The Subclass 888 Business Innovation and Investment Visa is a permanent visa and the proceeding visa for the Provisional subclass 188 Business Innovation and Investment visa. Once you have fulfilled the requirements of the Provisional subclass 188 visa through either the Business Innovation or Investment streams, you will now be eligible to apply for the Permanent visa.
Subclass 888 Eligibility Requirements
If you are a holder of the Business Innovation and Investment visa (Subclass 188), you will need to provide evidence to the relevant government entity which nominated you for that visa and ensures your application has not been rescinded. If you did not hold an 188 subclass visa, you would need to submit an expression of interest to the relevant state or territory government agency or Austrade. You may also be able to choose a different nominator than your provisional visa if required.
How Do I Apply for the Business Innovation and Investment Visa Subclass 888?
You can either be in Australia or overseas to lodge this application. The application is an online process. The primary applicant for the 888 Visa must have also been the primary applicant for the 188 Visa. The only exception is if the relationship has ceased for some reason.
You must have completed either stream for the subclass 188 visa. There are four streams depending on which one was applied for provisionally a Business Innovation Stream and several Investor Streams:
The Australian Government offers the opportunity to high net worth individuals to secure Australian visas via investment mechanisms. There are four different streams available under the Business Innovation and Investment programme subclass 188. There are four streams including:
- Business Innovation stream: this stream is for individuals with business skills who want to create, develop or manage a business in Australia.
- Investor stream: this stream is for individuals with a minimum of AUD 1.5million in an Australian state or territory and maintains business and investment activity in Australia.
- Applicants for the above must be nominated by a state or territory government.
Significant Investor stream: is a stream for high net worth individuals to invest AUD 5 million into complying significant investments in Australia and want to maintain business and investment activity in Australia.
- Premium Investor stream: f is a stream for high net worth individuals to invest at a minimum AUD $15 million into complying premium investments in Australia and want to maintain business and investment activity in Australia.
In general, there must be a genuine commitment to maintain business or investment activities in Australia. You must also comply with a satisfactory level to Australian, Commonwealth, State and Territory law.
1. Business Innovation Stream
This has threshold requirements for business in Australian and special asset and turnover requirements. Below are the threshold requirements to meet to obtain the 888 subclass visa.
- You must have resided in Australia for one of the two years before application.
- You have had ownership of an Australian business for one of the two years before the application.
- You business has an ABN and has lodged the appropriate BAS for the last two years.
- The business has turned over at least AUS $300,000 for the last 12 months. With the exception of some regional areas.
Finally, two or the following three requirements must be met before eligibility is confirmed:
- Net assets of the business are least AUD $200,000;
- There are two full-time employees in the business, who are not relatives and are AU and NZ citizens; and
- Your net personal assets are AUD $600,000.
2. Investor Streams (includes Significant and Premium)
This requires a four-year investment process in Australia, and you must have held required bonds. For this option, you must hold an Investment Stream Subclass 188 provisional visa, and meet the following criteria:
- For the two years before obtaining the visa, you must have resided in Australia; and
- You must have maintained the either an AUD$1.5 million, AUD $5 million or AUF $15 million investment in Australian bonds and investments for a continuous four-year period.
It is important that a registered Migration Agent determines your eligibility for the subclass 888 visa. Note that business migration can be extremely complex, and even determining whether you have a good chance of qualifying can be difficult. Also, you may be able to qualify for a number of different business migration categories.
If you would like us to check your likely eligibility for business migration or if you would like us to assist you with your application, you can book a consultation through our website. LegalVision will then provide you with a comprehensive preliminary assessment of your likely eligibility for business migration, and can discuss with you the best way to proceed with your application.