Business Innovation & Investment (Permanent) Visa (Subclass 888)
The Business Innovation and Investment visa (subclass 888) is a permanent visa for entrepreneurs, investors, and business owners to continue their activity in Australia.
Generally, applicants must have held a Provisional Business Innovation and Investment visa (subclass 188) before applying, or one of the following visas:
- Subclass 444 (Special Category) visa;
- Subclass 457 (Business Long Stay) visa.
The Permanent Business Innovation and Investment visa is made up of most of the streams attached to the provisional visa, each an extension of their visa streams. These are:
- Business Innovation stream;
- Investor stream;
- Significant Investor stream;
- Premium Investor stream; and
- Entrepreneur stream.
Subclass 888 holders can work and study while in Australia, and may also sponsor relatives to come to Australia with them.
Visa holders may also take advantage of Medicare benefits, Australia’s public health care system, and apply for Australian citizenship.
Additionally, Subclass 888 holders can travel to and from Australia as many times as they like for 5 years. Visa holders will need to apply for a Resident Return Visa (RRV) to continue travelling afterwards.
Subclass 888 Visa Requirements
Each of the streams have mutual eligibility requirements, which include:
- Be nominated by a State or Territory Government agency;
- Have a realistic commitment to continuing business activities and initiatives;
- Meet the residence requirements;
- Not have been involved in unacceptable business/investment activities;
- Followed Australian laws;
- Have functional English;
- Meet the health requirements;
- Meet the character requirements;
- Sign the Australian values statement;
- Have no debt to the Australian government; and
- Not have had a visa cancelled or previous application refused.
1. Business Innovation Stream
The Subclass 888 Business Innovation stream allows visa holders to continue their business activities started under their provisional visa as permanent residents.
Visa holders must have owned and managed a business in Australia, and met its specific requirements.
Furthermore, visa holders must have an annual business turnover of $300,000 and meet the assets and employees’ requirements.
2. Investor Stream
The Investor stream allows Subclass 888 visa holders to continue their investment activities in Australia permanently.
Visa holders must have held their complying significant investment and their designated investment.
3. Significant Investor Stream
Subclass 888 visa holders can also continue their investment activities in Australia permanently via the Significant Investor Stream.
Visa holders must have held their complying investment or complying significant investment for the required period.
5. Entrepreneur Stream
Entrepreneur Stream allows entrepreneurs to continue their stay in Australia permanently.
Subclass 888 holders must have had a successful record of entrepreneurial activities in Australia while holding the provisional visa.
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Related Blog – Visa Refusals & Cancellations: Administrative Appeals Tribunal (AAT)