About Business Innovation and Investment (Permanent) visa 888

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Business Innovation and Investment (Permanent) visa 888

Basic Information: Relevant to (Provisional) Visa Holders and Intending Business Migrants
Information Source: Australian Government – Department of Home Affairs

 

This visa Permanent visa (subclass 888) allows you to continue to live, own and manage a business in Australia (the Business Innovation stream), live and continue business and investment activity in Australia (the Investor stream, the Significant Investor stream and the Premium Investor stream) and, live and  continue entrepreneurial activity in Australia (Entrepreneur stream)

The five visa streams are summarised  is as follows:

Business Innovation stream: for people who already hold a Provisional Visa (subclass 188) in this stream to establish, develop and manage a new or existing business in Australia, have satisfied the conditions of that visa and wish to apply for Permanent Residency

Investor stream: for people who already hold a Provisional Visa (subclass 188) in this stream to make a designated investment of at least AUD 1.5 million in an Australian state or territory and maintain business and investment activity in Australia, have satisfied the conditions if that visa and wish to apply for Permanent Residency

Significant Investor stream: for people who old a Provisional Visa (subclass 188) in this stream to invest at least AUD  5 million into complying significant investments in Australia and want to maintain business and investment activity in Australia, have satisfied the conditions of that visa and wish to apply for Permanent Residency

Premium Investor stream: for people who hold a Provisional Visa (subclass 188) in this stream to invest at least AUD 15 million into complying premium investments in Australia and want to maintain business and investment activity in Australia, have satisfied the conditions of that visa and wish to apply for Permanent Residency

Entrepreneur stream: for people who hold a Provisional Visa Subclass 188 in this stream to have a funding agreement from a third party for at least AUD 200 000 to undertake a complying entrepreneur activity that is proposed to lead to either the commercialisation of a product or service in Australia or the development of a business in Australia, have satisfied the conditions of that visa and wish to apply for Permanent Residency

Note: Holding a Provisional visa (subclass 188) is the first stage to qualifying for a Business Innovation and Investment Permanent visa (subclass 888)

Eligibility

General

you are the primary visa holder of a provisional Business Innovation and Investment visa (subclass 188) and have met all the requirements of your Business Innovation and Investment visa in the stream in which you first applied; or
• you are the secondary visa holder who is the spouse or de facto partner of a provisional Business Innovation and Investment visa (subclass 188) holder in the Investor or Business Innovation stream and can meet all the primary criteria requirements of the permanent Business Innovation and Investment visa in the relevant stream; or
• you hold a Special Category visa (subclass 444) and have met the requirements of the business innovation stream; and
• you and your partner have not been involved in any unacceptable business or investment activities

Other Requirements

• you and your partner have a satisfactory record of complying with Commonwealth laws, and of each State or Territory in which you operate a business and employ employees in the business, relating to your business,
• you have been nominated by an Australian state or territory or by Austrade on behalf of the Australian government,
• you and all your family members meet health and character requirements – you do not need to prove this again if you have already done this for the provisional Business Innovation and Investment visa (subclass 188),
• have a realistic commitment to maintain business or investment activities in Australia
• Other requirements depend on the stream in which you held your provisional Business Innovation and Investment visa (subclass 188)

Health

• You must meet certain health requirements. However, most applicants for this visa will not be required to complete additional health examinations

Character

• You must meet certain character requirements. You must be prepared to provide a police certificate from each country you have lived in for 12 months or more during the past 10 years
• This applies to you and all the dependent family members listed in your application, whether they are migrating or not

Debts to Australian Government

• You must have no outstanding debts to the Australian Government or have arranged to repay any outstanding debts to the Australian Government before this visa can be granted

Biometrics

• You might be asked to provide biometrics (a scientific form of identification) as part of the application. Countries and visa subclasses included in the biometrics program has more information
the Australian Government before this visa can be granted

Benefits

• This is a permanent residence visa. It lets you and any family who have also been granted this visa: (Note: to gain entry with you qualifying family must be included in your application)
• stay in Australia indefinitely
• 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) sponsor eligible relatives for permanent residence, travel to and from Australia for 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)

Obligations

• You and your family must comply with all visa conditions and Australian laws

Government

• Government Visa Fees AUD 2,405
•Other costs:

You might have to pay other costs, such as the costs of health assessments, police certificates, or any other certificates or tests. You are responsible for making the necessary arrangements.There is also a fee for additional family members who are coming to Australia with you

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Updated: 23 Sep 2018
Information Source: Australian Government – Department of Home Affairs

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Business Innovation Stream

General

• If you are applying for the Business Innovation stream, you must have been in Australia and held:
• a Business Innovation and Investment (Provisional) visa (subclass 188) in the Business Innovation stream or the Business Innovation Extension stream
• a Special Category visa (subclass 444)
(for at least one year in the two years immediately before you apply
In addition, you must be able to show ongoing business involvement, meet certain financial requirements, and have a history of employing Australian workers)

Other

• Ongoing business involvement:
• You must be able to show that you (or you and your partner together) have:
• had an ownership interest (and continue to have an ownership interest) and a direct and continuous management role in an actively operating main business (or main businesses) in Australia for the two years immediately before you apply
• had an annual turnover of at least AUD300 000 from the main business (or businesses) in the 12 months before you apply. (A nominating state or territory might agree to waive the requirement to show an annual turnover of AUD300 000 if you live and operate business in a specified regional area of Australia)
• owned at least one of the following percentages of the main business (or main businesses) in Australia in the year immediately before you apply:

• 51 per cent of a business with a turnover of less than AUD 400, 000 per year
• 30 per cent of a business with a turnover of AUD 400. 000 or more per year
• 10 per cent of a publicly listed company
• obtained an Australian Business Number for each of your main businesses
• submitted Business Activity Statements to the Australian Taxation Office for the two years immediately before you apply
• not acquired the ownership in your main business (or two main businesses) from a person who was an applicant for, or a holder of, a permanent Business Innovation and Investment visa (subclass 888) or a permanent business skills visa (in subclasses 890, 891, 892 or 893), unless you and that person had a joint interest in the main business for at least one year before you lodge your application for this visa
• You (or your partner, or you and your partner together) must also demonstrate that you have achieved at least two of the following requirements:

• a net value of business assets of at least AUD200 000 in your nominated main business (or two main businesses) in Australia throughout the year immediately before you apply
• a net value of personal and business assets of at least AUD600 000 in Australia throughout the year immediately before you apply
• employed at least the equivalent of two full-time employees in your main business (or main businesses), throughout the year immediately before you apply who are:
• Australian citizens, Australian permanent residents, or holders of valid New Zealand passports
• not members of your family

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Investor Stream

General

• If you are applying for this visa in the Investor stream, you must have been in Australia and held your provisional visa in the Investor stream for at least two of the four years immediately before you apply
• In addition, you (or you and your partner combined) must have held a designated investment with an Australian state or territory for at least four years
• If you applied for your provisional visa (subclass 188) in the Investor stream prior to 1 July 2015, you are eligible to apply for a subclass 888 visa after holding your provisional visa for 3 years and 11 months
• If you applied for your provisional visa after 1 July 2015, you are required to hold your provisional visa for at least 4 years prior to applying for a subclass 888 visa

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Significant Investor stream

General

• If you are applying for a permanent visa (subclass 888) in the Significant Investor stream, you must have held at the time of application:

• a provisional visa (subclass 188) in the Significant Investor stream or in the Significant Investor Extension stream
• You must have been in Australia as the holder of a provisional visa (subclass 188) in the Significant Investor stream or the Significant Investor extension stream for at least 40 days per year (calculated cumulatively) for the period of time you have held your provisional visa(s), or your spouse has been in Australia for at least 180 days per year (calculated cumulatively) on the basis of the period of time the primary applicant has held their provisional visa(s)
• In addition, you (or you and your partner combined) must have:

• held complying investments continuously for at least 4 years while holding your Business Innovation and Investment Provisional visa (subclass 188)
• operated a qualifying business under the private Australian company in which you have made a direct complying investment if applicable
Note: that the rules in force at the time you applied for you original subclass 188 visa in the Significant Investor stream will apply to you when your application for a subclass 888 visa is assessed
If you applied for your provisional visa (subclass 188) in the Significant Investor stream prior to 1 July 2015, you are eligible to apply for a subclass 888 visa after holding your provisional visa for 3 years and 11 months. If you applied for your provisional visa after 1 July 2015, you are required to hold your provisional visa for at least 4 years prior to applying for a subclass 888 visa

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Premium Investor Stream

General

• If you are applying for a permanent visa (subclass 888) in the Premium Investor stream, you must have held a provisional visa (subclass 188) in the Premium Investor stream at the time of application and be nominated by the Commonwealth government
• You must have held your provisional visa for a minimum of 1 year
• You (or you and your partner combined) must have held complying premium investments continuously for at least 1 year, and for the entire time you have held your Business Innovation and Investment (Provisional) visa (subclass 188)

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Entrepreneur stream

General

• If you are applying for this visa in the Entrepreneur stream, you must have been in Australia and held your provisional visa in the Entrepreneur stream for at least two of the four years immediately before you apply
• In addition, you must be able to demonstrate a successful record of entrepreneurial activities in Australia
• A successful record of entrepreneurial activity will be measured by a combination of key success factors and supporting success factors
• You will need to demonstrate the completion of at least two key success factors or a combination of one key success factor and three supporting success factors

Key success factors include:

• Employing two or more Australians, permanent residents or other eligible persons
• Generating an annual turnover of at least AUD300,000
• Filing a provisional patent or acquiring a standard or innovation patent
• Receiving ongoing funding or investment in your entrepreneur activity
• Entering into a partnership with a University
• Selling an entrepreneurial venture for AUD2,000,000

Supporting success factors include:

• Diversifying entrepreneurial activities into other business areas
• Receiving a statement of success from a state or territory government nominator
• Receiving sponsorship from the corporate sector
• Starting at least one other business or contributing to at least two other businesses
• Receiving formal awards or recognition
• Raising or contributing to social capital
Entrepreneurial activities in Australia must not be in one of the following categories:
• Residential real estate
• Labour hire
• Purchase of an existing enterprise or a franchise in Australia

MIGRATION LAWYER | MIGRATION AGENT

Shanthi Silva was admitted as a Lawyer in the Supreme Court of the State of New South Wales, Australia in February 2010. Shanthi is also qualified as a Bachelor of Business with major studies in Industrial Relations and Human Resource Management. Having worked in Government, Industry and Corporate sectors her legal experience includes Compliance law, Industrial Relations and Employment law, and Migration law.

Qualifications
LLB, Grad. Dip Legal Practice
B.BUS (Industrial Relations & Human Resource Management)

LICENCE

Migration Agent

Note: The Australian Government grants Migration Agent Licences to individuals, not corporations. The Migrations Services provided are under the authority of the Migration Agent Licence held by our principal Migration Lawyer, Shanthi Silva.