BUSINESS INNOVATION AND INVESTMENT (RESIDENCE) (SUBCLASS 888) VISA
Business Innovation and Investment (Residence) (subclass 888) visa is a permanent residency visa for people who want to continue to own and manage a business in Australia, or to continue business and investment activity in an Australian state or territory. You need to be the primary holder of a provisional Business Innovation and Investment (Provisional) (Subclass 188) Points are not needed or tested and does not require an EoI in SkillSelect, however you do need to:
- have met all the requirements of Business Innovation and Investment (Provisional) (Subclass 188) visa, in the immigration stream in which you first applied;
- not have been involved in any unacceptable business or investment activities;
- be nominated by a State or Territory Government before being invited to apply for this visa.
Applicants may be inside or outside Australia at the time of visa application or grant and must have complied with Australian taxation, workplace and relevant business laws. This visa has the same as Business Innovation and Investment (Provisional) (Subclass 188) visa three streams:
- Business Innovation stream: for a person who wants to establish or develop, own and manage a new or existing business in Australia.
- Investor stream: for a person who is willing to invest at least AUD$1,500,000.00 in a State or Territory Government security and maintain business and investment activity in Australia.
- Significant Investor stream: for a person who is willing to invest at least AUD$5000,000.00 in certain investments in Australia and maintain business and investment activity in Australia.
Each stream of the Subclass 888 visa also has its own criteria that you must satisfy: Business Innovation stream:
- have met the requirement for owning and operating a business in Australia while on the provisional visa;
- You (or your partner, or you and your partner combined) have satisfied 2 out of the 3 following criteria:
- the net value of your assets in the main business (or two main businesses) in Australia is at least AUD200 000 throughout the year immediately before you apply;
- the net value of your personal and business assets in Australia has been at least AUD600 000 throughout the year immediately before you apply;
- have 2 full-time employees;
- you employed, in your main business (or two main businesses), throughout the year immediately before you apply, at least the equivalent of two full-time employees who are:
- Australian citizens, or
- Australian permanent residents, or
- New Zealand passport holders, and
- not your family members.
- have an annual business turnover of AUD300,000;
- have a genuine and realistic commitment to continue in business in Australia;
- have had and continue to have a direct and continuous management role in a main business providing products or services (or two main businesses) in Australia for at least two years immediately before you apply;
- have been in Australia and held the provisional visa in Australia for at least 1 year in the last 2 years.
Please note that the above list is not exhaustive and other criteria may apply. Investor stream:
- have continuously held at least AUD$1,500,000.00 designated investment for four years in the nominating state or territory;
- have a genuine and realistic commitment to continue in business investment in Australia;
- have held the provisional visa in Australia for at least two years in the last four years.
Please note that the above list is not exhaustive and other criteria may apply. Significant Investor stream (or the Significant Investor Extension stream):
- have continuously held a minimum of AUD$5,000,000.00 complying investment(s) for at least four years;
- have been in Australia for a cumulative period of 40 days for each year or part year while holding the provisional visa;
- you have held this visa for a continuous period of at least 4 years. Additionally, you have been in Australia on this visa for a minimum of 160 days in 4 years, 240 days in 6 years (where you have received one extension) and 320 days in 8 years (where you have received two extensions).
Please note that the above list is not exhaustive and other criteria may apply.
