This visa allows the eligible visa holders to apply for permanent residence if the requirement of their provisional visa for at least 2 years is fulfilled and it is valid for a period of 4 years and it.

Basic Requirements

The applicants who are applying for this program should be not more than 45 years of age. Even if the applicants are over 45 years of age, but they should be not more than 55, they may be eligible for the State/Territory Sponsored Business Owner (Provisional) visa, which has a lower financial threshold.

Applicants should be capable of displaying a successful business career with significant turnover, in either of the case. They should be able to show commitment towards owning business in Australia. Applicants should be able to produce evidence of sufficient funds or assets to settle in Australia, in addition to the detailed business proposal. Applicants have to lodge an Expression of Interest (EOI) acquiring a minimum score of 65 on the innovation points test is mandatory.

Visa Entitlements

This is a temporary visa and is valid up to 4 years. The Australian Business Innovation Stream (Provisional) visa entitles holders to own an Australian business (fully or partially). This visa also allows immediate family members (dependents, children) or partners, who have been included on the application, to work, live, and study in Australia.

Under the Business Innovation and Investment Visa category which, however, may entail sponsorship from a participating State or Territory Government. The visa holders may be eligible to apply for permanent residence.