If you have an innovative business idea and want to start it in Australia, there are several factors that you need to consider. The business innovation visa is one of the most important factors you will need to consider. A Business Innovation and Investment visa 188 allows you to apply for temporary residence status in Australia with your spouse and children under 18.

The special feature of this visa is that it allows you to remain in Australia on a temporary visa as long as you start up and run your own business, instead of going through the lengthy and expensive process of getting permanent residency.

1) What is a Business Innovation and Investment visa 188?

To attract international entrepreneurs, startups, and investors into Australia, Home Affairs Minister Peter Dutton announced that a new type of temporary visa will be introduced. 

This new visa will enable international entrepreneurs, startup founders, and investors with innovative ideas which are not in breach of any laws or regulations and can apply for an indefinite stay in Australia if they meet certain requirements. 

Applicants must have a commitment from an Australian-based venture capital fund, angel investor group, or other private sector investors. They must also demonstrate the potential to create jobs, generate exports or drive economic growth and competitiveness.

2) How to be eligible for an Innovation Visa?

The Australian Business Innovation Program aims at startups with an innovative or unique idea or one that addresses an unmet market. 

• You must have at least 50% ownership in your company, and you must be able to prove that a registered patent agent supports your application. 
• In addition, applicants must be able to produce a prototype of their product and show they've secured support from experienced industry leaders.

3) Where to apply for an Innovation Visa?

You can apply for an Innovation Visa in your home country, your current country of residence, or any other country that allows Australian citizens entry. The first step is to check if your intended travel destination is on our list of countries. 

This can be found on our Country Information page. If your intended destination is not listed there, Fetch and consulate for information about applying for a visitor visa to travel to another country after arriving in Australia.

To successfully obtain this type of visa, you must have compelling reasons as to why you would want to leave and enter another country within one year after arrival in Australia.

4) Applying with my partner/spouse

The easiest way to apply for a Business Visa 888 is with your partner. The first step is getting an Expression of Interest (EOI). Applicants will be scored based on education, work experience, previous businesses, earnings, and net assets. You will receive an Invitation To Apply (ITA) once your EOI application has been assessed.

5) Applying as an entrepreneur onshore in Australia

Entrepreneur visas allow you to start your own company and run it in Australia without restriction. You can be involved with multiple companies, but they must each hold less than $5 million in assets, so you'll be able to quickly grow your startup as it grows. 

These types of visas are relatively straightforward and inexpensive to apply for; the application process only takes six months from the application time. However, there is no guarantee that you will get one - only five such Business Visa 888 are granted yearly.