The business innovation and investment (permanent) visa (subclass 888) allows individuals to continue their business or investment activity in Australia and live here permanently. Additionally, to be eligible to apply for the permanent visa you must hold the provisional subclass 188 visa through either the:
- business innovation stream;
- investment stream;
- significant investor stream; or
- entrepreneur stream
Accordingly, this article will discuss the essential eligibility requirements for the subclass 888 visa.
Basic Requirements for Subclass 888 Visa
The subclass 888 visa allows holders of the temporary subclass 188 visa to live and stay in Australia permanently. Accordingly, you will need to meet the criteria to qualify for this permanent visa, including that you:
- hold a subclass 188 visa in the business innovation stream, investor stream, significant investor stream or entrepreneur stream;
- have fulfilled the requirements of that visa (including the specific requirements for the stream in which you applied); and
- have a current nomination from a state or territory government agency.
Furthermore, similar to the subclass 188 visa, the subclass 888 visa has different streams in which you can apply, including:
- business innovation;
- investor;
- significant investor; and
- entrepreneur.
Accordingly, you should select the same stream as your subclass 188 visa. The sections below discuss the key criteria for each stream.
Business Innovation Stream
The subclass 888 visa allows 188 visa holders to continue their business activities started under this visa. In general, you must demonstrate that you have had ongoing involvement with your business or businesses before you apply for this visa.
The table below outlines the key requirements to qualify for this stream (NB: you may need to meet additional criteria, based on nomination by the relevant State or Territory government agency)
|
Criteria |
Details |
|
Ownership and management of a business in Australia |
For the two years before your application, you must have:
In addition, for the 24 months before your application, you must own at least:
|
|
Annual turnover |
For the 12 months before your application, you must demonstrate that your main business(es) had an annual turnover of at least $300,000 AUD. However, this may not apply if the nominating state or territory government agency has determined there are exceptional circumstances. |
|
Assets and employees requirement |
For the 12 months before your application, you or your partner (or you and your partner together) must show the following:
|
|
Residence requirement |
You must have lived in Australia for at least one out of three years before your application as a holder of the:
|
Investor Stream and Significant Investor Stream Streams
If you hold a subclass 188 visa under one of the investor streams, the subclass 888 visa allows you to continue your investment activities in Australia permanently. Generally, you must hold a subclass 188 visa in the same stream to be eligible. For example, you must have a subclass 188 visa in the investor stream to apply for a subclass 888 visa in the investor stream, and so on.
The main difference between the two investor streams is the amount of investment and duration of residency required, as highlighted in the table below.
|
Stream |
Investment Requirements |
Residence Requirements |
|
Investor |
When you applied for your subclass 188 visa, you invested $2.5 million AUD in a “complying significant investment” (for invitations received after 1 July 2021) |
You must have lived in Australia for at least two of the four years before your application. |
|
Significant Investor |
When you applied for your subclass 188 visa, you invested $5 million AUD in a “complying significant investment” (for subclass 188 applications made on or after 1 July 2015). To qualify for this visa, you must show that you have held your complying significant investment for the entire period you held your subclass 188 visa. | Generally, you must have lived in Australia for at least 160 days for the last four years, unless you have received extensions. |
Entrepreneur Stream
This stream allows you to continue your entrepreneurial activities started under your subclass 188 visa in the entrepreneur stream.
In addition to having a current nomination, you must have a successful record of undertaking entrepreneurial activities in Australia. Thus, you must demonstrate several “success factors”, which you can find on the Department of Home Affairs website.
You must also ensure that you have resided in Australia for at least two years that you have held the subclass 188 visa.
Additional Requirements
There will be additional requirements from the relevant State or Territory Government or Austrade nomination.
Furthermore, you must show a genuine commitment to continue and maintain your business or investment activities in Australia.
Sponsoring overseas workers as an Australian business is complicated. Let us simplify it for you with this free employer guide.
Key Takeaways
Once you have fulfilled the requirements of the temporary subclass 188 visa, you may be eligible to apply for the subclass 888 permanent visa. Accordingly, this visa allows you to continue your business or investment activities and live permanently in Australia. However, to qualify for the subclass 888 visa, you must ensure that you meet the requirements of one of the eligible streams.
If you need help with business innovation and investment visa, our experienced immigration lawyers can assist as part of our LegalVision membership. For a low monthly fee, you will have unlimited access to lawyers to answer your questions and draft and review your documents. Call us today on 1300 544 755 or visit our membership page.
We appreciate your feedback – your submission has been successfully received.
