888 Visa: BUSINESS INNOVATION & INVESTMENT PERMANENT
The subclass 888 visa is a permanent visa that is for those who would like to continue to manage and own a business in Australia. This visa is the second stage of the Business Innovation and Investment (Provisional) visa (subclass 188).
Who Is Eligible For The 888 Visa?
To be eligible for this visa, the applicant must hold a Business Innovation and Investment (Provisional) visa (Subclass 188) and:
- Have met the requirements of the visa in the selected stream in which the applicant first applied
- Be nominated by a state or territory
The applicant does not need to submit a new expression of interest.
What Are The Other Requirements For The 888 Visa?
An application may be successful if the applicant:
- Is the primary holder of a Business Innovation and Investment (Provisional) visa (Subclass 188)
- Has met all the requirements of the stream in which they first applied
- Has not been involved in any unacceptable business or investment activities and have conducted their business lawfully
- Has been nominated by an Australian state or territory
- Meets all the health, age and character requirements
Other requirements may apply.
Business Innovation stream requirements:
If the applicant first applied through the Business Innovation stream, some of the following requirements will apply:
- That they must have been in Australia for at least one year in the two years immediately before the application, as a holder of a Business Innovation and Investment (Provisional) visa (Subclass 188) in the Business Innovation stream
- Must be able to show an ongoing business involvement, which amounts to having an annual turnover of at least AUD $300,000 in the 12 months immediately before the application was made
- Must have upheld a transparent and ongoing relationship with the Australian Taxation Office
The applicant must also have:
- Net value of business assets of at least AUD $200,000; and
- A net value of personal and business assets of at least AUD $600,000; and
- Employed at least the equivalent of two full time employees who are not your family members and have eligible Australian citizenship status
Investor stream requirements:
If the applicant first applied through the Investor stream, some of the following requirements will apply:
- That they must have lived in Australia for at least two in the four years immediately before the application
- Held a designated investment in Australia for at least four years
- A solid record of lawful transactions including regarding taxation, workplace relations and superannuation
- Have not been involved in any unacceptable business activities
- Have a commitment to maintain the business or investment activity in Australia
What Are The Benefits Of The 888 Visa?
This is a permanent visa that allows the applicant to manage their business and investments in Australia. It allows the applicant to:
- Stay, work and study in Australia indefinitely
- Enroll in Medicare
- Apply for Australian citizenship when eligible
- Sponsor eligible relatives for permanent residence
It also allows for the visa applicant to include dependent children and other dependent relatives on the application, if they fulfil the requirements of being a member of the family unit.
Please refer to the Department of Home Affairs website for visa application charges.