This visa is intended for people with a successful background in managing businesses or financial investments. Western Australian State Nomination criteria includes:
- you have a score of at least 65 on the Business Innovation and Investment Points Test
- you have had a total of at least three years experience of direct involvement in managing one or more qualifying businesses or eligible investments
- for one of the last five fiscal years, you:
- directly managed a business in which you (or your partner or you and your partner together) held an ownership interest of at least 10 per cent; OR
you directly managed your (or your partner’s or you and your partner’s combined) investments worth at least AUD$1,500,000
- for each of the last two fiscal years, your total business and personal assets had a net value of at least AUD$2,250,000
- you are able to make a Designated Investment of AUD$1,500,000 with the Western Australian Treasury Corporation for a four year term
- you are able to transfer additional funds of AUD$50,000 for your settlement and ongoing living costs in Western Australia
- you will maintain your funds in Western Australia on maturity of your treasury bonds
- you are less than 55 years of age, or you are proposing to participate in a business or investment activity which will be of exceptional economic benefit to the State (refer to the State nomination guidelines)
All 188 Business Innovation and Investment – Investor Stream visa holders will become eligible for permanent residence under the 888 Business Innovation and Investment visa – Investment Stream once they have held the required Treasury Bonds in Western Australia for at least four years and met the relevant criteria. 188 Business Innovation and Investment – Investor Stream visa holders are unable to apply for the 888 Business Innovation and Investment – Business Innovation Stream.
A government bond investment held jointly will allow either the primary or secondary applicant to meet the criteria for the Subclass 888. The primary applicant can meet the criteria for the grant of the Subclass 188 with assets in their name, and jointly held investments could then be the subject of a Subclass 888 application by either the primary or the secondary applicant.
At the time of application for the 888 Business Innovation and Investment Permanent Visa it is expected that applicants would have purchased a residence in Western Australia.
How to apply
Lodge an application for State Nomination with the Business Migration Centre (BMC). A fee of AUD$750 applies to all provisional visa nomination applications lodged with the BMC.
If you are granted State Nomination you can proceed to lodge an Expression of Interest (EOI) through SkillSelect.
Once nominated in SkillSelect by the BMC, you will receive an invitation from Department of Home Affairs to lodge your Business visa application which must be completed within 60 days using Department of Home Affairs electronic lodgement system.
If you do not submit your visa application within 60 days as required by the Department of Home Affairs your State nomination will no longer be valid. If you plan to continue with your visa application you will need to submit a new State nomination application and pay the application fee to the Business Migration Centre. Please note, as State nomination numbers are limited there is no guarantee your second application will be successful and a re-nomination is not guaranteed.