to
apply for the visa successfully.
What is Business Innovation &
Investment Visa?
It is a temporary visa plan that can allow
you to stay and flourish your business in Australia for up to 4 years 3 months.
With this visa plan, applicants can own and manage their business in the
country. It allows them to conduct business and investment-related several
types of activities.
What are the Basic Eligibility
Requirements?
The visa plan falls into several streams
and each stream has some unique requirements to fulfil. Before you go through
the requirements of each stream under the visa, it is must for you to learn
about basic requirements.
It is mandatory to submit Express of
Interest or EOI in SkillSelect. It is a
method to show your interest and clear intention to invest in Australia as an
entrepreneur.
Another important thing is that the
applicant must be nominated by a state or territory government agency of
Austrade. They can apply for nomination.
They must get invitation to apply for visa.
Without invitation, they cannot be considered eligible for the visa.
Types of Streams
Depending on your business plan, select the right stream. The visa is divided into
several streams.
Business Innovation Stream
The provisional visa is suitable for
people who have business skills. It allows individuals to operate new or
existing business in the country. It also allows individuals to stay in
Australia for up to 4 years. The business stream visa is approved when you are nominated
by an Australian State or Territory Government agency.
Investor Stream
The provisional visa requires a heavy
amount of investment at least AUD 1.5 million in an Australian state or
territory for which they have applied for.
Business Innovation Extension Stream
To become eligible for the visa, you must
hold a Subclass 188 visa in the Business Innovation Stream for at least 3
years.
