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- Business Innovation And Investment Visa - Subclass-888
What is a Business Innovation and Investment – (Permanent) Visa?
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If the nomination is withdrawn, the applicant will no longer be eligible for the 888 visa.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.
Subclass 888 Visa Streams and Requirements
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.
Business Innovation Stream
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.
To be eligible for the Business Innovation stream of the Business Innovation and Investment (Permanent) visa (subclass 888 visa), an applicant must meet the following business ownership requirements:
They must have and continue to have, an ownership interest in up to two main businesses in Australia
They must have a direct and continuous management role in those businesses
They must have submitted Business Activity Statements to the Australian Taxation Office
They must have an Australian Business Number for each of their main businesses
They must have ownership of at least one or two businesses that had a minimum turnover of $300,000 AUD for at least two years in the last four fiscal years.
Additionally, if the applicant has one or two businesses, they must:
Have 51% total value of the business if the business turnover is less than $400,000 AUD per year, or 30% total value of the business if the business turnover is at least or more than $400,000 AUD, or 10% total value of the business if the business is operated by a publicly listed company.
Provide services rather than general management of the business if their business provides professional services, technical services, or trade services.
They must have and continue to have, an ownership interest in up to two main businesses in Australia
They must have a direct and continuous management role in those businesses
They must have submitted Business Activity Statements to the Australian Taxation Office
They must have an Australian Business Number for each of their main businesses
They must have ownership of at least one or two businesses that had a minimum turnover of $300,000 AUD for at least two years in the last four fiscal years.
Additionally, if the applicant has one or two businesses, they must:
Have 51% total value of the business if the business turnover is less than $400,000 AUD per year, or 30% total value of the business if the business turnover is at least or more than $400,000 AUD, or 10% total value of the business if the business is operated by a publicly listed company.
Provide services rather than general management of the business if their business provides professional services, technical services, or trade services.
In order to be eligible for the Business Innovation stream of the Business Innovation and Investment (Permanent) visa (subclass 888 visa), the main business of the applicant, the applicant’s partner, or a combination of both, must have had an annual turnover of at least $300,000 AUD in the 12 months immediately preceding the application.
However, in exceptional circumstances, the nominating state or territory government may determine that the applicant is not required to provide evidence of annual turnover.
However, in exceptional circumstances, the nominating state or territory government may determine that the applicant is not required to provide evidence of annual turnover.
To be eligible for the Business Innovation stream of the Business Innovation and Investment (Permanent) visa (subclass 888 visa), the applicant must provide evidence of two of the following for the 12 months immediately preceding the application:
Proof of assets with a net value of at least $200,000 AUD in their main business (or 2 main businesses) in Australia
Proof of having personal or business assets with a net value of at least $600,000 AUD in Australia
Evidence of having at least two employees in their main business, who must be Australian citizens, Australian permanent residents, or holders of valid New Zealand passports and must not be family members or relatives of the applicant.
Proof of assets with a net value of at least $200,000 AUD in their main business (or 2 main businesses) in Australia
Proof of having personal or business assets with a net value of at least $600,000 AUD in Australia
Evidence of having at least two employees in their main business, who must be Australian citizens, Australian permanent residents, or holders of valid New Zealand passports and must not be family members or relatives of the applicant.
To be eligible for the Business Innovation stream of the Business Innovation and Investment (Permanent) visa (subclass 888 visa), the applicant must have been present in Australia for at least one year in the two years preceding the application. However, if the applicant is unable to travel to Australia due to COVID-19-related circumstances and holds a Business Innovation and Investment (Provisional) visa (subclass 188) Business Innovation stream or business Innovation Extension stream, the time spent overseas will be counted as time spent in Australia. This concession is only available for visas that were granted on or before June 30, 2019.
Investor Stream
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.
To be eligible for the Investor stream of the Business Innovation and Investment (Permanent) visa (subclass 888 visa), the applicant must have invested $1.5 million AUD in a state or territory government agency in Australia, also known as a “designated investment”. The applicant must have held this investment for a minimum period of time, which varies based on when the Business Innovation and Investment (Provisional) visa (subclass 188 visa) was granted:
4 years if the 188 visa was granted after July 1, 2015
3 years and 11 months if the 188 visa was granted before July 1, 2015
COVID-19 CONCESSION:
For those who have been impacted by the COVID-19 pandemic, special arrangements are in place to ensure that they can still meet designated investment requirements. The applicant will continue to meet designated investment requirements if:
The applicant first withdrew funds from, or cancelled the designated investment during the “COVID-19 concession period”
The applicant was physically present in Australia for at least 2 years immediately before this occurred
The designated investment had been held continuously in the applicant’s name, or in the names of the applicant and their spouse or de facto partner together during that time
The applicant did not withdraw funds from, or cancel the designated investment other than during the “COVID-19 concession period”
The applicant holds or has held a Subclass 188 (Business Innovation and Investment (Provisional)) visa that was granted on or before June 30, 2019.
4 years if the 188 visa was granted after July 1, 2015
3 years and 11 months if the 188 visa was granted before July 1, 2015
COVID-19 CONCESSION:
For those who have been impacted by the COVID-19 pandemic, special arrangements are in place to ensure that they can still meet designated investment requirements. The applicant will continue to meet designated investment requirements if:
The applicant first withdrew funds from, or cancelled the designated investment during the “COVID-19 concession period”
The applicant was physically present in Australia for at least 2 years immediately before this occurred
The designated investment had been held continuously in the applicant’s name, or in the names of the applicant and their spouse or de facto partner together during that time
The applicant did not withdraw funds from, or cancel the designated investment other than during the “COVID-19 concession period”
The applicant holds or has held a Subclass 188 (Business Innovation and Investment (Provisional)) visa that was granted on or before June 30, 2019.
In order to be eligible for the Investor stream of the Business Innovation and Investment (Permanent) visa (subclass 888), the applicant must have lived in Australia for at least two years out of the four years as a holder of a Business Innovation and Investment (Provisional) visa (subclass 188) in the Investor stream, immediately before applying for the 888 visa unless a COVID-19 concession applies.
COVID-19 CONCESSIONS:
During the COVID-19 pandemic, if the applicant is unable to travel to Australia due to COVID-19 related circumstances and holds a Business Innovation and Investment (Provisional) visa (subclass 188) Investor stream, the time spent overseas will be counted as time spent in Australia. This concession is only available for visas that were granted on or before June 30, 2019.
COVID-19 CONCESSIONS:
During the COVID-19 pandemic, if the applicant is unable to travel to Australia due to COVID-19 related circumstances and holds a Business Innovation and Investment (Provisional) visa (subclass 188) Investor stream, the time spent overseas will be counted as time spent in Australia. This concession is only available for visas that were granted on or before June 30, 2019.
Significant Investor Stream
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.
To be eligible for the Significant Investor stream of the Business Innovation and Investment (Permanent) visa (subclass 888), the applicant, the applicant’s partner, or the applicant and their partner combined must have held a “complying investment” or “complying significant investment” of $5 million AUD in a state or territory government agency in Australia during the time period of their Business Innovation and Investment (Provisional) visa (subclass 188) in the Significant Investor stream. Additionally, the applicant must inform the Department of Home Affairs about any times the funds were transferred from one investment to another. If any part of the investment is or was a direct investment in an Australian proprietary company, then:
The company must have been a qualifying business for the entire period if the time period of the direct investment was less than 2 years,
The company must have been a “qualifying business” for at least 2 years if the time period of the direct investment was 2 years or more,
The applicant must have made a genuine attempt to operate the business as a “qualifying business” if the company was unable to operate as a “qualifying business”
Note: Investment rules for the Significant Investor stream changed on July 1, 2015, and if the applicant applied after this date, they will be subject to the new rules under the Business Innovation and Investment (Provisional) visa Significant Investment Stream.
The company must have been a qualifying business for the entire period if the time period of the direct investment was less than 2 years,
The company must have been a “qualifying business” for at least 2 years if the time period of the direct investment was 2 years or more,
The applicant must have made a genuine attempt to operate the business as a “qualifying business” if the company was unable to operate as a “qualifying business”
Note: Investment rules for the Significant Investor stream changed on July 1, 2015, and if the applicant applied after this date, they will be subject to the new rules under the Business Innovation and Investment (Provisional) visa Significant Investment Stream.
To be eligible for the Significant Investor stream of the Business Innovation and Investment (Permanent) visa (subclass 888 visa), the applicant must have spent a minimum of 40 days per year (cumulatively) in Australia as the holder of a Business Innovation and Investment (Provisional) visa (subclass 188) in the Significant Investment Stream or the Significant Investor Extension stream. If the applicant’s spouse is the main applicant, they must have spent a minimum of 180 days per year (cumulatively) in Australia during the time period the primary applicant held their provisional 188 visa.
Basic Requirements for All Streams
- 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).
The applicant must have a proficient level of English or may be required to pay a second instalment of the visa application fee.
Specific English language requirements may vary depending on the visa being applied for.
Specific English language requirements may vary depending on the visa being applied for.
The applicant or their partner must not have any history of involvement in unacceptable activities.
The visa may be denied if there is evidence of such activity.
The visa may be denied if there is evidence of such activity.
The applicant and their partner must meet the health requirement set by the Department of Home Affairs.
Family members may also be required to provide evidence of meeting the health requirement.
Family members may also be required to provide evidence of meeting the health requirement.
The applicant, their partner, and any family members over the age of 16 applying for the visa must provide evidence of meeting the character requirement.
Family members who are not applying for the visa may also be required to provide evidence of meeting the character requirement.
Family members who are not applying for the visa may also be required to provide evidence of meeting the character requirement.
The applicant, and any family members over the age of 18 at the time of lodging the application, must read or have explained to them the “Life in Australia” book and sign the Australian values statement to confirm they will abide by Australian laws and respect the Australian way of life.
The applicant or any family members must not owe any debt to the Australian government.
Any outstanding debt must be paid or have an agreement in place before lodging the visa application.
Any outstanding debt must be paid or have an agreement in place before lodging the visa application.
The applicant may not be eligible for the visa if they have previously had a visa application cancelled or rejected by the Department of Home Affairs.