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 Works
- 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.
Who is Eligible For This Visa?
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 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. The nominating State or Territory government agecy can waive that requirement.
- You or your partner (or you and your partner together) must also achieved at least two of the following for the last 12 months:
– main business (or businesses) has net business assets of at least AUD 200,000 in Australia.
– net personal and business assets of at least AUD 600,000 in Australia
– have recruited two full-time employees, who are Australian citizens, permanent residents, or NZ citizens, in your main business (or businesses).
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 AUD1.500,000 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
- 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, your spouse or de facto partner must have been i Australia on a business 188 visa, granted o te 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 our by addig 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?
- Stay in Australia indefinitely
- 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 and study in Australia
- Enrol in Medicare, Australia’s scheme for health-related care and expenses
- Apply for Australian citizenship (if you are eligible)
- Sposor elifible relatives for permanent residence
Regardless of the reason, and complications thereof, our experienced immigration consultants are versed with the latest regulations, policy changes, opportunities and trends to provide the most feasible solution.