Find out if you are eligible for this Business Innovation and Investment (Provisional) Visa.
The 188 Visa allows you to own and manage a business in Australia. This includes undertaking entrepreneurial activity, conducting business and managing investments. It is a provisional visa, which can cost around $3,000 and $8,000, and can lead to permanent residency.
Who is the 188 Visa for?
The 188 Visa is for individuals with established business skills who want to own and manage a new or existing business in Australia, or to invest in an Australian state or territory.
Depending on your financial situation, aims and goals, you may be eligible for one of the following six streams on the 188 Visa. These include:
- Investor stream: Requires you to invest at least $1.5 million in an Australian State or Territory.
- Significant Investor stream: Requires you to invest at least $5 million in Australian investments.
- Business Innovation Extension stream: Lets Investor stream visa holders extend their stay in Australia for 2 more years.
- Significant Investor Extension stream: Lets Significant Investor stream visa holders extend their stay in Australia for up to 4 more years.
- Premium Investor stream: For people who are nominated by the CEO of Aus-trade and who invest at least $15 million in Australian investments.
- Entrepreneur stream: Allows you to carry out entrepreneurial activities in Australia.
What are the visa requirements for this visa?
The 188 has several age, financial and business requirements. Requirements may differ depending on what stream you go onto. The Business Innovation stream's requirements include:
- You must be aged under 55 and have had an overall successful career in business.
- Own a business with a turnover of at least $500,000 for a minimum of 2 of the last 4 fiscal years.
- Have personal and business assets of $800,000 or more.
- Pass the Business Innovation and Investment points test.
You must also have adequate health cover in place or your application will not be granted. The 8501 health requirement means you need comprehensive cover so you do not become a burden on Australian's public health care system, Medicare.
What are the restrictions?
You are not allowed to marry or enter into a de facto relationship before entering Australia on the 188 Visa.
How does health cover work in Australia?
Medicare is Australia's public health care system and is available to all citizens and residents. It pays a benefit towards your doctor's fees of up to 75% for you to be treated as a patient in a public hospital, excluding medication, accommodation and surgery fees. It doesn't cover extras (ancillary) services so most Australians have some form of private health cover.
What are the health requirements for the 188 Visa?
As part of the 188 Visa requirements, you will need to have a health examination and hold comprehensive cover. Australia has Reciprocal Health Care Agreements (RHCA) with many European countries including United Kingdom, Netherlands, Sweden and Ireland. This gives you access to Medicare, satisfying the 188 requirements.
If you are not entitled to Medicare under the RHCA – or want more comprehensive cover – you can get Overseas visitors health cover (OVHC). It can cover you for things like emergency ambulance services, hospital bills, visits to the doctor, out of hospital services like dental and prescriptions.
Compare Overseas Visitor Health Cover from $75 a month