Business Innovation and Investment Visa Application | Subclass 888
The Business Innovation and Investment Visa Application is the second stage of the temporary Business Innovation and Investment visa and allows for the 188 holders to continue to manage their business and investments in Australia on a permanent basis.
As the subclass 888 is a permanent visa, it also affords visa holders the ability to stay in Australia indefinitely. The allows holders to work and study unrestricted as well as enrol for the Australian health care scheme and apply for Australia citizenship application when eligible.
To be eligible for the permanent subclass 888 visa, the applicant must have met all the requirements of their temporary 188 visa, been nominated by an Australian state, territory or by Austrade and hold a realistic commitment to maintain business or investment activities in Australia.
An applicant may also apply if they have held a special category (subclass 444) visa.
Business Innovation Stream (BIS)
To apply for the Business Innovation stream of the subclass 888 visa, applicants are required to have held the provisional 188 visa in the equivalent stream or the special category subclass 444 visa for at least one year in the two years immediately before you application.
Applicants must also be able to evidence that they have engaged in ongoing business involvement, meet certain financial requirements, and have a history of employing Australian workers.
To establish ongoing business involvement, the Applicant will need to have ownership interest and held a direct and continuous management role in an actively operating business for at least two years immediately prior to applying for the subclass 888 visa, show an annual turnover of at least AUD300,000 in the 12 months preceding application, obtain an Australia Business Number, have submitted Business Activity Statements to the Australian Taxation Office for the past 2 years, have a net value of business assets of at least AUD200,000 for the previous year, have a net value of personal and business assets of at least AUD600,000 in Australia for the previous year and employ at least two full-time Australian Citizen or Australian Permanent Resident employees.
Investor Stream (IS)
To apply for the Investor stream subclass 888, the Applicant must have held to Investor stream 188 visa for at least 2 of the 4 years prior to applying. The Applicant must also have held the designated Australian investment for at least four years.
Significant Investor Stream (SIS)
To apply for the Significant Investor stream subclass 888, the Applicant must have held a Significant Investor Visa and complied with all conditions of the temporary visa.
The Applicant must have spent at least 40 days per year for the life of the temporary visa, held complying investments for at least 4 years while on the 188 visa and operated a qualifying business under a private Australian company in which there was direct investment.
Premium Investor Stream (PIS)
To apply for the Premium Investor Stream of the 888, the Applicant must have been nominated by the Commonwealth Government and have held the provisional 188 visa for at least 1 year, including at the time of application.
The Applicant must have held complying premium investments continuously for at least 1 year or for the entire time you have held your Business Innovation and Investment subclass 188 visa.
Entrepreneur Stream (ES)
To apply for the entrepreneur stream 888 visa, the Applicant must have been in Australian and held a provisional 188 entrepreneur stream visa for at least 2 of the 4 years prior to applying.
Applicants must be able to evidence the entrepreneurial activities undertaken in Australia and have a successful record associated with said activates by demonstrating two of the following; engaging in the employment of two or more Australian Citizens or Permanent Residents, having an annual turnover of AUD300,000, filing a provisional patent or acquiring a standard or innovation patent, entering into a partnership with a university or selling an entrepreneurial venture for AUD200,000. If an applicant cannot show two of the abovementioned outcomes they can have fulfilled one of these outcomes if they can show that they have achieved three of the following; that the applicant has been able to diversify their entrepreneurial activities into other business areas, receive a statement of success from a State or Territory Government, receive sponsorship from the corporate sector, start at least one other business or contribute to at least two other businesses, receive formal awards or recognition or raising or contributing to social capital.
Other Requirements for Successful Business Innovation and Investment Visa Application
Health: Health examinations may be required to satisfy the health component of a Business Innovation and Investment Visa Application, however most Applicants would have completed the health requirements for the subclass 188 visa and therefore may not be required to complete them again.
Character: The DIBP may also require police clearances from every country that the Applicant has lived in for 12 months or more during the previous 10 years.
Debt: The applicant must have no outstanding debt to the Australian government. If the Applicant of a Business Innovation and Investment Visa is indebted to the government, this must be paid or payment plans must be in place prior to the visa being granted.