SUBCLASS 888 VISA – BUSINESS INNOVATION AND INVESTMENT (PERMANENT) (LEGACY criteria)

This is a permanent visa that allows you to live in Australian permanently.

The subclass 888 visa has two Eligibility Streams:

• The Business Innovation Stream, and
• The Investor Stream.

For applicants whose provisional visa (188 visa) was nominated before 01 July 2021.

1. Business Innovation Stream – 888 visa:

• Business Activity: You must provide evidence of at least 2 years of continuous qualifying business and demonstrate a commitment to continue your business activity in Australia.
• Ownership Interest: You need to maintain continuous ownership interest in a main business or businesses for at least 2 years prior to application.
• Management Role: You must have been directly and continuously involved in the management of the business at a senior level, making decisions that affect the overall performance and direction of the business for each of the 2 years preceding the application. The business investment must be in property, plant & equipment, inventory, or purchased goodwill.
• Annual Turnover: Your business should have generated at least AUD 300,000 in the 12 months before the application.

In addition, you must meet at least two out of the following three criteria:

1. Net Business Assets in Australia:

Have at least AUD 200,000 in net business assets throughout the 12 months immediately before the application, which were lawfully acquired.

1. Number of Employees:

Have at least 2 full-time employees who are Australian citizens, permanent residents, or New Zealand passport holders, excluding family members, for 12 months prior to the application.

1. Net Total Assets in Australia:

Possess at least AUD 600,000 in net total assets throughout the 12 months ending immediately before the application, which were lawfully acquired.

You also need to provide evidence of compliance with Australian Tax Law, demonstrate a clean business background, and have spent at least 12 months physically in Australia in the previous 2 years as a holder of a 188 visa under the Business Innovation Stream or Extension Stream.

Furthermore, you must hold a Business Innovation visa at the time of application as the primary applicant.

1. Investor Stream – 888 visa:

• Designated Investment: You must provide evidence of holding a designated investment of AUD 1.5 million for a period of 4 years.
• Business or Investment record: You need to provide information about your business or investment activities in Australia, including a summary of activities undertaken in addition to the designated investment, current status, and future plans.
• Residence Requirement & qualifying visa: You must have lived in Australia as a subclass 188 visa holder under the Investor Stream for a total of at least 2 years in the 4 years immediately prior to lodging your 888 visa. The 2-year period in Australia does not need to be continuous.

Failure to meet the residence requirement in the Investor Stream may result in the refusal of your application, regardless of the performance of your business(es).

It’s important to note that immigration regulations can change over time, so it’s always best to consult with an Immigration Lawyer or a registered migration agent for the most up-to-date and accurate information regarding visa requirements and exemptions.

Please call our office on 02 9286 8700 or email: ppmail@ppilaw.com.au

Parish Patience Immigration Lawyers is here to assist if you wish to move to Australia as a skilled worker and require professional advice.

Book a Consultation for Expert Advice on subclass 888 Visa.