188 Visa is technically a visa granted in Business Innovation and Investment scheme that falls in subclass 188. This is provisional. On the other hand 888 Visa a permanent one in the same scheme. Both these visas are for people who wish to own and run a new or already existing business in Australia or wish to invest in an Australian state or territory. For getting either of these two there are some criteria. First, you should be nominated by a state or territory government; second, you have received the invitation to apply; you, along with your family members, meet some specific health and character requirements and fourth, you meet any other additional requirements demanded by the authority.
Though it is not mandatory to hold health insurance to meet the health requirement for general Australian visa, but, if you are applying for 188 Visa that is temporary, you might be required to prove that you have adequate health insurance for the duration you are going to stay in Australia. This visa can be renewed by two terms, each for two years and after completion of two years you should apply for a permanent visa or 888 Visa.
188 Visa can be obtained under three streams or conditions. They are i. The Business Innovation; ii. The Investor stream and iii. The Significant Investor stream. For the third stream one must invest at least 5 million AUD5 into complying investments instruments in Australia. The eligibility criteria for these visas are quite simple but stringent. The first step would be to submit an expression of interest through SkillSelect in which you must specify the stream you intend to apply under (the three mentioned above) and if you are interested in doing business or make investment in one or all Australian states and territories.
After you apply it would be checked by a state or territory government and then they would decide on nominating you. Before inviting you to apply they may wish to meet you to discuss certain factors like employment possibilities. You should follow these carefully because you cannot obtain 888 Visa (the permanent one) without going through the procedure of this visa and complete the 4-year tenure.
The invitation you receive will remain valid for 60 days within which you must apply online for 188 visa. During this period you cannot change the information in the expression of interest you submitted. You must check through the documentations needed for this process. If you are new to this country and coming from a place where English is not spoken (or not the way it is spoken in Australia) you are eligible for the visa. But, to make things simple for you, you may contact authorised companies that would handle the procedure on your behalf, of course in return of a small fee.
They would inform and help you to fulfil nomination requirements for 188 visa and 888 visa in various states and territories including Australian Capital Territory; Northern Territory; South Australia; New South Wales; Queensland; Victoria; Tasmania and Western Australia. You a valid passport and other travel document for these visas. If you want to get a new passport, you will have to apply for it before the visa procedures.
Resource Box: http://www.ausfunds.com.au/ 188 Visa and http://www.ausfunds.com.au/ 888 Visa are the two flexible ways to invest and migrate to Australia.
Published on: May 16, 2014
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