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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If the nomination is withdrawn, the applicant will no longer be eligible for the 888 visa.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.
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.
However, in exceptional circumstances, the nominating state or territory government may determine that the applicant is not required to provide evidence of annual turnover.
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.
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.