The Australian Government’s decision to close the Business Innovation and Investment Program (BIIP) on 31 July 2024 has disrupted the migration plans of many business owners and entrepreneurs. This change has compelled prospective migrants to explore alternative pathways, such as self-sponsorship under the Subclass 482 (Skills in Demand) visa and small business owner Subclass 491 visas, another potential option could be the New Zealand Business Investor Work Visa.
These alternatives demand investment, legal compliance, and a clear understanding of visa criteria. Engaging a professional migration agent or legal advisor is strongly recommended to increase your chances of success. Book a consultation to evaluate your visa options and pathways here.
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- 888 Business Permanent Visa and Role Swapping
- Visa options for business owners now that 188 visa is closed
- Upcoming Australia Immigration Changes- Business and Investment Visas
Subclass 888 Visa – Business Innovation and investment (Permanent)
The subclass 888 visa has two Eligibility Streams:
- The Business Innovation Stream, and
- The Investor Stream.
- hold a provisional Business Innovation and Investment visa
- have met the requirements of that visa (including the specific requirements for the stream in which you first applied)
- are nominated by a state or territory government
| Criteria | The Business Innovation Stream – 888 visa | ||
| Business Activity | Evidence of at least 2 years continuous qualifying business and commitment to continue your business activity in Australia. | ||
| Ownership Interest | Continuous ownership interest in a main business or businesses throughout the period of at least 2 years preceding application (see 188 visa for detail).
Ownership interest from another previous business skills visa applicant or visa holders may not be eligible to apply. |
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| Management Role | In each of the 2 yrs preceding application has maintained direct and continuous involvement in management of the business, day to day at a senior level, and has made decisions affecting the overall performance and direction of the business. | ||
| Annual Turnover | At least A$300,000 in the 12 months before application. | ||
Applicant must meet two out of the three of the following criteria: |
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| 1) Net Business Assets in Australia | At least A$200,000 throughout the 12 months immediately before application was made; and continue to have that and were lawfully acquired. | ||
| 2) Number of Employees | At least equivalent 2 full-time employees in business who are Aust citizens, PR or NZ passport holders, but not including MFU’s for 12 mths prior to application. | ||
| 3) Net Total Assets in Australia | At least A$600,000 throughout the 12 months ending immediately before the application was made; and continue to have that, and were lawfully acquired | ||
| Evidence of compliance with Aust Tax Law | Must demonstrate that each business has an ABN and all BAS have been lodged for the 2 year period in business. | ||
| Presence in Australia | At least a total of 12 months in the previous 2 years physically in Aust immediately prior to application as holder of a 188 holder under the Business Innovation Stream or Extension Stream. | ||
| Business Background | No record of involvement in activities not generally acceptable in Australia. | ||
| Qualifying visa | Must hold a Business Innovation visa at time of application as the primary applicant. | ||
| Criteria | The Investor Stream – 888 visa | ||
| Designated Investment | Evidence you have held a Designated Investment of A$1.5 million for 4 years. | ||
| Business or Investment record | Provide information of your business or investment activities in Australia. e.g. a summary of any activities undertaken in Australia in addition to holding the Designated Investment to current date and include future plans. | ||
| Residence Requirement & qualifying visa | You must have lived in Australia as a subclass 188 holder under the Investor Stream for a total of at least 2 years in the 4 years immediately prior to lodging your 888 visa. The 2 year period in Australia does not need to be continuous.
Failure to meet this criterion may lead to your application being refused regardless of the performance of your business(es) |
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Other 188 Visa eligibility streams:
Note that business migration can be extremely complex, and even determining whether you have a good chance of qualifying can be difficult. In addition, you may be able to qualify in a number of different business migration categories.
Contact us today for a commitment free briefing with our Registered Migration Agents in Melbourne to find more about your visa options.
