Business Innovation & Investment (Permanent) Subclass 888 Visa

The Business Innovation and Investment (Permanent) visa (subclass 888 visa) is the second stage of the 188 visas, the applicant can apply for the 888 visas if they meet the requirement of their provisional 188 visas.

To be eligible to apply for the 888 visa the applicant must hold a relevant stream of subclass 188 visa, or a Special Category visa (subclass 444 visa), or Business(Long Stay(Subclass 457)) visa.

The applicant has submitted the expression of interest before while lodging their application for 188 visa and get nominated by state or territory, so for 888 visa you are not required to submit another EOI (expression of interest) but you must have to be remain nominated by the state or territory government agency or Austrade. If the nominating state or territory government agency withdrawn the nomination

The Business Innovation and Investment Permanent visa (Subclass 888 visa) is a permanent residency visa that provides certain benefits to the applicant and their family, such as:

• 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
• Allowed to enrol in Medicare, Australia’s health care scheme
• An applicant can apply for Australian citizenship, if eligible.
• The applicant can sponsor eligible family members and relatives for permanent residence
• An applicant can travel in or out of Australia for upto 5 years.
• An applicant can qualify for a Special Benefit from Centrelink if he/she suffering a major change of circumstances that is beyond their control.

Before checking into stream specific requirements you must have to meet the general requirements to be eligible for the Business Innovation and Investment (Permanent) visa (subclass 888 visa), such as:

• The applicant is provisional Business Innovation and Investment (subclass 188 visa) visa holder and met all the requirements in the stream they have applied for 188 visa, Or
• The candidate is a secondary visa holder such as: spouse or de facto of the visa holder of provisional business innovation and investment visa (subclass 188) and meeting all the primary criteria of the stream they have applied first, Or
• The applicant is holding the Special Category (subclass 444) visa , or holding a business (Long Stay) visa (subclass 457IE) and meeting all the primary criteria of the business innovation stream; and also
• The applicant and the partner applying for the must not be involved in any kind of unacceptable activity. You might be required to provide the information of your family members not involved in any unacceptable activity, and

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 to apply for the Business Innovation stream under Business Innovation and Investment (Permanent) visa (subclass 888 visa). You must have held the business Innovation and Investment (Provisional) visa (subclass 188) in the Business Innovation stream or the Business Innovation Extension stream, or holders of a subclass 444 (Special Category) visa, or certain holders of a subclass 457 (Business (Long Stay) visa. Also, you must have to meet the certain requirements mentioned below, such as:

• 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

Business OwnerShip Requirement:

To be applicable you must meet the business ownership requirement, by the time you have apply you must have immediately for 2 years evidence of:

• The applicant had, and continue to have, an ownership interest in up to two main businesses in Australia
• The applicant had a direct and continuous management role in that business or businesses
• The applicant must have submitted the Business Activity Statements to the Australian Taxation Office
• The applicant must show the Australian Business Number for each of your main businesses

The applicant must have ownership of at least 1 or, 2 businesses that had a minimum turnover of $300,000 AUD for at least 2 years in the last 4 fiscal years.

Either you have 1 or 2 business, you must have 1 business with at least:

• 51% total value of the business if your business turnover is less than $400,000 AUD per year.
• 30% total value of the business if your business turnover is at least or more than $400,000 AUD.
• 10% total value of the business if your business is operated by the publicly listed company.

You must have provided the services rather than general management of the business if your business provides professional services, technical services, or trade services.

Annual Turnover Requirement:

The main business of the applicant, partner of the applicant, or applicant and partner both combined must have at least $300,000 AUD Annual turnover in the previous 12 months immediately before you apply.

The applicant might not be required to show evidence of annual turnover if nominating state or territory government determined because of exceptional circumstances

Assets and employees Requirement:

The applicant must provide evidence of 2 of the following for 12 months immediately before applying:

• The proof of assets of the net value of at least $200,000 AUD in their main business (or 2 main businesses) in Australia.
• The applicant is required to show proof of having personal or business asset of at least $600,000 AUD net value in Australia
• The applicant is required to provide evidence of having at least two employees in their main business

If you are going with the employee rule you have to make sure that the employee in your main business must be an Australian citizen, Australian permanent residence, or valid New Zealand passport holder, the employee must not be family members or relative of the applicant.

Minimum residence Requirement:

The applicant must be present in Australia for at least 1 years, in the previous two years lodging their application. However, If the applicant is stuck overseas under covid 19 circumstances, the time spent overseas will be count as being in Australia if the applicant is holding Business Innovation and Investment (Provisional) visa (subclass 188) Business Innovation stream or business Innovation Extention stream. To be eligible for the covid 19 concession the visa must have been granted on or before 30 June 2019.

The Investor stream under Business Innovation and Investment (Permanent) visa (subclass 888 visa) lets you continue your investment activities in Australia permanently. However, you must have held the Business Innovation and Investment (provisional) visa (subclass 188 visa) under the Investor stream; Also, you must have to meet the certain requirements mentioned below, such as:

• Have held your designated investment, and
• Meet the minimum residency requirement

Designated Investment Requirement:

When the applicant has applied for Business Innovation and Investment (provisional) visa (subclass 188 visa) Investor Stream they have invested $1.5 million AUD in the state or territory government agency in Australia. This is called “designated investment”.

The applicant must have held their designated investment for at least 4 years if 188 provisional visa was granted after 1 July 2015, or held the designated investment for at least 3 years and 11 months if the 188 visa (provisional) was granted before 1 July 2015.

Covid-19 Concession:

The Arrangements are in place for provisional visa holders who may have been disadvantaged as a consequence of the COVID-19 pandemic.

You will continue to meet designated investment requirements if:

• The applicant first withdrew funds from, or cancelled your designated investment during the ‘COVID-19 concession period’; and
• The applicant was physically resident in Australia for at least 2 years immediately before this occurred; and
• applicants designated investment had been held continuously in your name, or in the names of yourself and your spouse or de facto partner together during that time; and
• The applicant did not withdraw funds from, or cancel your designated investment other than during the ‘COVID-19 concession period’.
• The applicant must also hold or have held a Subclass 188 (Business Innovation and Investment (Provisional)) visa that was granted on or before 30 June 2019.

Residence Requirement:

The applicant must have lived for at least 2 years out of 4 years as the visa holder of a Business Innovation and Investment (Provisional) visa (subclass 188) in the Investor stream, immediately before applying for a Business Innovation and Investment (Permanent) visa (subclass 888) in the Investor stream unless covid-19 concession applies.

Covid-19 concessions:

During Covid-19 Pandemic, If the applicant is stuck overseas under covid 19 circumstances, the time spent overseas will be count as being in Australia if the applicant is holding Business Innovation and Investment (Provisional) visa (subclass 188) Investor stream.  To be eligible for the covid 19 concession the visa must have been granted on or before 30 June 2019.

The Significant Investor stream under Business Innovation and Investment (Permanent) visa (subclass 888 visa) lets you continue your investment activities in Australia permanently. However, you must have held the Business Innovation and Investment (provisional) visa (subclass 188 visa) under the Significant Investor stream; Also, you must have to meet the certain requirements mentioned below, such as:

• • Must have held the complying investment for the required time period.
  • Meet the minimum residency requirement

Complying (Significant) Investment Requirement:

When the applicant has applied for Business Innovation and Investment (provisional) visa (subclass 188 visa) Significant Investor Stream they have invested $5 million AUD in the state or territory government agency in Australia as a “Complying investment” or “Complying Significant Investment|

To be Applicable for a Business Innovation and Investment (Permanent) (subclass 888) visa, the applicant, applicants partner, or applicants and their partner (spouse or de facto partner) combined must:

• During the time period of their Business Innovation and Investment (Provisional) (subclass 188) visa they must have held a complying investment ( if the 188 visa was granted before 1 July 2015), or held complying significant investment (if the 188 visa was granted after 1 July 2015)
• Applicants must Inform the Department of Home Affairs about any times the funds have been transferred from one investment to another.

If any part of your investment is or was a direct investment in an Australian proprietary company, then:

• the company must have been a qualifying business for the whole period (if the time period of the direct investment was less than 2 years), or
• The company must be a ‘qualifying  business’ for at least 2 years,(if the time period of the direct investment was 2 years or more), or
• The applicant must have made a genuine attempt to operate the business as a ‘qualifying business’ (If the company has been unable to operate as a ‘qualifying business’)

Note: the investment rules for the significant investment was changed on 1 July 2015, if the applicant has applied after 1 July 2015 the new rules will be implemented on them under  Business Innovation and Investment (Provisional) visa Significant Investment Stream.

Minimum Residency Requirement:

The applicant must have been 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 for a minimum of 40 days per year (calculated cumulatively) for the time period applicant is holding their provisional 188 visa, or the spouse of the main applicant must have to live for a minimum of 180 days per year (calculated cumulatively) on the basis of the time period of the primary applicant has held their provisional 188 visa.

The Premium Investor stream under Business Innovation and Investment (Permanent) visa (subclass 888 visa) lets you continue your investment activities in Australia permanently. However, you must have held the Business Innovation and Investment (provisional) visa (subclass 188 visa) under the premium Investor stream; Also, you must have to meet the certain requirements mentioned below, such as:

• Must have held the complying premium investment for the required time period.

Complying Premium Investment Requirement:

When the applicant has applied for Business Innovation and Investment (provisional) visa (subclass 188 visa) premium Investor Stream they have invested $15 million AUD in a “Complying premium investment”.

To be applicable for the Business Innovation and Investment (Permanent) visa (subclass 888 visa) Premium Investor stream the applicant must have held the investment for a continuous time period of a minimum of 12 months. Or have held the investment the whole time on a provisional visa.

According to the Department of Home Affairs, the investment rules state that the complying premium investment of AUD15 million had to be in any of these options:

• Australian securities exchange listed assets
• Australian government or semi-government bonds or notes
• corporate bonds or notes issued by an Australian exchange listed entity (or a wholly-owned subsidiary of the Australian listed entity), investment-grade rated Australian corporate bonds or notes rated by an AFS licenced debt rating agency
• Australian proprietary limited companies operated to make a profit by providing goods or services to the public, not as a passive or speculative investment, (such as a landlord of residential property, gambling, share trading, or holding property for capital gain)
• real property in Australia excluding residential property
• deferred annuities issued by Australian registered life companies
• state or territory government approved philanthropic contribution

To be an eligible fund, a further requirement is that cash is to be no more than 20% of a fund’s net assets and derivatives are to be used for risk management purposes only.

Premium investors may elect to make a portion or the entirety of their investment by way of a philanthropic donation (endorsed by a state or territory government).

The Entrepreneur stream under Business Innovation and Investment (Permanent) visa (subclass 888 visa) allows the applicant to remain in Australia permanently. However, you must have held the Business Innovation and Investment (provisional) visa (subclass 188 visa) under the Entrepreneur stream; Also, you must have to meet the certain requirements mentioned below, such as:

• The applicant must have a successful record of entrepreneurial activities.
• Must meet the residence requirement.

Record of Successful Entrepreneurial Activity:

The department of Home Affair assesses the main applicant’s entrepreneurial activities by looking at success factors. The applicant is required to provide evidence of 2 key success factors, or 1 key success factors with 3 supporting success factors.

Key success factors include:

• The applicant has employed 2 or more Australian citizens, permanent residents of Australia or other eligible persons
• The applicant has generated an annual turnover of a minimum of $300,000 AUD by their entrepreneurial activities.
• filing a provisional patent or acquiring a standard or innovation patent
• The applicant has to provide the agreement of receiving ongoing funding or investment in your entrepreneur activity
• If the applicant is entering into a partnership with a university
• If the applicant has evidence of selling an entrepreneurial venture for AUD2 million

Supporting success factors include:

• adapting your 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 1 other business or contributing to at least 2 other businesses
• receiving formal awards or recognition
• raising or contributing to social capital

Entrepreneurial activities in Australia can’t be:

• The business in residential real estate
• Hiring labours
• buying an existing enterprise, company or franchise in Australia.

Residence Requirement:

The applicant must have lived for at least 2 years out of 4 years as the visa holder of a Business Innovation and Investment (Provisional) visa (subclass 188) in the Entrepreneur Stream, immediately before applying for a Business Innovation and Investment (Permanent) visa (subclass 888) in the Entrepreneur Stream unless covid-19 concession applies.

Covid-19 concessions:

During Covid-19 Pandemic, If the applicant is stuck overseas under covid 19 circumstances, the time spent overseas will be count as being in Australia if the applicant is holding Business Innovation and Investment (Provisional) visa (subclass 188) Entrepreneur stream.  To be eligible for the covid 19 concession the visa must have been granted on or before 30 June 2019.

• The applicant must have the current nomination by the previously nominating state or territory government agency of Australia.
• The Applicant must obey and respect the Australian laws
• Must meet the functional English language requirement.
• Applicant must not have a history of involvement in an unacceptable activity.
• An applicant has to meet the Health requirement.
• The applicant has to meet the Character requirement.
• Applicant should sign the Australian values statement.
• Must not have any previous debt to the Australian Government.
• The application should not have rejected or refused by DHA on a previous visa application.

Follow Australian Laws

While the time applicant is operating their business in Australia, the applicant and partner of the applicant must have followed Commonwealth laws and the laws of the states or territories where your business operated. This includes laws about taxation, superannuation and workplace relations.

Nomination Requirement:

Applicant must be nominated by a state or territory government agency before getting an invitation to lodge their visa application.

Every state or territory has its own requirement below are the states providing 188-A visas for the business innovation stream, you can follow the link below to test the requirements according to the state.

• Victoria
• South Australia
• Queensland
• Tasmania
• Northern Territory 
• New South Wales
• ACT Australian Capital Territory
• Western Australia.

You will be unable to get the 188-A visa if the state or territory government agency that has nominated you withdrawn the nomination application.

English Language Requirement.

The applicant must have at least a proficient English language, or you might be asked to pay the second instalment of the visa application. However, you can check the English language Requirement according to your visa.

Unacceptable Activity History:

The Department of Home Affairs will not grant you the visa if you or your partner have a previous history of having any kind of involvement in an unacceptable activity.

Health Requirement:

The applicant and their partner applying for the Australian visa must meet the health requirement, your family member might also have to prove evidence of health requirement if The Department of Home Affairs requires.

Character Requirement:

The applicant and their partner, and the family members above 16 years of age applying for the business innovation stream have to provide evidence of character requirement, family members who are not applying might also require to prove the character evidence.

Australian Values Statement:

The applicant and family members who applied for the business innovation stream are 18 years of age or older at the time of lodging the application, the applicants must have read or had explained to you the Life in Australia book. And sign the Australian values Statement to confirm you will obey the Australian laws and respect the Australian way of life.

Have No Debt to the Australian Government.

If the applicant or family member of the applicant owes the Australian government, the debt must be paid or have an agreement before lodging your application or else the application will get rejected.

Cancelled or Rejected Visa:

The applicant might not be eligible if they have previously get rejected or refused the visa by the Department of Home Affairs.