888 Permanent Business Innovation and Investment Visa

work-visa

The subclass 888 is a permanent residency visa flowing from the 188 Business Innovation and Investment Visa. Applicants can be either in Australia or overseas when at the time that they lodge their applications. The visa also has two streams;

  • Business Innovation Stream: requires you to have established a business in Australia and should meet particular asset and turnover requirements (at least AUD 200 000 in net assets and AUD 300 000 of asset turnover in the past 2 years).
  • The second stream is The Investor Stream: an applicant under this stream must have held an investment in Australia for a minimum of 4 years

To satisfy the Business Innovation Stream requirements, applicants must have at least been in Australia for a minimum of one year before they make an application and have had an ownership interest in the country for the past two years. The business must meet the necessary business eligibility requirements for operating an Australian Business as stipulated by the Australian Securities and Investments Commission, ASIC, such has hold an ABN, registered for tax purposes and has lodged their Business Activity Statements during the entire life of the business.

The Investor Stream requirements are slightly different. Applicants under this stream must hold an Investment Stream Subclass 188 provisional visa. Applicants must have been local in Australia for at least 2 full years in the last 4 years before lodging an application. Further, applicants must have maintained an investment of at least AUD 1.5million in any state or territory for a continuous period of 4 years,

Eligibility

To be eligible for this visa, applicants must meet the following criterion

  • Applicant must be nominated by an Australian State or Territory, the same state or territory that nominated you for the subclass 188 visa.
  • Applicants can however apply for permission to change their nominating state or territory.
  • Applicants must possess a genuine commitment to maintain your business or investment activities in Australia
  • Applicants must have been satisfactorily compliant with Australian laws.