What is day to day management for the 888 Business Permanent visa?
Do you hold a Subclass 188 Business Innovation and Investment (Provisional) visa? Now that you have the provisional visa, are you unsure about what you have to do to increase your chance of getting the Subclass 888 Business Innovation and Investment (Permanent) visa? We often asked by these clients what they have to do daily to ensure their subclass 888 application is smooth sailing. Here is a summary of things you can do to show daily management of your business while on a 188 visa and for 888 visa purposes.
888 visa Basic Requirements
The general criteria for a subclass 888 visa are as follow:
- Hold the relevant visa, i.e., subclass 188 visa.
- Your state nomination must be current.
- For the 2 years before you apply for the subclass 888 visa, you must own and manage a business in Australia.
- Have an annual business turnover of $300,000 in the 12 months immediately before the application was made.
- You must show at least 2 of the following:
- assets of AUD200,000 net value in your main business (or 2 main businesses) in Australia
- personal and business assets in Australia of AUD600,000 net value
- equivalent of at least 2 full-time eligible employees in your main business
- Complied with Australian law when operating the business.
- Have functional English.
- Must be in Australia for at least 1 in the 2 years immediately before you apply.
- Not involved in unacceptable business activities.
- Have a realistic commitment to continuing the business.
- Meet health and character requirements.
As part of the eligibility for the subclass 888 visa is that you own and manage a business. This involves a direct and continuous managerial role in the business. You will be asked to provide documentation to show that you are actively involved in the business. In preparation for the visa, things to keep in mind include:
Contracts and Business Documents
- Ensure you have the documents proving the purchase of the business.
- If you operate a franchise, ensure that you have the franchise agreements.
- Keep the business contracts you have with your contractors, resellers, and customers.
- Make sure that you keep meeting minutes for meetings as it can be used as evidence.
- Any communication that you have with other businesses or customers (i.e. letters or emails) are essential proof.
- If you have any business documents that you have signed, remember to keep them as it can be used to show that you have participated in the day-to-day management of the company.
- If you are involved in the hiring and recruitment process of the company, ensure that you save all the relevant documents.
- Any documentation that you have which show your involvement with the strategic management of the company, are important to keep and save.
- If you have receipts to show you have made purchases for the company, remember not to throw them away.
- Prepare an organisational chart to show the structure of the company. It must include your position, your staff distribution, the reporting lines, as well as the functional responsibilities.
- Ensure that you submit your employees’ PAYG Summaries to the Department of Home Affairs as part of the evidence to show that you have hired at least 2 workers.
- Make sure that you have an employment contract with the employees. The employment contract should be compatible with Australian employment rules and regulations.
- Prepare the relevant insurance and superannuation documents.
- Have a staff roster ready. It can be used as evidence for the subclass 888 visa.
To be eligible for the visa, you are required to show that you have personal/business assets. Leading up to the visa applications, ensure that you have the documents ready. Some of the documents may include:
- Evidence of property ownership – title deeds
- Valuation certificate
- Mortgage statements
- Loan agreements
- Share and bond registers
- Trust deeds
As you can see, many documents are crucial for the Department to assess your visa applications. Therefore, it is important that you store these day-to-day management documents in one place. With sufficient relevant documents, the application process will be a lot smoother.
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