Australia Business Innovation and Investment Visa (subclass 888): Requirements and Application Process

Overview of Australia Business Innovation and Investment (Permanent) Visa (Subclass 888)

If you are looking to invest in Australia and want to become a permanent resident, the Business Innovation and Investment (Permanent) Visa (Subclass 888) might be the right choice for you. This visa allows you to establish a new business or invest in an existing one in Australia, while also giving you the option to live and work in the country permanently.

The subclass 888 visa is a permanent residency visa that is designed for business owners and investors who have already held a provisional Business Innovation and Investment (subclass 188) visa for at least two years. To be eligible for this visa, you must meet certain requirements such as demonstrating a successful business history, meeting health and character requirements, and showing a commitment to continue business or investment activities in Australia.

One of the key benefits of the subclass 888 visa is that it allows you to bring your family members with you to Australia. Your family members can work and study in Australia, and they will also have access to public healthcare and education systems.

Another advantage of the subclass 888 visa is that it provides a pathway to Australian citizenship. After holding this visa for a certain period of time, you may be eligible to apply for citizenship and enjoy all the benefits that come with it.

In summary, the Business Innovation and Investment (Permanent) Visa (Subclass 888) is a great option for those looking to invest in Australia and become permanent residents. With this visa, you can establish or invest in a business while also gaining access to a range of benefits and opportunities.

Streams of Subclass 888 Visa

If you are looking to move to Australia and invest in a business, the Business Innovation and Investment (Permanent) visa (subclass 888) could be the right choice for you. This visa is designed for people who have already invested in Australia or have been nominated by a state or territory government.

Business Innovation Stream

The Business Innovation Stream of the subclass 888 visa is for people who have already held a Business Innovation and Investment (Provisional) visa (subclass 188) in the Business Innovation stream for at least two years and want to continue their business in Australia. To qualify for this visa, you will need to meet certain requirements, including:

  • Owning and operating a business in Australia for at least two years
  • Having a turnover of at least AUD 300,000 per year
  • Employing at least two full-time employees who are Australian citizens or permanent residents

Investor Stream

The Investor Stream of the subclass 888 visa is for people who have already held a subclass 188 visa in the Investor stream for at least four years and want to continue their investment activity in Australia. To qualify for this visa, you will need to meet certain requirements, including:

  • Having a net value of at least AUD 2.25 million
  • Investing at least AUD 1.5 million in an Australian state or territory government bond for at least four years
  • Meeting certain health and character requirements

Significant Investor Stream

The Significant Investor Stream of the subclass 888 visa is for people who have already held a subclass 188 visa in the Significant Investor stream for at least four years and want to continue their investment activity in Australia. To qualify for this visa, you will need to meet certain requirements, including:

  • Investing at least AUD 5 million in complying investments in Australia for at least four years
  • Meeting certain health and character requirements

Premium Investor Stream

The Premium Investor Stream of the subclass 888 visa is for people who are willing to invest at least AUD 15 million in complying premium investments in Australia. To qualify for this visa, you will need to meet certain requirements, including:

  • Having a net value of at least AUD 15 million
  • Being nominated by Austrade
  • Meeting certain health and character requirements

Entrepreneur Stream

The Entrepreneur Stream of the subclass 888 visa is for people who have a funding agreement from a third party for at least AUD 200,000 to undertake a complying entrepreneur activity that is proposed to lead to either the commercialisation of a product or service in Australia or the development of a business in Australia. To qualify for this visa, you will need to meet certain requirements, including:

  • Being under 55 years of age (although a state or territory can waive this requirement if your proposed entrepreneur activity will be of exceptional economic benefit to the nominating state or territory)
  • Having competent English and be able to provide evidence of this
  • Meeting certain health and character requirements

In conclusion, the subclass 888 visa has a range of streams to choose from, depending on your investment and business goals. Each stream has its own requirements and benefits, so it is important to do your research and choose the right stream for you.

Eligibility Criteria

To be eligible for the Australia Business Innovation and Investment (permanent) visa (subclass 888), you must meet certain requirements. These requirements include:

Provisional Visa

You must hold a qualifying visa. This could be a provisional visa in the Business Innovation and Investment program, such as the subclass 188 or 444 visa.

Complying Premium Investment

You must have held a complying premium investment in Australia for at least four years. This could include investments in Australian securities, managed funds, or direct investment in Australian businesses.

Business or Investment Record

You must have a successful record of either business or investment activity in Australia. This could include ownership interest, management role, or entrepreneur activity.

Business Assets

You must have business assets in Australia of at least AUD 800,000.

Assets and Employees Requirement

You must have a net business and personal assets of AUD 2.25 million and an annual business turnover of AUD 1.5 million for at least two of the four fiscal years immediately before you are invited to apply.

English Language Skills

You must meet the English language proficiency requirements.

Health and Character

You must meet health and character requirements.

Genuine Commitment

You must be able to demonstrate a genuine commitment to continuing your business or investment activity in Australia.

Residence Requirement

You must have resided in Australia for at least two of the four fiscal years immediately before you are invited to apply.

It is important to note that meeting the eligibility criteria does not guarantee that your visa application will be successful. The Department of Home Affairs will assess your application on a case-by-case basis.

Investment and Business Requirements

To be eligible for the Business Innovation and Investment (permanent) visa (subclass 888), you must meet certain investment and business requirements. These requirements include complying with the Australian Securities and Investments Commission (ASIC) regulations, having an annual turnover of at least AUD 300,000, and having a successful record of undertaking entrepreneurial activities.

Additionally, you must have a net business asset of at least AUD 800,000 and have made a designated investment of at least AUD 200,000 in an Australian state or territory. You can also make a complying investment of at least AUD 1.5 million in an Australian state or territory for a minimum of four years to meet the investment requirement.

If you have a successful record of undertaking entrepreneurial activities, you can apply for a Business Innovation and Investment (provisional) visa. This visa allows you to own and manage a business in Australia and engage in entrepreneurial activities.

To be eligible for a complying significant investment, you must invest $5 million in an Australian state or territory for a minimum of four years. You can also invest at least $15 million in a complying premium investment to meet the investment requirement.

In summary, to be eligible for the Business Innovation and Investment (permanent) visa (subclass 888), you must have a successful record of undertaking entrepreneurial activities, meet the investment requirements, and comply with ASIC regulations. By meeting these requirements, you can obtain a permanent visa and engage in investment activities in Australia.

Application Process

To apply for the Business Innovation and Investment (permanent) visa (subclass 888), you must first hold a provisional Business Innovation and Investment visa (subclass 188). If you are a subclass 188 holder, you may be eligible to apply for the subclass 888 visa if you meet the requirements.

The application process for the subclass 888 visa involves several steps. First, you must submit an Expression of Interest (EOI) through SkillSelect. Once you receive an invitation to apply, you can submit your application online through the Department of Home Affairs website.

When submitting your application, you must provide all the necessary documents and evidence to support your claims. This includes evidence of your business or investment activities in Australia, as well as evidence of your personal and financial circumstances.

It is highly recommended that you seek the assistance of a registered migration agent or immigration lawyer to help you with your application. They can provide you with expert advice and guidance on the application process, as well as help you prepare and submit your application.

The application fee for the subclass 888 visa is AUD 4,045. This fee is non-refundable, even if your application is unsuccessful. It is important to ensure that you meet all the eligibility requirements before submitting your application to avoid any unnecessary expenses.

Overall, the application process for the Business Innovation and Investment (permanent) visa (subclass 888) can be complex and time-consuming. However, with the help of a registered migration agent or immigration lawyer, you can increase your chances of a successful application.

Financial Requirements

To be eligible for the Business Innovation and Investment (permanent) visa (subclass 888) in Australia, you must meet certain financial requirements. You must have a successful business or investment record and meet the minimum AUD200,000 net business assets in Australia. Additionally, you must have a total net asset of at least AUD800,000, which includes the net total assets in Australia.

You must also comply with Australian taxation law and have a history of complying with relevant laws and regulations. The Australian government requires that you make complying investments in Australia. These investments must be made in a state or territory government bond, Australian Securities and Investments Commission (ASIC) regulated managed funds, or direct investment into Australian proprietary companies.

To prove your financial eligibility, you must provide evidence of your business or investment record, including business and personal income tax returns, financial statements, and bank statements. You must also provide evidence of your net business assets in Australia and net total assets in Australia.

It is important to note that the subclass 888 visa is a permanent visa, which means that you can stay in Australia indefinitely. However, you must continue to comply with Australian laws and regulations, including taxation laws, and make complying investments in Australia. Failure to do so may result in the cancellation of your visa.

Overall, meeting the financial requirements for the Business Innovation and Investment (permanent) visa (subclass 888) in Australia requires careful planning and preparation. It is recommended that you seek professional advice from a registered migration agent or financial advisor to ensure that you meet all the requirements and have the best chance of success.

Residential and Presence Obligations

As a holder of the Australia Business Innovation and Investment (permanent) visa (subclass 888), you are required to fulfill certain residential and presence obligations. These obligations ensure that you maintain your commitment to staying in Australia and investing in the local economy.

Residential Obligations

You are required to maintain your residence in the state or territory that nominated you for at least 2 years after the visa is granted. This means that you must live in the state or territory for a minimum of 2 years. If you decide to move to a different state or territory, you must obtain permission from the state or territory government that nominated you.

Presence Obligations

In addition to the residential obligations, you are also required to meet certain presence obligations. You must spend at least 40 days per year in Australia for the first 3 years after the visa is granted. After the first 3 years, you must spend at least 2 years out of every 5 years in Australia.

Consequences of Non-Compliance

If you fail to comply with the residential and presence obligations, your visa may be cancelled. You may also be barred from applying for any other Australian visa in the future. It is important to note that non-compliance with these obligations may also result in the forfeiture of any Australian state or territory bonds that were required as part of your visa application.

Travel in and out of Australia

You are free to travel in and out of Australia as often as you like while holding the subclass 888 visa. However, you must ensure that you meet the presence obligations outlined above. If you are unable to meet the presence obligations due to extenuating circumstances, you may be able to apply for a waiver of the obligations.

Additional Information

If you are an entrepreneur or investor looking to migrate to Australia, the Business Innovation and Investment (permanent) visa (subclass 888) may be the right option for you. This visa is designed for individuals who own and manage a business or invest in Australia and are looking to stay in the country permanently.

To be eligible for this visa, you must have held a temporary subclass 188 visa, either in the Business Innovation stream or the Investor stream, for at least one year. You must also meet the requirements for the Business Innovation and Investment (permanent) visa (subclass 888) in terms of ownership and management of a business, investment, and funding agreement.

One of the benefits of this visa is that it allows you to bring your family members with you to Australia. Your family members can include your spouse or de facto partner, dependent children, and other dependent family members. They can also apply for work or study visas while in Australia.

If you are an Australian citizen or permanent resident, you can also sponsor an applicant for this visa. State or territory government agencies can also nominate applicants for this visa.

Once you have been granted the Business Innovation and Investment (permanent) visa (subclass 888), you will have the right to stay in Australia permanently. You will also be able to work and study in Australia and apply for Australian citizenship if you meet the eligibility requirements.

As a business owner, you will be required to submit business activity statements to the Australian Taxation Office on a regular basis. You will also need to comply with Australian taxation laws and regulations.

Overall, the Business Innovation and Investment (permanent) visa (subclass 888) is a great option for entrepreneurs and investors looking to migrate to Australia and stay here permanently.

Frequently Asked Questions

What are the requirements for the Business Innovation and Investment (permanent) visa (subclass 888)?

To be eligible for the Business Innovation and Investment (permanent) visa (subclass 888), you must meet certain requirements. You must have held a Business Innovation and Investment (provisional) visa (subclass 188) for at least one year, have been in Australia for at least two years, and have met certain business and investment requirements. You must also meet health and character requirements.

What is the processing time for the subclass 888 visa?

The processing time for the subclass 888 visa varies depending on the individual circumstances. It can take several months to process a subclass 888 visa application. You can check the current processing times on the Department of Home Affairs website.

What is the minimum investment required for a business visa in Australia?

The minimum investment required for a business visa in Australia varies depending on the type of visa. For the Business Innovation and Investment (provisional) visa (subclass 188), you must have at least AUD 200,000 to invest in a business in Australia. For the Business Innovation and Investment (permanent) visa (subclass 888), there is no minimum investment requirement.

What are the changes to the subclass 888 visa?

There have been recent changes to the subclass 888 visa. The changes include changes to the criteria for the visa, including the business and investment requirements. The changes also include changes to the application process and the processing times for the visa.

How can I apply for the subclass 888 visa?

To apply for the subclass 888 visa, you must first hold a Business Innovation and Investment (provisional) visa (subclass 188). You can then apply for the subclass 888 visa online through the Department of Home Affairs website. You will need to provide evidence that you meet the requirements for the visa.

What are the qualifications for the Business Innovation and Investment (provisional) visa (subclass 188)?

To be eligible for the Business Innovation and Investment (provisional) visa (subclass 188), you must meet certain requirements. You must be nominated by a state or territory government, have a successful business career, and have a genuine desire to own and manage a business in Australia. You must also meet health and character requirements.

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