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.
Who is Eligible for this Visa?
- You are the primary visa holder of a provisional Business Innovation or Investment visa (subclass 188), which are:
– 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.
1. For Business Innovation Stream Visa holder:
You must apply for Sate or Territory Nomination
You have owned a business for the last 2 years and have a strong intention and interest to keep operating the business in Australia;
Provide evidence that 2 out of the 3 following business requirements have been met:
- 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 or businesses (or the businesses of your spouse or de facto partner, or of you and your spouse or de facto partner together) had an annual turnover of at least AUD300,000 in the last 12 months immediately before the application is made.;
- You or your partner (or you and your partner together) must also have achieved at least two of the following 3 business requirements for the last 12 months:
- main business (or businesses) has net business assets of at least AUD 200,000 in Australia continuously for last 12 months
- your net personal and business assets of at least AUD 600,000 in Australia for a period of 12 months prior to the date of the application
- you have employed two full-time employees, who are Australian citizens, permanent residents, or NZ citizens, in your main business.
2. For Investor Stream Visa holder:
You must apply for State or Territory Nomination
- You, or your spouse or de-facto, must have been in Australia and held a provisional visa 188 for at least 2 of the 4 years. This does not need to have been continuous stay;
- You must have maintained your designated investment of AUD1,500,000 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;
- Ou must apply for State or Territory Nomination or Nomination from Austrade
- 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.
- Alternatively, if your spouse or de facto partner is the main applicant they6 must have been in Australia on a Business 188 visa, granted on the basis that you held a subclass 188 visa in the Significant investor stream or the Significant Investor Extension stream, for at least the number of days worked out by adding the results of paragraphs (a) and (b):
(a) 180 multiplied by the number of complete years in the period in which you held a subclass 188 visa in the Significant Investor Stream, and
(b) 180 multiplied by the number of years (if any) (treating a part of a year as one year) in which you held a subclass 188 visa in the Significant Investor Extension stream.
What This Visa Lets You Do?
- Live in Australia indefinitely and enjoy the benefits of being an Australian Permanent Resident;
- Travel in and out of Australia for the five years from the date the visa is granted, if you are in Australia at the time of visa grant, or for the five years from the date of your first entry to Australia on that visa.
- Work, operate a business, study in Australia;
- Buy property with same terms and conditions as Australian citizens;
- Enrol in Medicare, Australia’s scheme for health-related care and expenses
- Apply for Australian citizenship (once you are eligible) by completing the residence requirements in Australia
- Sponsor eligible relatives who are eligible to meet a family visa (for example, partner, parent, child etc) or certain skilled regional visas (subclass 491)
Business Visas are complex. Please contact our team of registered migration experts for immediate advice and assistance.