If you are looking to own and manage a business in Australia, conduct business and investment activity, or undertake an entrepreneurial activity in Australia, you may like to consider applying for a Subclass 188 Business Innovation and Investment subclass visa. This visa is valid for five years. It comprises of four streams, and two additional ‘extension’ streams which extend the temporary visa term if you satisfy specified requirements.
The subclass 188 visa also provides a pathway to permanent residence after three years, through the Subclass 888 Innovation and Investment (Permanent) visa. Be aware that eligibility for permanent residence is also available in other prescribed circumstances (in particular, different rules apply pre and post 1 July 2021).
You must be nominated by a State or Territory Government to be eligible. Each State and Territory Government sets its own requirements for granting nomination approval and will impose additional obligations which you will need to abide by as a visa holder.
As part of your application, you will be required to provide specified financial evidence to demonstrate that you meet the requirements for both nomination approval and for visa grant. The types of financial documents required will depend on the stream under which you apply and which State or Territory Government you submit your application to. It is important to ensure that you supply these documents at the time of lodgement of your application as failing to do so can result in processing delays or potentially a refusal.
In this article, we provide a general overview of the types of financial documents which you will need to provide to satisfy Australian business visa requirements. This discussion concentrates on financial documentary requirements and is a summary only. We also discuss the application process for a business visa, and provide links to further information on the requirements for a business visa.
It is beyond the scope of this article to provide a detailed and exhaustive document listing for all financial document requirements and we therefore strongly recommend if you are seeking to apply for a business visa, that you make the proper further enquires before lodging your application to ensure that you get the correct detail on these requirements, as they apply to your individual circumstances.
Having a Good Understanding Of The Business Visa Requirements Is Crucial
To illustrate the importance of having a good understanding of the requirements for a business visa, including what are the documents required for an Australian business visa, we present as an example the provision of financial statements, being one type of financial document that is required in most cases. It is not sufficient, for instance, to provide internal management accounts. Financial statements must be prepared by an independent accountant according to International Accounting Standards and must include a balance sheet, profit and loss statement and notes to the accounts.
Another important aspect is the date of relevant documents as well as the period that they cover. This level of detail is very important for you to be aware of as you prepare your application for lodgement. The Department has no obligation to follow-up with you post-lodgement where documents are missing or are in the incorrect form, etc. It can automatically decide to refuse your application.
A further point to note is that for a successful visa application, you will need to provide:
- documents to address all visa grant requirements (financial documents form only one part of your application); and
- documents to address all requirements for nomination approval to the State or Territory for which you are seeking nomination approval (note these may differ from Immigration requirements). As these documentary evidence requirements vary for each jurisdiction, it is very important that you check with the relevant State or Territory authority as they apply to your application.
We have prepared the following information as an introduction which is designed to help guide you in this process. We therefore strongly recommend that before you apply for any visa, that you make the proper further enquires to ensure that you are fully informed about the requirements for a business visa and how they apply to you based on your individual circumstances. This will give your application the best chance of a successful outcome and avoid unnecessary processing delays or a potential visa refusal, and the associated lost time and costs incurred that would be the outcome.
Business Innovation And Investment Visa
Visa Streams
The subclass 188 visa comprises the following streams:
- Business Innovation
- Investor
- Significant Investor
- Entrepreneur
Note there are additional streams that apply in cases where you can seek to extend the temporary visa (an option that is available under the Business Innovation and Significant Investor streams).
Application Process
The visa application process involves first submitting an Expression of Interest (EOI) which, if successful, will result in receipt of an invitation to apply for the visa. You must also receive approval from a State or Territory Government agency which agrees to nominate you (note the nomination application is made at the same time as you submit your EOI). The final step in the application process will then be to apply for the visa.
For a successful application, you will need to meet three sets of requirements, as follows:
- Requirements for nomination approval, which will differ for each State and Territory (application made to the relevant nominating authority);
- Requirements for lodging a valid EOI (application made to Immigration); and
- Requirements for visa grant (application made to Immigration).
Points Test
If you apply under either the Business Innovation or Investor streams, a further requirement for a business visa is to achieve a score of at least 65 points in the points test. Under this test, you will be allocated a score based on such factors as your age, English language ability, qualifications, business experience, net personal and business assets and business turnover. A detailed discussion about the points test is beyond the scope of this article and we recommend that you seek further advice where this is applicable to you.
We recommend that you refer to our Guide To Business Investment Visas article, where you can learn more about the business visa, including the key Australian business visa requirements and how you can apply for a business visa.
What Documents Are Required For A Business Visa Application?
You may be wondering what are the documents required for an Australian business visa?
Well, an important component of the documentary evidence that must be provided when applyinfg for a business visa are financial documents. Read on to find out about the types of financial documents that are required as part of the business visa documents.
Business Innovation Stream
Set out below is a summary of the types of financial documents which you will need to provide as part of the business visa documents to satisfy Immigration requirements for visa grant under the Business Innovation stream.
- Evidence of the net value of your business and personal assets (this will depend on the type of asset held but can include bank statements for cash assets, certificate of title or title deed for real estate, share or debentures certificates, or a trust deed for assets held in a trust)
- Evidence of business ownership, such as company extract, annual return and certificate of registration for a company, or a partnership/franchise agreement or trust deed (this will depend on the business type)
- Evidence of your ownership in the business (e.g. share register)
- Business registration or license for the business
- Financial statements for your business for two financial years immediately before you are invited to apply for the visa (must include a balance sheet, profit and loss statement and notes to the accounts)
- Where applicable, if any of your businesses have generated a loss, have been or currently are insolvent or subject to receivership or liquidation, or have been subject to bankruptcy, provide relevant evidence and detail
- Evidence that you and your partner (combined) hold total net business and personal assets of at least $1.5 million (must be legally acquired and able to be transferred to Australia within two years of visa grant)
- Summary statement outlining all your and your partner’s assets and liabilities in the 3 months before you are invited to apply for the visa
- Evidence of your ownership of each asset, its value, and liabilities against the asset (if applicable). Documents required will depend on the type of asset held but can include bank statements for cash assets, certificate of title or title deed for real estate, share or debentures certificates, or a trust deed for assets held in a trust. Note this will also need to be accompanied, and cross-referenced to, a specified form which you must complete, and which outlines your assets and liabilities
- An overview of your business career and intentions in Australia. This can include a statement outlining your intended business or investment activities; a description of your research or study in relevant sectors in Australia; and/or a description of your business’s activities in Australia, and the period of ownership, if applicable
Note there are also further financial documentary requirements that relate to the points test. The types of financial documents required will depend on the aspect of the points test which you are seeking to claim. If this applies to you, we recommend that you seek further information regarding this evidence as it applies to your individual circumstances.
Investor Stream
Set out below is a summary of the types of financial documents which you will need to provide as part of the business visa documents to satisfy Immigration requirements for visa grant under the Investor stream.
- Evidence of the net value of your business and personal assets (this will depend on the type of asset held but can include bank statements for cash assets, certificate of title or title deed for real estate, share or debentures certificates, or a trust deed for assets held in a trust)
- Evidence of business ownership, such as company extract, annual return and certificate of registration for a company, or a partnership/franchise agreement or trust deed (this will depend on the business type)
- If applicable to your circumstances, if any of your businesses have generated a loss, have been or currently are insolvent or subject to receivership or liquidation, or have been subject to bankruptcy, provide relevant evidence and detail
- Evidence of your management and ownership in a qualifying business (if applicable) such as your share purchase/share register or a partnership/trust/franchise agreement, statement of your management of the business for at least three years documenting your involvement in daily management and a business registration or license
- Evidence of your management or ownership of $2,500,00 in eligible investments (if applicable) including:
- a summary of eligible investments for at least three years which includes their net value and a statement regarding the management of each investment
- management of eligible investments (this will depend on the type of investment but would include evidence that you have managed the performance of the business or have been involved in the management of the business if the investment is ownership in a business)
- ownership of eligible investments (this will depend on the type of investment but can include a share or company register if the investment is ownership in a business)
- Evidence of the net value of each eligible investment for the last three years, including at least one of the five financial years before being invited to apply for the visa
- Note this will also need to be accompanied by, and cross-referenced to, a specified form which you must complete, and which outlines your assets and liabilities
- Source of funds used to make the complying significant investments
- Evidence of your ownership of assets with a minimum total net value of $2,500,000 at specified points in time. This will depend on the type of asset held but can include bank statements for cash assets, certificate of title or title deed for real estate, share or debentures certificates, or a trust deed for assets held in a trust. Note this will also need to be accompanied by, and cross-referenced to, a specified form which you must complete, and which outlines your assets and liabilities
Note there are also further financial documentary requirements that relate to the points test. The types of financial documents required will depend on the aspect of the points test which you are seeking to claim. If this applies to you, we recommend that you seek further information regarding this evidence as it applies to your individual circumstances.
Significant Investor Stream
Set out below is a summary of the types of financial documents which you will need to provide as part of the business visa documents to satisfy Immigration requirements for visa grant under the Significant Investor stream.
- Evidence of ownership of assets with a minimum value of $5,000,000 that are proposed to be used to make the complying investments, as well as liabilities recorded against each asset (where applicable). The evidence required will depend on the type of asset held but can include bank statements for cash assets, certificate of title or title deed for real estate, share or debentures certificates, or a trust deed for assets held in a trust. note these amounts will need to be cross-referenced to a specified for, which you must complete, outlining your assets and liabilities
- Signed declaration on your proposed method of fund transfer to make the complying investments
- Overview of your complying investment intentions in Australia, including an outline of intended investments and/or business activities in Australia
- Signed declaration on the source of funds of your assets and confirming all have been lawfully acquired, with supporting evidence to substantiate your claims
- Specified evidence that you have made the complying significant investments
Entrepreneur Stream
Under this visa stream, you will need to provide an overview of your proposed complying entrepreneur activity in Australia.
Pathway to Permanent Residency
After you have held the temporary subclass 188 visa for at least three years, you may then be able to apply for permanent residency via the subclass 888 if you meet certain requirements. Depending on which stream you apply under will determine the type of financial documents which will be required both for nomination approval and visa grant.
Get More Information
To learn more about applying for a business visa, including the Australian business visa requirements, please see our Guide To Business Investment Visas article.
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Contact us to book a no-obligation consultation to find out more about applying for a business visa, including the requirements for a business visa, and business visa documents that you must provide with your application.
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In conclusion, we note that the above provides an overview only of the business visa program and financial documents which you will need to provide to satisfy Australian business visa requirements. Given the highly complex nature of the migration laws, and the fact that every individual case is different, we recommend that you engage a registered migration agent who will be able to provide you with detailed advice about the Immigration requirements for a business visa, State and Territory nomination requirements, your eligibility to apply and the documents you will need to provide, based on your individual circumstances. Being fully informed about the application process, eligibility requirements and what are the documents required for an Australian business visa will help you to avoid unnecessary processing delays or a potential refusal.
Australia’s migration laws are complex, and each case is different. We recommend that you seek professional advice if you are interested in applying for a visa in Australia, including a business visa, as being fully informed will give you the best chance of achieving a successful outcome on your case. A migration professional can help you to do this. There are several terms that are defined in the migration law. Detailed advice about these is beyond the scope of this article and we would therefore recommend that you seek further information in this regard.
For up to date advice on your eligibility for a business visa, including the Australian business visa requirements and what are the documents required for an Australian business visa, contact PAX Migration Australia, a leading immigration service providing advice on a range of visas, including a business visa. Contact us for a no obligation discussion on how we may be able to assist you to achieve your migration goals in Australia.
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