Australia encourages successful and talented business people to own or invest and benefit from opportunities in the country. The Australian Business Innovation Stream (Provisional) visa facilitates the same. This is a temporary business skills visa that supports successful business people to start a new or own existing business in Australia. This visa is valid for a period of 4 years and it allows the eligible visa holders to apply for permanent residence if the requirement of their provisional visa for at least 2 years is fulfilled.
Australian Business Innovation Stream Visa Basic Requirements
Applicants for this program should not more than 45 years of age. However, if the applicants are over 45 years of age, but not more than 55, they may be eligible for the State/Territory Sponsored Business Owner (Provisional) visa, which has a lower financial threshold.
In either of the cases, applicants should be capable of displaying a successful business career with significant turnover. They should be able to show commitment towards owning business in Australia. In addition to the detailed business proposal, applicants should be able to produce evidence of sufficient funds or assets to settle in Australia. An Expression of Interest (EOI) is to be lodged by applicants and acquiring a minimum score of 65 on the innovation points test is mandatory.
Australian Business Innovation Stream Visa Entitlements
The Australian Business Innovation Stream (Provisional) visa entitles holders to own an Australian business (fully or partially). This is a temporary visa and is valid upto 4 years. It also allows immediate family members (dependents, children) or partners, who have been included on the application, to live, work and study in Australia.
The visa holders may be eligible to apply for permanent residence under the Business Innovation and Investment Visa category which, however, may entail sponsorship from a participating State or Territory government.