Business Innovation and Investment (Permanent) visa- Subclass 888

About the Visa

The Business Innovation and Investment (Permanent) visa (subclass 888) is the second stage of the Business Innovation and Investment (Provisional) visa(subclass 188). You can apply for it after you have fulfilled the requirements of your provisional visa.

 

Who are eligible (Eligibility and requirement)

Basic requirements for all streams:

The candidate might be able to apply for this visa if:

· He/she is the primary visa holder of a provisional Business Innovation and Investment visa (subclass 188) and have met all the requirements of your Business Innovation and Investment visa in the stream in which you first applied; or

· He/she is the secondary visa holder who is the spouse or de facto partner of a provisional Business Innovation and Investment visa (subclass 188) holder in the Investor or Business Innovation stream and can meet all the primary criteria requirements of the permanent Business Innovation and Investment visa in the relevant stream; or

· He/she holds a Special Category visa (subclass 444) and have met the requirements of the business innovation stream; and

· He/she and his/her partner have not been involved in any unacceptable business or investment activities.

· The candidate must meet our health requirement and character requirement.

· The candidate must have no outstanding debts to the Australian Government or have arranged to repay any outstanding debts to the Australian Government before this visa can be granted.

Business innovation stream:

The candidate must have been in Australia and held:

· a Business Innovation and Investment (Provisional) visa (subclass 188) in the Business Innovation stream or the Business Innovation Extension stream

· a Special Category visa (subclass 444)

· For at least one year in the two years immediately before he/she applies.

In addition, the candidate must be able to show ongoing business involvement, meet certain financial requirements, and have a history of employing Australian workers.

Investor stream

· The candidate must have been in Australia and held his/her provisional visa in the Investor stream for at least two of the four years immediately before he/she applies.

In addition, the candidate (or he/she and his/her partner combined) must have held a designated investment with an Australian state or territory for at least four years.

If the candidate applied for his/her provisional visa (subclass 188) in the Investor stream prior to 1 July 2015, he/she is eligible to apply for a subclass 888 visa after holding his/her provisional visa for 3 years and 11 months.

If the candidate applied for his/her provisional visa after 1 July 2015, he/she is required to hold his/her provisional visa for at least 4 years prior to applying for a subclass 888 visa.

The candidate must have held a designated investment of AUD 1.5 million for 4 years

Significant Investor stream

If the candidate is applying for a permanent visa (subclass 888) in the Significant Investor stream, he/she must have held at the time of application:

· The candidate must have held a complying investment of AUD 5 million for 4 years.

· a provisional visa (subclass 188) in the Significant Investor stream or in the Significant Investor Extension stream.

· The candidate must have been in Australia as the holder of a provisional visa (subclass 188) in the Significant Investor stream or the Significant Investor extension stream for at least 40 days per year (calculated cumulatively) for the period of time he/she have held his/her provisional visa(s), or his/her spouse has been in Australia for at least 180 days per year (calculated cumulatively) on the basis of the period of time the primary applicant has held their provisional visa(s).

In addition, the candidate (or he/she and his/her partner combined) must have:

· Held complying investments continuously for at least 4 years while holding his/her Business Innovation and Investment (Provisional) visa (subclass 188).

· Operated a qualifying business under the private Australian company in which he/she has made a direct complying investment if applicable.

Note that the rules in force at the time he/she applied for his/her original subclass 188 visa in the Significant Investor stream will apply to him/her when his/her  application for a subclass 888 visa is assessed

If the candidate applied for his/her provisional visa (subclass 188) in the Significant Investor stream prior to 1 July 2015, you are eligible to apply for a subclass 888 visa after holding his/her provisional visa for 3 years and 11 months. If he/she applied for his/her provisional visa after 1 July 2015, He/she is required to hold his/her provisional visa for at least 4 years prior to applying for a subclass 888 visa.

 Premium Investor stream

If the candidate is applying for a permanent visa (subclass 888) in the Premium Investor stream, He/she must have held a provisional visa (subclass 188) in the Premium Investor stream at the time of application and be nominated by the Commonwealth government.

The candidate must held a complying investment of AUD 15 million for 1 year

The candidate must have held your provisional visa for a minimum of 1 year.

The candidate (or he/she and his/her partner combined) must have held complying premium investments continuously for at least 1 year, and for the entire time he/she have held his/her Business Innovation and Investment (Provisional) visa (subclass 188).

Entrepreneur stream

If the candidate is applying for this visa in the Entrepreneur stream, he/she must have been in Australia and held his/her provisional visa in the Entrepreneur stream for a continuous period of at least four years immediately before he/she applies.

In addition, the candidate must be able to demonstrate a successful record of entrepreneurial activities in Australia.

 

What visa lets you do?

The Business Innovation and Investment (Permanent) visa (subclass 888) allows you to manage your business and investments in Australia.

This is a permanent residence visa. It lets you and any member of your family unit who has also been granted this visa:

· to stay in Australia indefinitely

· to work and study in Australia

· to enroll in Medicare, Australia’s scheme for health-related care and expenses

· to apply for Australian citizenship (if he/she are eligible)

· to sponsor eligible relatives for permanent residence

· To travel to and from Australia for five years from the date the visa is granted (after that time, you will need a resident return visa or another visa to return to Australia).

 

Cost*

From AUD 2350

 

Link: https://www.border.gov.au/Trav/Visa-1/888-

 

* This is the DIBP prescribed cost of the application. This does not include Migration agent’s fees. To obtain the current fees, kindly refer to the above link or DIBP website.

 

Consult migration agent in your area