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

Features

The Business Innovation and Investment (permanent) visa (subclass 888) lets you do the following:

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)
continue entrepreneurial activity in Australia (Entrepreneur stream)

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) and have met the requirements of the business innovation stream

The Business Innovation and Investment (Permanent) visa (subclass 888) is the second stage of the Business Innovation and Investment (Provisional) visa (subclass 188). You can apply for it after you have fulfilled the requirements of your provisional visa.

You do not need to submit a new Expression of Interest or be invited to apply for this visa. You need to be nominated by a state or territory government agency or Austrade on behalf of the Australian government if you are seeking to satisfy the primary criteria.

If you are the holder of a provisional Business Innovation and Investment visa (subclass 188) you should provide evidence that the government entity which nominated you for that visa has not withdrawn the nomination.

If you are the holder of a Special Category visa (subclass 444), or require nomination from a different nominator than your provisional Business Innovation and Investment visa (subclass 188) you are required to obtain nomination from a state or territory or Austrade on behalf of the Australian government before you lodge an application for this visa.

You can provide evidence of your nomination by completing form 1414.

What this visa lets you do:

The Business Innovation and Investment (Permanent) visa (subclass 888) allows you to manage your business and investments in Australia.

This is a permanent residence visa. It lets you and any member of your family unit who has also been granted this visa:

  • stay in Australia indefinitely
  • work and study in Australia
  • enrol in Medicare, Australia’s scheme for health-related care and expenses
  • apply for Australian citizenship (if you are eligible)
  • sponsor eligible relatives for permanent residence
  • travel to and from Australia for five years from the date the visa is granted (after that time, you will need a resident
  • return visa or another visa to return to Australia)

source: Department of Immigration and Border Protection

You might be able to apply for this visa if:

  • you are the primary visa holder of a provisional Business Innovation and Investment visa (subclass 188) and have met all the requirements of your Business Innovation and Investment visa in the stream in which you first applied; or
  • you are the secondary visa holder who is the spouse or de facto partner of a provisional Business Innovation and Investment visa (subclass 188) holder in the Investor or Business Innovation stream and can meet all the primary criteria requirements of the permanent Business Innovation and Investment visa in the relevant stream; or
  • you hold a Special Category visa (subclass 444) and have met the requirements of the business innovation stream; and
  • you and your partner have not been involved in any unacceptable business or investment activities

In addition:

  • you and your partner have a satisfactory record of complying with Commonwealth laws, and of each State or Territory in which you operate a business and employ employees in the business, relating to your business,
  • you have been nominated by an Australian state or territory or by Austrade on behalf of the Australian government,
    you and all your family members meet health and character requirements – you do not need to prove this again if you have already done this for the provisional Business Innovation and Investment visa (subclass 188),
  • have a realistic commitment to maintain business or investment activities in Australia

Other requirements depend on the stream in which you held your provisional Business Innovation and Investment visa (subclass 188).

Health requirements

You must meet certain health requirements. However, most applicants for this visa will not be required to complete additional health examinations. Do not arrange a health examination until we ask you to.

Character requirements

You must meet certain character requirements. You must be prepared to provide a police certificate from each country you have lived in for 12 months or more during the past 10 years after you turned 16 years of age. Do not arrange for police certificates until we ask you to.

This applies to you and all members of your family unit listed in your application, whether they are migrating or not.

Debts to the Australian Government

You must have no outstanding debts to the Australian Government or have arranged to repay any outstanding debts to the Australian Government before this visa can be granted.

Biometrics

You might be asked to provide biometrics (a scientific form of identification) as part of the application. Countries and visa subclasses included in the biometrics program has more information.

Business Innovation stream

If you are applying for the Business Innovation stream, you must have been in Australia and held:

  • a Business Innovation and Investment (Provisional) visa (subclass 188) in the Business Innovation stream or the Business Innovation Extension stream
  • a Special Category visa (subclass 444)

for at least one year in the two years immediately before you apply.

In addition, you must be able to show ongoing business involvement, meet certain financial requirements, and have a history of employing Australian workers.

Ongoing business involvement

You must be able to show that you (or you and your partner together) have:

  • had an ownership interest (and continue to have an ownership interest) and a direct and continuous management role in an actively operating main business (or main businesses) in Australia for the two years immediately before you apply
  • had an annual turnover of at least AUD300 000 from the main business (or businesses) in the 12 months before you apply. (A nominating state or territory might agree to waive the requirement to show an annual turnover of AUD300 000 if you live and operate business in a specified regional area of Australia)
  • owned at least one of the following percentages of the main business (or main businesses) in Australia in the year immediately before you apply:
    • 51 per cent of a business with a turnover of less than AUD400 000 per year
    • 30 per cent of a business with a turnover of AUD400 000 or more per year
    • 10 per cent of a publicly listed company
  • obtained an Australian Business Number for each of your main businesses
  • submitted Business Activity Statements to the Australian Taxation Office for the two years immediately before you apply
  • not acquired the ownership in your main business (or two main businesses) from a person who was an applicant for, or a holder of, a permanent Business Innovation and Investment visa (subclass 888) or a permanent business skills visa (in subclasses 890, 891, 892 or 893), unless you and that person had a joint interest in the main business for at least one year before you lodge your application for this visa.

You (or your partner, or you and your partner together) must also demonstrate that you have achieved at least two of the following requirements:

  • a net value of business assets of at least AUD200 000 in your nominated main business (or two main businesses) in Australia throughout the year immediately before you apply
  • a net value of personal and business assets of at least AUD600 000 in Australia throughout the year immediately before you apply
  • employed at least the equivalent of two full-time employees in your main business (or main businesses), throughout the year immediately before you apply who are:
    • Australian citizens, Australian permanent residents, or holders of valid New Zealand passports
    • not members of your family

Investor stream

If you are applying for this visa in the Investor stream, you must have been in Australia and held your provisional visa in the Investor stream for at least two of the four years immediately before you apply.

In addition, you (or you and your partner combined) must have held a designated investment with an Australian state or territory for at least four years.

If you applied for your provisional visa (subclass 188) in the Investor stream prior to 1 July 2015, you are eligible to apply for a subclass 888 visa after holding your provisional visa for 3 years and 11 months. If you applied for your provisional visa after 1 July 2015, you are required to hold your provisional visa for at least 4 years prior to applying for a subclass 888 visa.

Significant Investor stream

If you are applying for a permanent visa (subclass 888) in the Significant Investor stream, you must have held at the time of application:

  • a provisional visa (subclass 188) in the Significant Investor stream or in the Significant Investor Extension stream

You must have been in Australia as the holder of a provisional visa (subclass 188) in the Significant Investor stream or the Significant Investor extension stream for at least 40 days per year (calculated cumulatively) for the period of time you have held your provisional visa(s), or your spouse has been in Australia for at least 180 days per year (calculated cumulatively) on the basis of the period of time the primary applicant has held their provisional visa(s).

In addition, you (or you and your partner combined) must have:

  • held complying investments continuously for at least 4 years while holding your Business Innovation and Investment (Provisional) visa (subclass 188).
  • operated a qualifying business under the private Australian company in which you have made a direct complying investment if applicable

Note that the rules in force at the time you applied for you original subclass 188 visa in the Significant Investor stream will apply to you when your application for a subclass 888 visa is assessed.

If you applied for your provisional visa (subclass 188) in the Significant Investor stream prior to 1 July 2015, you are eligible to apply for a subclass 888 visa after holding your provisional visa for 3 years and 11 months. If you applied for your provisional visa after 1 July 2015, you are required to hold your provisional visa for at least 4 years prior to applying for a subclass 888 visa.

Premium Investor stream

If you are applying for a permanent visa (subclass 888) in the Premium Investor stream, you must have held a provisional visa (subclass 188) in the Premium Investor stream at the time of application and be nominated by the Commonwealth government.

You must have held your provisional visa for a minimum of 1 year.

You (or you and your partner combined) must have held complying premium investments continuously for at least 1 year, and for the entire time you have held your Business Innovation and Investment (Provisional) visa (subclass 188).

Entrepreneur stream

If you are applying for this visa in the Entrepreneur stream, you must have been in Australia and held your provisional visa in the Entrepreneur stream for at least two of the four years immediately before you apply.

In addition, you must be able to demonstrate a successful record of entrepreneurial activities in Australia.

A successful record of entrepreneurial activity will be measured by a combination of key success factors and supporting success factors. You will need to demonstrate the completion of at least two key success factors or a combination of one key success factor and three supporting success factors.

Key success factors include:

  • Employing two or more Australians, permanent residents or other eligible persons
  • Generating an annual turnover of at least AUD300 000
  • Filing a provisional patent or acquiring a standard or innovation patent
  • Receiving ongoing funding or investment in your entrepreneur activity
  • Entering into a partnership with a University
  • Selling an entrepreneurial venture for AUD2,000,000

Supporting success factors include:

  • Diversifying entrepreneurial activities into other business areas
  • Receiving a statement of success from a state or territory government nominator
  • Receiving sponsorship from the corporate sector
  • Starting at least one other business or contributing to at least two other businesses
  • Receiving formal awards or recognition
  • Raising or contributing to social capital

Entrepreneurial activities in Australia must not be in one of the following categories:

  • Residential real estate
  • Labour hire
  • Purchase of an existing enterprise or a franchise in Australia

source: Department of Immigration and Border Protection

You can include the following people in your visa application at the time of lodgement:

  • your partner
  • your child/step-child or your partner’s child/step-child

For detailed information regarding who you can include in your application see including family members in your application.

The application must include documentary evidence of their relationship to you.

If you include your de facto partner in your application, the relationship must have existed for at least 12 months immediately before the date you lodge your application.

If members of your family unit want to join you later in Australia, they must apply for a separate visa as appropriate to their circumstances.

More Information

Please refer to preparing your application, for information on:

  • certifying and translating documents into English
  • communicating with us
  • using a migration agent
  • authorising another person to receive information from us
  • receiving assistance with your application

In Australia:

If you need help with your application, contact one of our offices – attention Centre of Excellence.

You can also contact your case officer in the department for advice on your individual circumstances.

After you have applied:

After you have lodged your application and documents, we will acknowledge that we have received your information.
You can track and manage your application using ImmiAccount.
Wait for a decision

We have visa processing times for each visa.

Your application could take longer if you need character or health checks (including x-rays), if you need to provide more information, or if your application is incomplete.

In Australia:

If you apply for this visa while you are in Australia, you might be eligible for a Bridging visa that allows you to stay in the country lawfully while your application is processed. You should apply for a Bridging visa B (BVB) if you want to travel outside Australia while you are waiting for a decision.

Provide more information

You can provide more information to us, at any time until a decision is made on the application. If you want to correct information you provided, use:

  • undefined document entitled: ‘ Form 1023 – Notification of incorrect answer(s) (99KB PDF)’Form 1023 – Notification of incorrect answer(s) (99KB PDF)

We could also ask you for more information. You will have to respond by a set date. After that date, we can make a decision about your application using the information that we have.

If another person gives us information that could result in you being refused a visa, we will usually give you the opportunity to comment on the information.

You might also be interviewed. If you are asked to attend an interview in person, bring your passport or other identification and any requested documents to the interview.

Report changes in your circumstances

Tell us if your circumstances change. You can use the following forms:

  • undefined document entitled: ‘Form 929’Form 929Change of address and/or passport details (86 kB PDF) — if you move to a new address or change your passport
  • undefined document entitled: ‘Form 1022’Form 1022Notification of changes in circumstances (77 kB PDF) — if there are other changes in your circumstances

You might be able to update your address and passport details using ImmiAccount.

Withdrawing your application

You can withdraw the application at any time before we make a decision about it. To do this, send us a letter or email to ask for the withdrawal. Your request must include your full name and date of birth. You should also include your file reference number, client ID, or a Transaction Reference Number.

All applicants 18 years of age or older, wishing to withdraw, must sign the request for withdrawal.

source: Department of Immigration and Border Protection

This information is for people who have already been granted a Business Innovation and Investment (Permanent) visa (subclass 888). It explains your rights and obligations.

You can use Visa Entitlement Verification Online (VEVO) for free to check your visa details and entitlements.

What the visa lets you do:

The Business Innovation and Investment (Permanent) visa (subclass 888) allows you to manage your business and investments in Australia.

This is a permanent residence visa. It lets you and any member of your family unit who has also been granted this visa:

  • stay in Australia indefinitely
  • work and study in Australia
  • enrol in Medicare, Australia’s scheme for health-related care and expenses
  • apply for Australian citizenship (if you are eligible)
  • sponsor eligible relatives for permanent residence
  • travel to and from Australia for five years from the date the visa is granted (after that time, you will need a resident return visa or another visa to return to Australia)

You could qualify for a Special Benefit from Centrelink if you suffer a major change of circumstances that is beyond your control.

source: Department of Immigration and Border Protection

You and your family must comply with all visa conditions and Australian laws.

If you are outside Australia when you are granted this visa:

  • you must enter Australia by a specified date (we will tell you when this is)
  • any family members included in your application might not be able to marry or enter into a de facto relationship before
  • they enter Australia (we will tell you if this is the case)

source: Department of Immigration and Border Protection

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OZ Migration Agent, your Registered Migration Agent offers solid support and guidance backed by exceptional customer service. If you require Migration Agent services, OZ Migration Agent are here to help and make the process as easy and as pain-free as possible.

Information provided on our web-site is for general use and does not take your personal circumstances into account. Information correct at time of publishing.

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