IT ALLOWS:

The Business Innovation and Investment (Permanent) visa (subclass 888) is the second stage of the Business Innovation and Investment (Provisional) visa (subclass 188). You can apply for it after you have fulfilled the requirements of your subclass 188 visa.

This visa allows applicants to own and manage a business, or conduct business and investment activity, or undertake an entrepreneurial activity in Australia to get a permanent visa.

Role Swapping of 888 visa

“Role swapping” refers to a scenario where the partner of the main applicant applies to be the main applicant for the subclass  888 application.

Role swapping is only permitted for two streams of the Business Permanent Visa – Subclass 888:

  • Business Innovation stream(Innovation); and
  • Investor stream (IV)

ELIGIBILITY & CRITERIA:

Business Innovation stream 888

  • You must have held the subclass 188 visa for at least 3 years
  • There is a Residence Requirement where you must have been in Australia for at least 1 of the 3 years prior to the visa application
  • You must have a current nomination from a State or Territory government agency
  • You have maintained ownership interest in an Australian business(es) for the last 2 years
  • Your business has satisfied ABN and BAS requirements for the last 2 years

Minimum Asset, Employee Appointment and Turnover Requirements for Main Business

The applicant and their spouse or de facto partner must satisfy certain minimum asset, employee appointment and turnover requirements with limited exceptions in order to be eligible to meet the subclass 888 criteria, specifically:

  • Maintain and continued to maintain net value of assets in the main business to the value of at least $200,000 for a period of at least 12 months prior to making the visa application
  • Maintain and continue to maintain a net value of the business and personal assets in Australia of at least $600,000 for a period of 12 months prior to making the visa application
  • The business had a Turnover of at least $300,000 in the last 12 months before the visa application
  • Two full-time employees who are Australian citizens, Australian permanent residents or New Zealand citizens

 Investor Stream 888

At the subclass 888 stage, the applicant must apply again for State or Territory Nomination.

  • The applicant has held the subclass 188 visa for at least 3 years prior to making the visa application
  • The applicant must have been physically present in Australia for at least 2 out of 3 years prior to making the visa application
  • must have a current nomination from a State or Territory government agency
  • the applicant is required to show that they have maintained their Designated/Complying Investment continuously for the duration of their subclass 188

 Significant Investor Stream 888

At the subclass 888 stage, the applicant must apply again for State or Territory Nomination.

  • The applicant has held the subclass 188 visa for at least 3 years prior to making the visa application
  • The main applicant must have been physically present in Australia needs to have been resident for the cumulative total of 40 days per year from when they were granted their subclass 188 visa up until the making of their visa application – that is, they would need to show 160 days of residence within their 4 years of stay
  • The applicant has held their complying investment in accordance with their relevant subclass 188 requirements for the entire period of their visa.

Entrepreneur Stream 888

At the subclass 888 stage, the applicant must apply again for State or Territory Nomination.

The applicant would need to have held a subclass 188 Entrepreneur Stream visa for a period of at least 3 years prior to the date of the application, and to have ‘resided in Australia’ for a period of at least 2 out of 3 years immediately before date of application

The applicant for subclass 888 purposes is required to show that while they have been in Australia under the Entrepreneur Stream, they have an overall successful record of undertaking activities of an entrepreneurial nature.

In determining the success of the applicant’s record, the Department must have regard to the following:

  • The number of Australian citizens and permanent residents that are employed in Australia
  • in relation to the complying entrepreneur activities
  • The level and nature of funding of, or investment in, the activities
  • The annual turnover of businesses related to the activities

Additional success factors include:

  • adapting your 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 1 other business or contributing to at least 2 other businesses
  • receiving formal awards or recognition
  • raising or contributing to social capital

Entrepreneurial activities in Australia can’t be:

  • residential real estate
  • labour hire
  • buying an existing enterprise or a franchise in Australia

WHERE CAN I APPLY FROM:

You can be in or outside Australia​ when you lodge your application (or hold a BVA, BVB, BVC).

CAN I INCLUDE FAMILY MEMBERs:

You can include:

  • Spouses, defacto partners and same-sex partners
  • Dependent children