Visa Information

The Business Innovation and Investment Program - from 1 July 2012

Objective

The Business Innovation and Investment Program is part of Australia's skilled migration program. It aims to encourage creation of new businesses as visa holders become business owners.

Key changes under the Reform

On 1 July 2012, the Business Skills Program was replaced by the Business Innovation and Investment Program. The new Program introduced some key changes which include:

      • renaming the Business Skills Program to the Business Innovation and Investment Program
      • reducing to 3 visa subclasses (from 13)
      • integrating the Business Program with the SkillSelect model
      • introducing a Innovation Points Test for the Provisional visa subclass
      • increasing asset thresholds 
      • strengthening the integrity of the program by changing key visa criteria.
      • creating a new 'Significant Investor Visa' to attract significant migrant investment into Australia. This initiative is expected to be implemented in late 2012.

The New Visa Structure

The new Program is made up of 3 visa subclasses:

Subclass 132 - Business Talent (Permanent)
Subclass 188 - Business Innovation and Investment (Provisional)
Subclass 888 - Business Innovation and Investment (Permanent)

Transitional Arrangements

Current holders of subclass 160, 161, 162, 163, 164 or 165 – must apply for the 'pre 1 July 2012' permanent Business Skills visas (subclasses 890, 891, 892, 893). These visa holders are not eligible to apply for a subclass 888 permanent visa.

Special Category subclass 444 and 457IE holders can apply for 888 visa if invited.