How can investors select an existing business in Australia as part of their business innovation visa application?

Answers

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  Venkateswaran Palat Krishnan

  Ven Waran

  November 18, 2021

  Subclass 188 Business Innovation stream allows foreign investors to operate an existing business in Australia. The key requirement is that they must be nominated by an Australian state or territory government agency, before being invited to apply for this visa. Each state or territory in Australia has their own nomination conditions with regards to the investment options. Therefore, the foreign investor must contact the respective state or territory authorities to understand the kind of business they can acquire in that state or territory to meet their nomination requirement.

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  Desmond Ang

  Global MigrationSolutions

  November 18, 2021

  It depends on where the 188A visa holder is going to. Basically, Western Australia, South Australia, NSW and Queensland are quite flexible with this type of business. Victoria on the other hand is taking in only innovation and technology based business. But do take note, there are other nomination conditions beside the type of the business.

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  Mark Welch

  Cargil Migration Consulting Ltd

  November 18, 2021

  That's a great question. It can depend upon the nomination criteria for the state/territory that you wish to move to. It can also depend upon the specific business innovation visa stream that you are applying under. The Business innovation stream is different criteria to the Entrepreneur stream. For an example, there may be restrictions around investment in residential property, as opposed to commercial property, as a business option.

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  Christina Lim

  Regis Gateways Pty Ltd

  November 20, 2021

  Through research, getting business sourcing agents or contacts who can link you with prospective businesses for sale. Be aware that you will need to apply to the Foreign Investment Review Board of Australia for approval and pay a fee before acquisition of any business/assets. However, you also need to ensure that the business wasn't previously owned by another 188 Business Innovation stream visa holder as a main business or must at least have already bought ownership of this business and held it for 12 months prior to converting it to your 188 nominated main business. Almost any kind of business would work except for those that purely depend on rental yield for income generation or have questionable nature of services. The business you buy must be directly managed by you and must be in the state/territory that nominated your 188 visa.

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  Lisa De Leon

  Australian Visa Options

  December 01, 2021

  You can research the state or territory where you wish to settle to find the target sectors that will be given preference in that region. Property development businesses are currently only considered in South Australia and Western Australia under the 188A category. The amount that needs to be invested for a 188A visa will also vary from state to state. For example in Sydney a minimum investment of $500,000 is required into the business, in Brisbane or the Gold Coast the minimum investment amount is $400,000, South Australia and Western Australia require $300,000, and Victoria, the Australian Capital Territory and Tasmania only require a minimum business investment of $200,000. There are also differences in the investment requirement between cities and regional areas. A comprehensive business plan will need to be submitted as part of the application for state or territory nomination, so it is best to consult a professional who can guide you through the process.