Important Changes of Business Innovation and Investors Program
From 22 July 2019, the Department of Home Affairs of Victoria Government announced that the invitation process will be removed from the Business Innovation and Investor Program (BIIP), which means there is no need to wait for an invitation from Victoria Government for applicants who will able to lodge a nomination applicant for Business Innovation and Investor Program.
IMPORTANT CHANGES OF BUSINESS INNOVATION AND INVESTORS PROGRAM
There are some new important changes in terms of the criteria for Business Innovation Stream (188A) and Investor Stream (188B):
- 188 innovation nomination applicants will be required to fulfill a requirement of a minimal test of 80 points through the Department of Home Affairs’ SkillSelect Points;
- 188 innovation nomination applicants must accept the requirement of employing at least 1 full time employee in their main business;
- 188 innovation nomination applicants proposing to engage in export activities must demonstrate that all the export products must be 100% Victorian manufactured products;
- 188 Investor applicants must accept to make an additional investment of at least AUD$500,000 in Victoria during the provisional visa period. Meantime, the investment must be held for no less than 12 consecutive months immediately preceding the Business Innovation and Investment (Permanent) visa (subclass 888) Investor Stream nomination application;
- 188 Investor and Significant Investor applicants would be asked to hold AUD$200,000 available for migration purposes which is consistent with 188 Innovation stream requirements.
The Victoria Government will only process applicants who meet all the criteria from 22 July 2019, so it is important for applicants to go through these new criteria.
THE CURRENT PROCESSES TO APPLY FOR THE BUSINESS INNOVATION STREAM
The provisional visa is for people with business skills, allowing applicants to operate a new or existing business in Australia.
- Step 1: Prepare relevant documents and submit an expression of interest
- Step 2: Apply for visa nomination
- Step 3: Lodge a formal visa application
Please do not hesitate to contact us if you require Australia migration advice or services, or if you would like to know more about the Business Innovation and Investment Program or Business Talent Program. Our team is ever willing to provide you with migration advice and support whenever you need it.