Are you considering apply for a Business Innovation visa, an Investor visa or a Significant Investor visa (subclass 188) in Victoria? It is important to know that Victorian nominations for the subclass 188 visa close at 5.00 pm on Monday 31 May 2021 for the 2020/2021 year.
The program is being closed at this time to ensure the Victorian government can assess all application before the upcoming changes being made by the Department of Home Affairs take effect on 1 July 2021.
What is a Business Innovation and Investment (Provisional) visa?
The Business Innovation and Investment (Provisional) visa is the name of the subclass 188 visa, which includes several different streams depending on the types of activities you wish to undertake and the level of investment you would like to make.
- Business and Innovation Stream: this is a provisional business visa for those who want to start a new business or buy into an existing business in Australia
- Investor Stream: this is a provisional business visa for those who want to make a designated investment in Australia of at least AUD 1.5 million
- Significant Investor Stream: this is a provisional business visa for those who want to make an investment in Australia of at least AUD 5 million
- Premium Investor Stream: this is a provisional business visa for those who want to make an investment in Australia of at least AUD 15 million
- Entrepreneur Stream: this is a provisional business visa for those who are entrepreneurs and have a funding agreement from a third party for at least AUD 200,000 to undertake a complying entrepreneur activity in Australia
The subclass 188 visa is a temporary visa which is designed to allow you to own and manage a business in Australia or to conduct business or entrepreneurial activities. You can learn more about the subclass 188 visa here.
It typically takes between 1 and 4 weeks for the Victorian government to process visa nomination applications, which is why the 31 May deadline has been imposed.
You can book a free 15 minute phone call with a WLW migration lawyer here to discuss your 188 Visa options in more detail.
We note the above is information only and is not legal advice. This information is current as at the time of publishing. We recommend you speak to one of our migration lawyers for a free 15 minute phone or video call to discuss your visa application if you have any questions.