BUSINESS INNOVATION STREAM

General Requirements

If you apply for the Business Innovation Stream, you must:

• be younger than 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 relevant region
• score at least 65 on the Innovation Points test
• have a total annual turnover of at least AUD500 000 (in one or more of your main businesses) in at least two of the four fiscal years immediately before you are invited to apply
• own at least one of the following percentages of that main business (or two main businesses):
  • 51 percent of a business with a turnover of less than AUD400 000 per annum
  • 30 percent of a business with a turnover of more than AUD400 000 per annum
  • 10 percent of a publicly-listed company
• have managed a business, in which you spent less than half your time on professional (such as a doctor or lawyer), technical, or trade services
• have a genuine desire to own and maintain a management role in a business in Australia.

Benefits of Business Innovation Stream

• It allows you to own and operate a new or existing business in Australia
• It provides a pathway to permanent residency through a subclass 888 visa
• It allows you to bring your family members with you
• It allows you to travel in and out of Australia for the duration of your visa
• It allows you to apply for Australian citizenship, if eligible

Nomination and Application Process

• You must first submit an Expression of Interest (EOI) through the SkillSelect. As part of the EOI, you must indicate the visa you decide to apply for as well as your preferred States or Territories;
• States and Territories then review your EOI against their own nomination criteria; For example, Trade and Investment Queensland does not nominate entry-level franchises, small retail, and small hospitality establishments. Victoria has excluded the following business from their program:- small-scale property development- small-scale freight forwarding and warehousing- commodity and scrap metal export- passive investment.
• The nomination is communicated to the DIBP and an invitation is sent out to you to make a visa application; Then the DIBP considers your application at one of its two assessment locations in either Hong Kong or Adelaide;
• You may be required to attend an interview; however, this is rarely necessary.