• 888 Business Innovation and investment (Permanent) Visa

    Business Innovation and Investment (Permanent) visa

Business Innovation and Investment (Permanent) visa (subclass 888)

Related:

The Business Innovation and Investment visa program (BIIP) will cease, with refunds of the visa application charge provided from September 2024 for those who wish to withdraw their BIIP application.

Requirements

You might be able to get this visa if you are nominated by a state or territory or the Australian government; and

  • hold a provisional Business Innovation and Investment visa (subclass 188) and have met the requirements of that visa in the stream in which you first applied

or

  • hold a Special Category visa (subclass 444) or a Business (Long stay) visa (subclass 457IE) and have met the requirements of the business innovation stream.

Features

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,the Significant Investor stream and the Premium Investor stream).

Subclass 888 Visa – Business Innovation and investment (Permanent)

This is a permanent visa that allows you to live in Australian permanently.

The subclass 888 visa has two Eligibility Streams:

  • The Business Innovation Stream, and
  • The Investor Stream.
Common Criteria for both Eligibility Streams:
  • 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, 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)

Other 188 Visa eligibility streams:

  • B. Investor –

    for people who are willing to invest $1.5 million in an Australian State or Territory bonds

  • D. Premium Investor –

    for people with significant funds who are willing to invest at least $15 million into complying premium investments in Australia.

  • E. Entrepreneur –

    for people who have a funding agreement from a third party for at least AUD200 000 to undertake a complying entrepreneur activity

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.