- Migration
- Business Visa
- Business Innovation And Investment Visa - Subclass-888
Business Innovation And Investment Visa - Subclass-888
The Business Innovation and Investment (Permanent) visa, also known as the subclass 888 visa, is the second stage of the 188 visa process. To be eligible to apply for this visa, the applicant must currently hold a relevant subclass 188 visa, a Special Category visa (subclass 444), or a Business (Long Stay) visa (subclass 457). The applicant must also have previously submitted an expression of interest and have been nominated by a state or territory government agency or Austrade.
If the nomination is withdrawn, the applicant will no longer be eligible for the 888 visa. It is important to note that the applicant is not required to submit another expression of interest when applying for the 888 visa, as they have already done so while applying for the 188 visa. The applicant must, however, continue to remain nominated by the state or territory government agency or Austrade in order to be eligible for the 888 visa.
Benefits
- The applicant can continue managing their business and investments in Australia.
- The applicant is allowed to stay in Australia indefinitely.
- The applicant can work and study in Australia.
- The applicant can enroll in Medicare, Australia's health care scheme.
- The applicant can apply for Australian citizenship, if eligible.
- The applicant can sponsor eligible family members and relatives for permanent residence.
- The applicant can travel in or out of Australia for up to 5 years.
- The applicant can qualify for a Special Benefit from Centrelink if experiencing a major change of circumstances beyond their control.
Benefits
Before assessing eligibility for the specific streams of the Business Innovation and Investment (Permanent) visa (subclass 888 visa), applicants must first meet the general requirements for the visa.
- The applicant is a holder of a provisional Business Innovation and Investment (subclass 188) visa and has met all requirements for the stream they applied for on their 188 visa.
- The applicant is a secondary visa holder such as a spouse or de facto partner of the holder of a provisional Business Innovation and Investment visa (subclass 188) and has met all primary criteria for the stream they applied for.
- The applicant holds a Special Category (subclass 444) visa or a Business (Long Stay) visa (subclass 457) and has met all primary criteria for the business innovation stream.
- Both the applicant and their partner must not be involved in any unacceptable activity, and may be required to provide information regarding family members who are not involved in any unacceptable activity.
If you meet the above requirements you must check the primary criteria according to your previous stream.
Same as 188 visa, the 888 visa also has 5 main streams and the requirement to apply according to certain streams are slightly different, you have to meet the requirements under the stream you are holding the previous visa.
To be eligible for the Business Innovation stream of the Business Innovation and Investment (Permanent) visa (subclass 888 visa), an applicant must have previously held a Business Innovation and Investment (Provisional) visa (subclass 188) in the Business Innovation stream or the Business Innovation Extension stream or held a subclass 444 (Special Category) visa, or certain holders of subclass 457 (Business (Long Stay) visa. Additionally, the applicant must meet certain requirements as outlined below.
- Applicant must have business ownership.
- Have an annual turnover of $300,000AUD.
- Meet the assets and employees requirement.
- Applicant must meet the minimum residence requirement to apply for 888 visa.
The Investor stream of the Business Innovation and Investment (Permanent) visa (subclass 888 visa) allows applicants to continue their investment activities in Australia permanently. To be eligible for this stream, the applicant must have previously held a Business Innovation and Investment (Provisional) visa (subclass 188) under the Investor stream and meet the following requirements:
- Have held a designated investment.
- Meet the minimum residency requirement.
The Significant Investor stream of the Business Innovation and Investment (Permanent) visa (subclass 888 visa) allows applicants to continue their investment activities in Australia permanently. To be eligible for this stream, the applicant must have previously held a Business Innovation and Investment (Provisional) visa (subclass 188) under the Significant Investor stream and meet the following requirements:
- Have held a complying investment for the required time period.
- Meet the minimum residency requirement.
- The applicant must have a current nomination from a state or territory government agency in Australia.
- The applicant must abide by and respect Australian laws.
- The applicant must meet the functional English language requirement.
- The applicant must meet the health requirements.
- The applicant must not have any history of involvement in unacceptable activities.
- The applicant must meet the health requirements
- The applicant must sign the Australian values statement.
- The applicant must not have any outstanding debts to the Australian government.
- The applicant's previous visa application must not have been rejected or refused by the Department of Home Affairs (DHA).