Business Innovation And Investment Visa –
Subclass 888 (Permanent)
This Visa is designed for people hold a provisional Business Innovation and Investment visa (subclass 188) and have met the requirements of that visa in the stream in which you first applied.
How This Visa Work?
- You are the primary visa holder of a provisional Business Innovation and Investment visa (subclass 188):
– Business Innovation Stream – Subclass 188
– Investor Stream – Subclass 188
– Significant Investor Stream- Subclass 188
- Have met all the requirements of your provisional Business Innovation and Investment visa in the stream in which you first applied.
- Be nominated by a state or territory government before being invited to apply for this visa.
- Have a realistic commitment to maintain business or investment activities in Australia.
Related Visa Types:
- Business Innovation Stream – Subclass 188 (Provisional)
- Investor Stream – Subclass 188 (Provisional)
- Significant Investor Stream – Subclass 188
- Business Innovation and Investment Visa – Subclass 888 (Permanent)
Who Is Eligible For This Visa (Requirements)?
1. For Business Innovation Stream Visa holder:
Provide evidence that –
- You have owned a business and have the intention and interest to keep operating the business in Australia for the last 2 years.
- Your main business has an Australian Business Number (ABN) and you have submitted Business Activity Statement regularly to the Australian Taxation Office in the last two years.
- Your main business has had an annual turnover of at least AUD300,000 for the last 12 months.
- You must also achieved at least two of the following for the last 12 months:
– Your main business has net business assets of at least AUD 200,000 in Australia.
– You have a net personal and business assets of at least AUD 600,000 in Australia
– You have recruited two full-time employees, who are Australian citizen, permanent residents, or NZ citizen, in your main business.
2. For Investor Stream Visa holder:
- You must have been in Australia and held your provisional visa for at least 2 of the 4 years.
- You must have maintain your designated investment of AUD1.5000,000 with an Australian state or territory for at least 4 years.
3. For Significant Investor Stream Visa holder:
- You must hold a subclass 188 visa in the Significant Investor stream Visa for a continuous period of at least four years
- You must have held your AUD5,000,000 in complying investments over the 4 years;
- You must have been in Australia on Significant Investor stream Visa for a minimum of 160 days, or the equivalent of 40 days per year the visa was held.
What This Visa Lets You Do?
- Stay in Australia indefinitely
- Travel in and out of Australia for the five years from the date the visa is granted (after that time, you will need a Resident Return Visa or another visa to return to Australia);
- Work and study in Australia
- Enrol in Medicare, Australia’s scheme for health-related care and expenses
- Apply for Australian citizenship (if you are eligible)