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

 Australia is known for its vibrant business landscape and is considered one of the most attractive destinations for entrepreneurs, investors, and business owners from all over the world. The Business Innovation and Investment (permanent) visa (subclass 888) is one of the many initiatives by the Australian government to encourage foreign investment and entrepreneurship in the country. This visa provides a pathway for successful business owners and investors to obtain permanent residency in Australia, allowing them to continue growing their businesses and contributing to the country's economy. The subclass 888 visa is highly regarded by business professionals due to the many benefits it provides, including the ability to live and work in Australia indefinitely, access to world-class education and healthcare, and eligibility for Australian citizenship. In this article, we will take a closer look at the requirements, benefits, and application process of the Business Innovation and Investment (permanent) visa (subclass 888).

What is the Business Innovation and Investment (permanent) visa (subclass 888)?

The Business Innovation and Investment (permanent) visa (subclass 888) is a permanent residency visa for individuals who have held a Business Innovation and Investment (provisional) visa (subclass 188) and have met the requirements for permanent residency in Australia. This visa is designed for entrepreneurs, investors, and business owners who wish to continue living and growing their businesses in Australia, without the need to reapply for visas every few years. With the subclass 888 visa, individuals and their families can enjoy the stability and security of permanent residency in Australia, which provides access to various benefits, including healthcare, education, and social services.

There are several streams under the subclass 888 visa, including:

1. Business Innovation Stream: This stream is for individuals who have established and operated a business in Australia for at least two years while holding a subclass 188 visa in the Business Innovation stream.
2. Investor Stream: This stream is for individuals who have held a designated investment of AUD2.5 million for at least four years while holding a subclass 188 visa in the Investor stream.
3. Significant Investor Stream: This stream is for individuals who have held complying significant investments of at least AUD5 million for at least four years while holding a subclass 188 visa in the Significant Investor stream.
4. Premium Investor Stream: This stream is for individuals who are nominated by Austrade and have invested at least AUD15 million in Australia.
5. Entrepreneur stream: This stream is for individuals who have a funding agreement from a third party of at least AUD 300,000 to undertake entrepreneurial activities in Australia.

It is important to note that the subclass 888 visa is not available to individuals who have not held a provisional Business Innovation and Investment visa (subclass 188). Additionally, the subclass 888 visa is only available to individuals who meet the eligibility requirements for the visa stream they are applying for, which include the Business Innovation Stream, Investor Stream, Significant Investor Stream, and Premium Investor Stream. The subclass 888 visa is also not a work visa, and individuals who wish to work in Australia must obtain the appropriate work visa. Finally, it is important to note that the subclass 888 visa does not guarantee Australian citizenship, and individuals must meet the eligibility requirements to apply for citizenship.

Benefits of the subclass 888 visa

The Business Innovation and Investment (permanent) visa (subclass 888) offers numerous benefits to individuals and their families. Perhaps the most significant advantage of this visa is that it provides permanent residency status in Australia. This means that individuals can live, work, and study in the country indefinitely.

As a permanent resident of Australia, individuals are also eligible for the country's national healthcare system, Medicare, which provides access to subsidized medical services. Additionally, permanent residents have access to government-subsidized education, including some of the world's best universities.

The subclass 888 visa also allows individuals to sponsor eligible family members for permanent residency in Australia. This provides families with the opportunity to stay together and build a life in Australia.

For entrepreneurs, investors, and business owners, the subclass 888 visa provides access to a thriving economy and a range of business opportunities. This is particularly beneficial for those who wish to continue growing their businesses in Australia.

Finally, the subclass 888 visa is a pathway to citizenship, as permanent residents are eligible to apply for citizenship after meeting the eligibility requirements. Australian citizenship provides additional benefits, such as the right to vote and access to government services and programs.

Eligibility for the subclass 888 visa

To be eligible for the subclass 888 visa, you must have held a subclass 188 visa in the Business Innovation, Investor, or Significant Investor stream for a minimum of two years, and have complied with the conditions of that visa. You must also meet the eligibility requirements for the subclass 888 visa stream you are applying for.

Business Innovation stream

To be eligible for the Subclass 888 visa under the Business Innovation stream, you must first have held a Subclass 188 visa in the Business Innovation stream for at least three years. Alternatively, you can hold a Special Category visa (subclass 444) or a Business Innovation and Investment (Provisional) visa (subclass 188) in the Business Innovation Extension stream. In certain cases, holding a subclass 457 visa may also qualify you. You may also be eligible if you are a secondary visa holder and your spouse or de facto partner is the primary holder of a Business Innovation and Investment (Provisional) visa in the Business Innovation stream or Business Innovation Extension stream.

There are also COVID-19 concessions in place for provisional visa holders who may have been disadvantaged by the pandemic. If you held a Business Innovation and Investment (Provisional) visa (subclass 188) in the Business Innovation stream or Business Innovation Extension stream that expired during the COVID-19 concession period, you can still apply for this visa. The same applies if you were a secondary visa holder and your visa expired during the COVID-19 concession period, and your spouse or de facto partner is the primary holder of a Business Innovation and Investment (Provisional) visa in the Business Innovation stream or Business Innovation Extension stream.

You must have a current nomination from a state or territory government agency, and have owned and managed up to two main businesses in Australia for the two years immediately before you apply. You must also have submitted Business Activity Statements to the Australian Taxation Office and have an Australian Business Number for each of your main businesses. For the 24 months immediately before you apply, you must own at least 51% of the total value of a business with a turnover of less than AUD400,000 per year, or 30% of the total value of a business with a turnover of AUD400,000 or more per year, or 10% of the total value of a business that is operated by a publicly listed company.

If you acquired your main business from someone who applied for or held a Business Innovation and Investment (Permanent) visa or a permanent business skills visa (in subclasses 890, 891, 892 or 893), you must show that you and that person co-owned the business for at least one year before you apply. Your main business or businesses (or the business or businesses of your spouse or de facto partner, or of you and your spouse or de facto partner together) must have had an annual turnover of at least AUD300,000 in the 12 months immediately before the application was made.

You or your partner (or you and your partner together) must show at least two of the following for the 12 months immediately before you apply: assets of AUD200,000 net value in your main business (or two main businesses) in Australia, personal and business assets in Australia of AUD600,000 net value, or equivalent of at least two full-time eligible employees in your main business. If you want to meet the employee rule, your employees must work in your main business (or main businesses), be Australian citizens, Australian permanent residents, or holders of valid New Zealand passports, and not be members of your family.

Finally, you must have followed Commonwealth laws and the laws of the states or territories where your business operated, including laws about taxation, superannuation and workplace relations. Additionally, any dependent applicant aged 18 or older who has less than functional English may have to pay an extra charge. If they can't show that they have at least functional English, they will need to pay the second instalment of the visa.

To apply for a subclass 888 visa, you must submit an Expression of Interest (EOI) through SkillSelect, and then receive an invitation to apply. You will need to provide evidence of your compliance with the conditions of your subclass 188 visa, as well as meet the eligibility requirements for the subclass 888 visa stream you are applying for.

If you are granted a subclass 888 visa, you and your family members included in the application will be able to live, work, and study in Australia permanently. You will also be eligible for Australian citizenship if you meet the eligibility criteria.

Investor stream

To be eligible for the Investor stream, you must hold a Business Innovation and Investment (Provisional) visa (subclass 188) in the Investor stream, either as the primary or secondary visa holder. If you were invited to apply for this visa on or after July 1, 2021, you must have held the visa for at least three years. Additionally, you must have a current nomination from a state or territory, which confirms that your nomination is still valid.

You must have invested AUD2.5 million in a complying significant investment when you were granted your Business Innovation and Investment (Provisional) visa. You must have held this investment for the entire period during which you held your provisional visa and must also inform authorities of any transfers of funds from one investment to another.

If you were invited to apply for a Business Innovation and Investment (Provisional) visa (subclass 188) in the Investor stream before July 1, 2021, you must have invested AUD1.5 million in an Australian state or territory, which we call a 'designated investment'. You must have held this investment continuously in your name or the names of yourself and your spouse or de facto partner together for at least four years if your visa was granted on or after July 1, 2015, or at least three years and 11 months if your visa was granted before July 1, 2015.

You must meet the residence requirement, which means you must have been physically present in Australia for at least two of the four years immediately before you apply if you were invited to apply for your provisional visa before July 1, 2021, or at least two years in the three years immediately before you apply if you were invited to apply on or after July 1, 2021. If you are the secondary visa holder of a Business Innovation and Investment (Provisional) visa (subclass 188), you must have been physically present in Australia for at least two years in the three or four years immediately before you apply, depending on when your spouse or de facto partner was invited to apply for their original Business Innovation and Investment (Provisional) visa.

You and your spouse or de facto partner must not have been involved in any business or investment activities that are unacceptable in Australia. You must have a realistic commitment to continuing your business or investment activities in Australia, and if you operated a business in Australia, you and your partner must have followed Commonwealth laws and the laws of the states or territories where your business operated, including laws about taxation, superannuation, and workplace relations.

Significant Investor stream

To be eligible for the Significant Investor stream, you must hold a Business Innovation and Investment (Provisional) visa (subclass 188) in the Significant Investor stream, either as the primary or secondary holder, unless COVID-19 concessions apply. If you were invited to apply for this visa on or after 1 July 2021, you must have held this visa for at least three years. Alternatively, you can hold a Business Innovation and Investment (Provisional) visa (subclass 188) in the Significant Investor Extension stream, or a Business Innovation and Investment (Provisional) visa (subclass 188) granted on the basis of being the spouse or de facto partner of a person who held a Business Innovation and Investment (Provisional) visa (subclass 188) in the Significant Investor or Significant Investor Extension stream, and you have held this visa for at least three years, provided that the primary visa holder was invited to apply for their visa on or after 1 July 2021, and you have ceased to be the spouse or de facto partner of the primary visa holder, or the primary visa holder has died.

Additionally, you must have a current nomination from a state or territory government agency or Austrade. When you applied for your provisional visa, you gave an expression of interest. A state or territory saw your expression of interest and nominated you. You do not need to provide a new expression of interest, but the state or territory needs to confirm that your nomination is still current.

Furthermore, when you were granted your Business Innovation and Investment (Provisional) visa, you invested AUD5 million in a 'complying investment' or a 'complying significant investment.' To be granted a Business Innovation and Investment (Permanent) (subclass 888) visa, you (or you and your spouse or de facto partner combined) must have held a complying investment or a complying significant investment for the whole period during which you held your Business Innovation and Investment (Provisional) (subclass 188) visa. If any part of your investment was a direct investment in an Australian proprietary company, then it must have been a qualifying business for the whole period if the direct investment was less than 2 years. If the period of the direct investment was 2 years or more, the company was a qualifying business for at least 2 years, or if the company has been unable to operate as a qualifying business, you must have made a genuine attempt to operate the business as a qualifying business.

Finally, you must meet the residence requirement. Unless COVID-19 concessions apply, to be granted a Business Innovation and Investment (Permanent) visa (subclass 888), you (the primary applicant) must have held a Business Innovation and Investment (Provisional) visa (subclass 188) in the Significant Investor stream for a continuous period of 4 years, or a Business Innovation and Investment (Provisional) visa (subclass 188) in the Significant Investor stream and one or more Business Innovation and Investment (Provisional) visa (subclass 188) Significant Investor Extension streams for a continuous period of 4 years, or a Business Innovation and Investment (Provisional) visa (subclass 188) in the Significant Investor stream applied for before 1 July 2015, for a continuous period of 3 years and 11 months. If you are the secondary visa holder of a Business Innovation and Investment (Provisional) visa, and your spouse or de facto partner is the primary holder of a Business Innovation and Investment (Provisional) visa in the Significant Investor stream, you must have held a Business Innovation and Investment (Provisional) visa (subclass 188)

Premium investor stream

To be eligible for the Premium investor stream, you must hold a Business Innovation and Investment (Provisional) visa (subclass 188) in the Premium investor stream, or you must have been the spouse or de facto partner of someone who held this visa in the Premium investor stream, and you have since ceased to be in that relationship. Additionally, you must have held your provisional visa for a continuous period of at least 12 months at the time of applying for the permanent visa.

You must also have a current nomination from Austrade. Before being invited to apply for your provisional visa, you would have submitted an expression of interest that was nominated by Austrade. Austrade needs to confirm that the nomination is still valid for the permanent visa.

Furthermore, you must have held a complying premium investment of AUD 15 million when you were granted your provisional visa, and you must have held this investment for the entire period of your provisional visa. Complying premium investments include assets listed on the Australian Securities Exchange, Australian government or semi-government bonds, corporate bonds or notes issued by an Australian exchange-listed entity, investment-grade rated Australian corporate bonds or notes rated by an AFS licensed debt rating agency, Australian proprietary limited companies operated to make a profit, real property in Australia excluding residential property, deferred annuities issued by Australian registered life companies, state or territory government-approved philanthropic contributions, and eligible funds.

Additionally, you and your partner must not have been involved in any business or investment activities that are considered unacceptable in Australia. You must also have a realistic commitment to continuing your business or investment activities in Australia.

You and any family members who are applying for the visa with you must meet the health and character requirements. You must also have followed Australian laws and meet the Australian values statement requirement. If any dependent applicants who are 18 years or older have less than functional English, they might have to pay an extra charge. If any applicants owe money to the Australian Government, they must have paid it back or have an approved arrangement in place to pay it back. Finally, you must not have had a visa cancelled or a previous application refused while you were in Australia.

Entrepreneur stream

The Business Innovation and Investment (Permanent) visa (subclass 888) in the Entrepreneur stream requires applicants to meet several eligibility criteria. To be eligible for the Entrepreneur stream, you must have held a Business Innovation and Investment (Provisional) visa (subclass 188) in the Entrepreneur stream continuously for at least 3 years if invited to apply on or after 1 July 2021, or 4 years if invited to apply before that date. Additionally, you must have resided in Australia for at least 2 years of the 4 years while holding your provisional visa. You must also have a current nomination from a State or Territory government agency.

To demonstrate a successful record of entrepreneurial activities, you must show at least 2 key success factors, or 1 key success factor and 3 supporting success factors. Key success factors include employing 2 or more Australians, generating an annual turnover of at least AUD300, 000, filing a patent, receiving funding or investment, partnering with a university, or selling an entrepreneurial venture for AUD2 million. Supporting success factors include adapting entrepreneurial activities into other business areas, receiving a statement of success from a nominator, receiving sponsorship from the corporate sector, starting at least one other business, receiving formal awards or recognition, or raising or contributing to social capital. Residential real estate, labor hire, and buying an existing enterprise or franchise in Australia cannot be counted as entrepreneurial activities.

You must meet the residence requirement by having been in Australia for at least 2 out of 4 years as the holder of a Business Innovation and Investment (Provisional) visa (subclass 188) in the Entrepreneur stream if invited to apply before 1 July 2021 or at least 2 years as the holder of a Business Innovation and Investment (Provisional) visa (subclass 188) in the Entrepreneur stream if invited to apply on or after 1 July 2021. You and your spouse or de facto partner must not have been involved in any business or investment activities that are unacceptable in Australia and must have a realistic commitment to continuing business or investment activities in Australia.

You must have functional English, and dependent applicants 18 years old or older who have less than functional English might have to pay an extra charge. All applicants must have followed Australian laws, including laws about taxation, superannuation, and workplace relations. Additionally, you and your family members who apply for the visa must meet the health and character requirements and sign the Australian values statement. Finally, you and your family members must not owe money to the Australian government and must not have had a visa cancelled or a previous application refused.

How to apply for the subclass 888 visa?

To apply for the subclass 888 visa, you must first ensure that you meet the eligibility requirements for the stream of the provisional Business Innovation and Investment visa (subclass 188) that you held. Once you have met these requirements, you can begin the application process by following these steps:

1. Gather all necessary documents: You will need to provide a range of documents to support your visa application, including evidence of your identity, proof of your provisional visa, evidence of your business or investment activity in Australia, and evidence of your commitment to maintaining business or investment activity in Australia. You may also need to provide English language proficiency test results, health and character certificates, and other documents depending on your circumstances.
2. Lodge an Expression of Interest (EOI): Before you can apply for the subclass 888 visa, you must first lodge an Expression of Interest (EOI) through SkillSelect. This is an online system that allows you to express your interest in applying for a skilled visa and provides you with an indication of your eligibility. If you are invited to apply for the visa, you will receive an invitation letter from the Department of Home Affairs.
3. Apply for the visa: Once you have lodged your EOI and received an invitation to apply for the subclass 888 visa, you can begin your visa application. You will need to create an ImmiAccount, which is an online system that allows you to submit and manage your visa application. Once you have completed the application form and paid the application fee, you can submit your application online.
4. Wait for a decision: The processing time for the subclass 888 visa can vary depending on a range of factors, including the complexity of your application and the volume of visa applications being processed at the time. It is important to note that processing times can also be affected by changes to immigration policy or procedures.
5. Provide additional information if requested: If the Department of Home Affairs requires additional information or documents to assess your visa application, they will contact you and provide you with a deadline for submitting the requested information.
6. Receive a decision: If your application is successful, you will receive a letter of approval and will be granted the subclass 888 visa. If your application is unsuccessful, you may have the option to apply for a review of the decision.

It is important to apply for the subclass 888 visa as soon as you are eligible, as processing times can be lengthy. Delaying your application may also put you at risk of not meeting the requirements for the visa if your circumstances change. It is highly recommended that you seek advice from a registered migration agent or immigration lawyer who can provide you with expert guidance on the visa application process. A migration agent can also assist you with preparing and submitting your application and can help you avoid common mistakes that may lead to delays or a visa refusal.

Final thought

In conclusion, the Business Innovation and Investment (permanent) visa (subclass 888) is an excellent option for individuals seeking to invest and innovate in Australia. It allows business owners and entrepreneurs to live and work in Australia permanently while contributing to the country's economy.

To increase your chances of success in obtaining this visa, it is essential to meet the eligibility requirements, which include owning and operating a successful business in Australia for at least two years, meeting the financial and investment criteria, and having a genuine commitment to continue business activities in Australia.

It is also crucial to provide all necessary documentation and evidence to support your application and to seek professional advice if necessary. Additionally, demonstrating your ability to integrate into Australian society and your willingness to abide by the country's laws and values can also improve your chances of success.

In summary, the Business Innovation and Investment (permanent) visa (subclass 888) offers an excellent opportunity for business owners and entrepreneurs seeking to invest and innovate in Australia. By following the eligibility requirements, submitting complete documentation, and seeking professional advice, you can increase your chances of success in obtaining this visa and enjoy the benefits of permanent residency in Australia.