What are the visas granted in the Residency by investment program?
The Residency by Investment program grants visas under the category of Business Innovation and Investment Visa. The Visas under this category can be of three types:
- Temporary Visas (Subclass 188) (Also called Provisional Visas)
The Temporary Residence Visas are granted in all the five categories listed above (Business Innovation, Investor, Significant Investor, Premium Investor, and Entrepreneur). The Visa is valid for a period of up to 4 years and 3 months.
- Extension Visas (Subclass 188)
The extension visas are granted for persons who have completed a required period under the Temporary Residence Visa in the Business Innovation and Significant Investor streams. The extension visas permit an extension to the extent that the total period does not 6 years under the temporary and extension visa combined for the Business Innovation stream and 8 years under the Significant Investor stream.
- Permanent Residence Visas (Subclass 888)
The individuals who have completed 4 years with a temporary residence visa (subclass 188) under Business Innovation, Investor, Significant Investor, and Entrepreneur are eligible to apply for Permanent Residence Visas. For investors who are in the Premium Investor stream, a 12-month stay on the temporary visa is sufficient to apply for a permanent visa.
What is the eligibility for a Business Innovation and Investment Visa?
For the temporary visas (Subclass 188), the following preliminary requirements have to be fulfilled for all streams
- an expression of interest has to be submitted through an online platform. Selected applicants will be nominated by a state or territory government agency or Austrade and invited to apply for a temporary visa.
- The applicant must meet the character requirement and must not be involved in unacceptable activities
- Fulfill health requirement
- Sign the Australian Values statement
- Have no debt to the Australian government
- The applicant must not have had a visa canceled or a previous application refused
How long does it take to receive a Business Innovation and Investment visa?
There is no minimum processing time for any of the visas under the Business Innovation and Investment visa category as there are a very small number of applications. The process of receiving an invitation and/or nomination from the governments or government agencies may however take time.
Empire Global with its specialized team can simplify the entire process for applying for a Business Innovation and Investment visa in Australia. Get in touch with us to know more about you can benefit from the program and fulfill its requirements.