As the 188A visa is a temporary visa, you must meet the following requirements before you can apply for a permanent Business Innovation visa:
– Business management: Applicants must come to Australia to establish or acquire a business and directly participate in managing the operations of this business. In addition, the applicant needs to own at least 30% of the capital in the business.
– Investment limit: Investment limit depends on each state in Australia, usually from 300,000 Australian dollars (equivalent to 5 billion VND in Vietnam).
– Duration of business operation: Businesses in Australia must operate for at least 2 years before applying for Visa 888A.
– Revenue: At least 1 year of minimum revenue of 300,000 AUD/year.
– Meet 2 of the following 3 conditions:
+ Business net assets reach at least 300,000 AUD.
+ Total personal assets and business net assets reach at least 600,000 AUD.
+ Create at least 2 full-time jobs.
– Stay: Applicants need to stay for a minimum of 1 year in the 3 years before the date of applying for Visa 888A.
– Comply with Australian law: Applicants must not violate Australian law.
Fully meeting the above requirements will help applicants be granted Visa 888A, allowing them to settle and enjoy permanent benefits in Australia.