***Please note: Requirements below are prescribed by the Department of Home Affairs (DHA). Before meeting the DHA’s requirements, you will also need to meet the nomination requirements of the state, which sponsored you for your Subclass 188 Visa
The Business Innovation and Investment (Permanent) visa (subclass 888) allows you to manage your business and investments in Australia.
Basic Requirements for Subclass 888 Visa:
The general criteria for a subclass 888 Visa are as follow: · Hold a relevant visa, such as the subclass 188 Visa.
· Maintain current state nomination.
· Own and manage a business in Australia for at least 2 years before applying.
· Have an annual business turnover of $300,000 in the 12 months immediately before the application was made.
Net assets and job creation
You must meet at least two of the following three requirements:
a. Assets of AUD 200,000 net value in your main business(es) in Australia.
b. Personal and business assets in Australia of AUD 600,000 net value.
c. Your business(es) employed at least the equivalent of two full-time employees (who are not family members) throughout the last 12 months.
· Comply with Australian laws while operating the business.
· Have functional English proficiency.
· Be present in Australia for at least 1 year out of the 2 years immediately before applying.
· Not be involved in unacceptable business activities.
· Demonstrate a realistic commitment to continuing the business.
· Meet health and character requirements.
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Documents for Day-to-Day Management:
As part of the eligibility for the subclass 888 visa is that you own and manage a business. This involves a direct and continuous managerial role in the business. You will be asked to provide documentation to show that you are actively involved in the business. In preparation for the visa, things to keep in mind include:
Contracts and Business Documents:
· Purchase documents for the business.
· Franchise agreements (if applicable).
· Contracts with contractors, resellers, and customers.
· Meeting minutes as evidence of your involvement.
· Communication records (letters or emails) with other businesses or customers.
· Signed business documents showing participation in day-to-day management.
· Hiring and recruitment documents.
· Documentation showing involvement in strategic management.
· Receipts for company purchases.
· Organizational chart demonstrating company structure, including positions, staff distribution, reporting lines, and responsibilities.
· Submit PAYG Summaries of employees to the Department of Home Affairs.
· Employment contracts compliant with Australian employment regulations.
· Relevant insurance and superannuation documents.
· Evidence for employee permanent residence-visa grant letter or VEVO
· Staff roster.
· Employee start date
· Employee last date (if applicable)
· Weekly work hours
· Annual wages
· Evidence of property ownership (title deeds).
· Valuation certificates.
· Mortgage statements.
· Loan agreements.
· Share and bond registers.
· Trust deeds.
It is advisable to keep all these documents in one place to ensure a smoother visa application process. Remember that the relevant state and the Department of Home Affairs will assess these documents to evaluate your eligibility for the subclass 888 Visa.
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: firstname.lastname@example.org
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.
You can be confident in your decision to get assistance from Parish Patience as an immigration lawyer. Our team of experts will provide you with the best service and advice possible for all visa needs, so don’t hesitate any longer!
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