Detail Question Of The Week



Business Innovation Visa - subclass 188

Category: Work and skilled visas
Question asked

Hi,

I want to apply for Business Innovation Visa 188A, Australia. My business is in overseas and have the turnover of at least AUD 500 000 on each of the last four fiscal years. It is a private company and listed in joint stock. However, initially I had 10% share and since SEPTEMBER 2014 I have 30% share. We calculate fiscal year on July to June basis.

I can summarize my share percentage like below:

2012 (July) - 2013 (June) = 10% share

2013 (July) - 2014 (June) = 10% share

2014 (July) - 2014 (August) = 10% share AND 2014 (September) - 2015 (June) = 30% share

2015 (July) - 2016 (June) = 30% share


Now my query is, whether my share percentage on fiscal year 2014 - 2015 will be an issue on applying for Business Innovation 188 visa subclass? Do I have to maintain at least 30% share for at least two fiscal years?

Answer provided by our agents

Dear R.,

Thank you for giving us the opportunity to assist you on the matter.

You query is specifically about duration of the percentage of share in a business that is required to be eligible for Visa SC 188, so I can safely assume that you talking about the "Business Innovation Stream" under Visa SC 188.

The requirements for ownership percentage and duration, as per the Migration Law, states that you must hold 30% or more share in "Main Business" for a period of at least "2 fiscal years" in the 4 years period immediately before an invitation to apply.

This specifically means that you must have had the 30% or more share for full 2 fiscal years (legal accounting period) in the business that has a turnover of more than AUD 500,000. As the regulations clearly mentions "Fiscal Years", this means that your ownership share to be taken in to consideration will be of Two Full financial years. This 2 year period can be anytime in the last 4 years prior to the invitation.

From the information provided on your ownership interest in this business, to fulfill the ownership interest criteria, you will have to wait until you have completed 2 fiscal years with ownership of 30% or more in the business that has a turnover of more than AUD 500,000.

I believe I have answered your question clearly, should you have any further clarification than please do not hesitate to ask.

If you need further services from myself or a registered migration agent, please contact Amy at amy.jacobson@ask-an-agent.com.au or visit https://www.ask-an-agent.com.au/visa-quote - and don't forget to mention your Question ID so that I can keep providing immigration services to you.
I believe you will be given an option to contact me to hire my services once this question has been finalized.