New South Wales set to welcome more innovative business investors4 March 2016
Announced and effective on 01 March 2016, New South Wales has introduced a new streamlined application process for NSW nomination for Business Innovation & Investment Visa (Business Innovation Stream) (subclass 188A).
To be nominated by NSW for the Business Innovation (188A) visa, applicants need to submit an application that demonstrates that they meet NSW nomination requirements. This includes that they:
- have a successful business career
- have sufficient net personal and business assets
- are committed to business activity that contributes to investment and job creation in NSW
- agree to update NSW Department of Industry on their business activity in NSW
- meet DIBP requirements for the 188A visa.
Obtaining state nomination is only part of the process to obtain 188A visa. After being nominated by NSW state government, the applicant will go on the meet the following criteria set by Department of Immigration & Border Protection (DIBP):
- be under 55 years of age, although a state or territory can waive this requirement if your proposed business will be of exceptional economic benefit to the nominating state or territory.
- score at least 65 on the points test. Please see the Points test tab on this webpage for further information.
- for two out of the four fiscal years immediately before you are invited to apply, have had an ownership interest in an established business or businesses that had at least AUD500 000 turnover in each of those years
- own at least one of the following percentage of your nominated main business:
- 51%, if the business has a turnover of less than AUD400 000 per year
- 30%, if the business has a turnover of AUD400 000 or more per year
- 10%, if the business is a publicly listed company
- have an overall successful business career
Pathway to permanent residency (Subclass 888A)
All 188A visa holders who go on to seek NSW nomination for a Business Innovation and Investor (Permanent) (subclass 888A) visa will need to show that they meet NSW nomination 888A nomination requirements, including demonstrating that they have established a business in NSW that meets NSW’s investment and job creation requirements.
AIMS is dedicated to provide excellent professional service for people who have the intention to migrate and invest to Australia. Give us a call on 03 9078 6819 or email us at firstname.lastname@example.org. Alternatively, visit www.thinkvisa.com.au for more information about us.
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