The Business Innovation and Investment (Provisional) visa (subclass 188) is part of the Business Innovation and Investment Program.

You must submit an Expression of Interest (EOI) through SkillSelect and be nominated by an eligible government organization before being invited to apply for this visa.

The visa includes five streams:

• Business Innovation stream: for people with business skills who want to establish, develop and manage a new or existing business in Australia. Applicants must be nominated by a state or territory government.
• Investor stream: for people who want to make a designated investment of at least AUD1.5million in an Australian state or territory and maintain business and investment activity in Australia. Applicants must be nominated by a state or territory government.
• Significant Investor stream: for people who are willing to invest at least AUD5million into complying with significant investments in Australia and want to maintain business and investment activity in Australia. Applicants can be nominated by a state or territory government or Austrade on behalf of the Australian government.
• Premium Investor stream: for people who are willing to invest at least AUD15million into complying premium investments in Australia and want to maintain business and investment activity in Australia. Austrade will make the initial contact with suitable candidates for nomination on behalf of the Australian government.
• Entrepreneur stream: for people who have a funding agreement from a third party for at least AUD200 000 to undertake a complying entrepreneur activity that is proposed to lead to either the commercialization of a product or service in Australia or the development of a business in Australia. Applicants must be nominated by a state or territory government.

Holding this visa is the first stage before becoming eligible to qualify for a Business Innovation and Investment (Permanent) visa (subclass 888).

This visa lets you:

• establish a new or develop an existing business and/or invest in Australia, make a designated investment with an Australian state or territory government, make and maintain complying investments in Australia or participate in a complying entrepreneurial activity in Australia
• travel in and out of Australia for the life of your visa
• bring members of your family unit with you to Australia
• seek permanent residence by applying for a Business Innovation and Investment (Permanent) visa (subclass 888).