General Requirements

1. Current Visa Holder: You must hold a subclass 188 visa in the Business Innovation stream.
2. Nomination: You must be nominated by an Australian state or territory government agency.
3. Residency: You must have been physically present in Australia for at least one of the two years immediately before you apply.
4. Business Operations: You must have had an ownership interest in an actively operating business in Australia for at least two years before applying.

Business Performance Requirements

1. Ownership: You must own at least 51% of the business if the turnover is less than AUD 400,000 per year. You must own at least 30% of the business if the turnover is AUD 400,000 or more per year. You must own at least 10% of the business if it is a publicly listed company.

1. Business Turnover: The business (or two main businesses) must have had an annual turnover of at least AUD 300,000 in the 12 months immediately before you apply.
2. Asset Requirements: Your business and personal assets in Australia must have a net value of at least AUD 600,000.These assets must be legally acquired, owned, and available for the conduct or establishment of a business in Australia.
3. Employment: You must have employed at least two full-time equivalent employees in your business who are Australian citizens, Australian permanent residents, or holders of valid New Zealand passports. These employees must not be members of your family.

This visa is processed on a case-by-case basis. Processing times can vary.The latest processing times published by the Department of Home Affairs are as follows:

• 50% of applications: 8 months.
• 90% of applications: 28 months.

The visa costs from AUD 3,400.00 for the main applicant.