Business Innovation and Investment (Permanent ) visa subclass-888 is permanent visa and that it is the continuation (second phase) of Business Innovation and Investment (provisional) subclass 188 visa.
This visa allows you to:
- Continue to own and manage a business in Australia (the Business Innovation Stream)
- Continue business and investment activity in Australia (the Investor Stream and the Significant Investor Stream).
You can apply for it after you have fulfilled the requirements of your provisional visa.
You do not need to submit a new Expression of Interest to apply for this visa. you have to prove that the government that issued you the nomination has not withdrawn the nomination.
You can apply for this visa if you:
- Hold a provisional Business Innovation and Investment visa (subclass 188)
- Have met the requirements of that visa in the stream in which you first applied
- Are nominated by a state or territory
- You and your partner have a satisfactory record of complying with Commonwealth Laws and those of the state where he operated business
- You and your partner meet health and character requirements
- Have commitment to maintain business or investment activities in Australia
In addition to these, the applicant must meet certain requirements depending up on his category (Business Innovation Stream or Business Investment Stream)
BUSINESS INNOVATION STREAM
You must be able to show that you (or you and your partner together) have:
- Had an ownership interest (and continue to have an ownership interest) and a direct and continuous management role in an actively operating main business (or main businesses) in Australia for the two years immediately before you apply.
- Had an annual turnover of at least AUD 300 000 from the main business (or businesses) in the 12 months before you apply. (A nominating state or territory might agree to waive the requirement to show an annual turnover of AUD 300 000 if you live and operate business in a specified regional area of Australia)
- Owned at least one of the following percentages of the main business (or main businesses) in Australia in the year immediately before you apply:
- 51 per cent of a business with a turnover of less than AUD 400 000 per year
- 30 per cent of a business with a turnover of AUD 400 000 or more per year
- 10 per cent of a publicly listed company
- Obtained an Australian Business Number for each of your main businesses
- Submitted Business Activity Statements to the Australian Taxation Office for the two years immediately before you apply
- Not acquired the ownership in your main business (or two main businesses) from a person who was an applicant for, or a holder of, a permanent Business Innovation and Investment visa (subclass 888) or a permanent business skills visa (in subclasses 890,891, 892 or 893), unless you and that person had a joint interest in the main business for at least one year before you lodge your application for this visa.
- You (or your partner, or you and your partner together) must also demonstrate that you have achieved at least two of the following requirements:
- A net value of business assets of at least AUD 200 000 in your nominated main business (or two main businesses) in Australia throughout the year immediately before you apply
- A net value of personal and business assets of at least AUD 600 000 in Australia throughout the year immediately before you apply
Employed at least the equivalent of two full-time employees in your main business (or main businesses), throughout the year immediately before you apply who are:
- Australian citizens, Australian permanent residents, or holders of valid New Zealand passports
- Not your family members
If you are applying for this visa in the Investor stream, you must have been in Australia and held your provisional visa in the Investor stream for at least two of the four years immediately before you apply.
In addition, you (or you and your partner combined) must have held a designated investment with an Australian state or territory for at least four years.
Benefits of the Visa
- Stay in Australia indefinitely
- Work and study in Australia
- Avail healthcare facilities
- Apply for citizenship (if eligible)
- Sponsor eligible relatives for permanent residence