Business Innovation & Investment (Permanent) Visas (888)

Facebook
Twitter
LinkedIn
WhatsApp
Telegram

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 family members who have also been granted this visa:

  • stay in Australia indefinitely
  • work and study in Australia
  • enroll in  Medicare, Australia’s scheme for health-related care and expenses
  • apply for Australian citizenship (if you are eligible)
  • sponsor eligible relatives for permanent residence
  • 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).
  • sponsor eligible relatives for permanent residence 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).

Subclass 888 – Business Innovation Visa – Residency requirements

Applicants for Subclass 888 visas must usually have been physically present in Australia for a least 1 year in the 2 years immediately before they apply.

During the COVID concession period which commenced on 1 February 2020, time spent overseas may be counted as being time spent in Australia if the applicant held one of the following visas:

  • Business Innovation and Investment (Provisional) visa (subclass 188) Business Innovation stream
  • Business Innovation and Investment (Provisional) visa (subclass 188) Business Innovation Extension stream

The first visa in the Business Innovation and Investment (Provisional) visa (subclass 188) in the Business Innovation stream must have been granted on or before 30 June 2019.

Eligibility for Permanent Residence – Subclass 888A

To qualify for a permanent subclass 888 visa, you would need to meet the following criteria:

  • Own and operate a business in Australia for at least two years prior to the visa lodgement date with annual turnover of at least $300,000 for the 12 months immediately before the lodgment of the visa application.
  • A.)Physically lived in Australia on the subclass 188A visa for at least twelve months within the two years before visa lodgment.

Or

  • B.) 3 years in total
  • Applicants also must meet two of the following three criteria for the last twelve months:
    • Assets of at lest $200,000 in the business.
    • Net personal and business assets of at least $600,000 in Australia.
    • Employed at least two Australian full-time employees in your business in Australia.

Eligibility for Permanent Residence – Subclass 888B

To qualify for the permanent subclass 888 visa, applicants need to meet the following criteria:

  • Been in Australia on the subclass 188B visa for at least two years within the four years prior to visa lodgement
  • Maintained the investment in Australian State or Territory bonds for the last four years.

Eligibility for Permanent Residence – Subclass 888C

To qualify for the permanent subclass 888 visa, applicants need to meet the following criteria:

  • Physically been in Australia on the subclass 188 visa for at least 40 days in a year or totaling 160 days in the four year period prior to SC888 visa application.
  • Maintained the investment in Australian State or Territory bonds for the total period of the visa.

Eligibility for Permanent Residence – Subclass 888E

  • Continuously holding the subclass 188E visa for at least four years
  • Has resided in Australia for at least two years in the four years period
  • Demonstrate successful record of entrepreneurial activities in Australia
  • Need to demonstrate the completion of at least two key success factors or a combination of one key success factor and three supporting success factors
  • Key success factors include:
    • Employing two or more Australians, permanent residents or other eligible persons
    • Generating an annual turnover of at least AUD300,000
    • Filing a provisional patent or acquiring a standard or innovation patent
    • Receiving ongoing funding or investment in your entrepreneur activity
    • Entering into a partnership with a University
    • Selling an entrepreneurial venture for AUD 2,000,000.
  • Supporting success factors include:
    • Diversifying 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 one other business or contributing to at least two other businesses
    • Receiving formal awards or recognition
    • Raising or contributing to social capital.
  • Entrepreneurial activities in Australia must not be in one of the following categories:
    • Residential real estate
    • Labour Hire
    • Purchase of an existing enterprise or a franchise in Australia.
Book your appointments now

Talk to Experts

Need assistance in your next visa application process?

If you need to apply for a visa and want the process as smooth of an experience possible, talk with one our Migration Experts. Alongside their expert knowledge about migration laws they will make sure your application goes through quickly so that all eyes can stay on what really matters you.