Business Innovation and Investment (Permanent) visa (subclass 888)
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.
|Management Role||In each of the 2 yrs preceding application has maintained direct and continuous involvement in management of the business fr 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:
|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)