The Business Innovation and Investment
The Business Innovation and Investment (subclass 888)
It is a permanent residency visa for those who hold a four-year provisional subclass 188 visa and looking to continue to own and manage a business or an investment activity in Australia and Australian state or territory respectively.
To be eligible for 888 visa, you must:
- Held a provisional Business Innovation and Investment visa (subclass 188) and met all the requirements of the stream you first applied
- Be the spouse or de facto partner of 188 visa in the investor or business innovation stream and be able to meet the primary requirements of permanent business innovation and investment visa in the relevant stream
- Held a Special Category visa (subclass 444) and met the requirements of business innovation stream
- Not have been involved or associated with any unacceptable business or investment activity
Those holding a Business Innovation and Investment Provisional visa (Subclass 188) become eligible to apply for the Business Innovation and Investment Permanent visa (Subclass 888) provided they continue to fullfill the various eligibility requirements laid down under the Provisional Visa regime.
If obtained under the Business Innovation Stream, this visa allows you to continue owning and managing your business in Australia.
If obtained under the Investor Stream or Significant Investor Stream, this visa allows you to continue your business and investment activity in Australia.
You do not need to submit a new Expression of Interest or receive an additional invite in order to apply for this visa. Nomination is also unnecessary provided that the State or Territory that nominated you for the Provisional visa has not withdrawn its nomination. You will require nomination if your current nomination has been withdrawn by the relevant State/Territory or if you wish to obtain nomination from another State/Territory.
Benefits of Business Innovation and Investment Permanent visa (Subclass 888)
The Business Innovation and Investment Permanent visa (Subclass 888) is a permanent residence visa. You and all your family members will, after being granted this visa, enjoy the right to:
- Stay indefinitely in Australia.
- Work and study in Australia.
- Seek enrolment in Australia’s health-care scheme.
- Apply for Australian citizenship.
- Sponsor eligible relatives for permanent residence.
- Travel to and from Australia anytime within five years of the granting of the visa. After five years, you will have to apply for a resident return visa or any other appropriate visa in order to return to Australia.
Business Innovation and Investment Permanent Visa (Subclass 888) Eligibility:
You will fulfill the requirements to apply for this visa if:
- You are either:
- The primary visa holder of a provisional Business Innovation or Investment visa (subclass 188) and are in compliance with the requirements of the stream under which you have applied.
- The primary visa holder of a Special Category visa (subclass 444), or
- The primary visa holder of a Business (Long stay) visa (subclass 457IE) and meet the requirements of the business innovation stream.
- You obtain nomination for the visa by an Australian state or territory.
- You and all your dependant family members meet all health and character requirements.
- Neither you nor your partner has been involved in any unacceptable business or investment activity.
- You and your partner have a satisfactory record of complying with Commonwealth laws, and the laws of every State/Territory where you operate a business and employ employees for the purpose of operation of that business.
- You show commitment to maintaining your business or investment activities in Australia
- You must have arranged to repay all outstanding debt owed to the Australian government.
Holders of the Provisional Business Innovation and Investment visa (subclass 188) under the Business Innovation Stream must comply with additional provisions related to business turnover, business assets, and compliance with business laws and regulations.
Holders of the Provisional Business Innovation and Investment visa (subclass 188) under the Investor Stream or the Significant Investor Stream must comply with additional provisions related to residence in Australia and duration of holding of the investment.
You can include the following family members in your visa application:
- Your spouse or de-facto partner provided the relationship with your de-facto partner has existed for more than 12 months prior to the date of application.
- Your dependent children or your partner’s dependent children
- Dependent relatives who are:
- Dependent on you or your partner, and
- Normally reside in your or your partner’s household.
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