Think Higher Consultants

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If the nomination is withdrawn, the applicant will no longer be eligible for the 888 visa.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

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.

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.

Types of Business Visas

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.
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.
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.
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: