1. Traits
Visa 188A (Business Innovation Stream) is for applicants who would like to put up a new or existing business in Australia.
Visa 188A is valid for 5 years and the visa holder will qualify for Permanent Business Visa 888A after 3 years if certain requirements are met.
2. Interests
Investors, their spouses and children under 23 years old have the opportunity to temporarily settle in Australia. This gives the whole family the right to live, work and study in this country.
A significant benefit is that children enjoy free education from kindergarten to high school at public schools.
After meeting the business and residency requirements, the family can apply for permanent residence (Visa 888A). When obtaining this visa, the family will enjoy all medical, educational, social security benefits… (except the right to vote).
After at least 4 years of residence in Australia, of which at least 1 year as a permanent resident (not absent from Australia for more than 1 year in the 4 years before the date of application, and not absent from Australia for more than 90 days in the final year), investors and their families can apply for Australian citizenship. When recognized as Australian citizenship, investors will have full citizenship rights and be exempt from visas when traveling to 167 countries around the world.
3. Conditions
To meet capacity requirements, applicants need to satisfy the following conditions:
– Age: Under 55 years old.
– Role in the business: Must be a business owner or capital shareholder and participate in company management. At the same time, it is necessary to prove that you have a successful business history in Vietnam.
– Assets: Total asset value must reach a minimum of 1,250,000 Australian dollars (equivalent to 21 billion Vietnamese Dong).
– Immigration score: Must achieve a minimum of 65 points on the Australian Immigration Points Scale.
– Guarantee: Must be guaranteed by one of the Australian Provinces
For company and business experience, investors need to meet the following requirements:
– Capital ownership and management: Must own at least 30% of the capital in the company and directly manage this business for at least 3 years.
– Revenue: In 2 of the 4 most recent fiscal years up to the date of application, this company’s revenue must reach at least 750,000 Australian dollars (equivalent to 2.6 billion) per year.
– Successful business: Need to prove successful business history in Vietnam.
All of the above requirements are evaluated to determine the investor’s capacity and reliability in investing and settling in Australia.