This is a state-nominated permanent residence visa that allows you to live in Australian permanently. This visa is for business owners and investors who already hold a four-year provisional 188 visa aligned to the visa stream you originally applied for. In this blog we are going to discuss Business Investment and net assets requirements for this visa:
The business investment and net assets requirements for the state nomination and visa under the 888A category.
It’s important to clarify that cash held in the company’s bank account will not meet the criteria for business investment. However, we cannot provide specific examples of how to allocate the business investment, as it is ultimately the decision of the business owner to invest in ways that best suit their business needs.
Net Assets and Job Creation Requirements: To qualify for nomination and visa under the 888A category, you must meet at least two out of the following three requirements:
Please note that “personal assets” refer to items of value owned by the applicant. This is not limited to cash held in a personal account or property acquisition; it may include financial securities, gold and silver, motor vehicles, and other valuable items. The management or dispensation of personal assets in Australia is entirely at the discretion of the applicant.
During the permanent stage of the application, applicants will be required to provide evidence that their personal assets in Australia were held for a minimum of 12 months prior to the application submission.
Creating new jobs in NSW
You must have created a minimum of two new full time equivalent jobs while holding your provisional visa.
Employees must work in your main business (or main businesses) and:
If you purchased an existing business
You must show growth in the business since taking over through either an:
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.
Subclass 888 Visa Application Checklist and Processing Time
SUBCLASS 888 VISA – BUSINESS INNOVATION AND INVESTMENT (PERMANENT) (LEGACY criteria)
What is Day to Day Management for the 888 Business Permanent 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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02 9286 8700