888 Businesses and Innovation Visa (PERM)

 

You can apply for permanent migration with this visa if you are a holder of the provision Business and Innovation (188) Visa in Australia, and have met the requirements prescribed.

 

Who is eligible for a Business and Innovation Visa (888)?

 

You need to be the primary holder of a provisional Business Innovation and Investment visa (subclass 188).

 

NO Expression of Interest, but you do need to:

 

•   have met all the requirements of your visa, in the stream in which you first applied
•   not have been involved in any unacceptable business or investment activities
•   be nominated by an Australian state or territory.

 

Other Requirements for Business and Innovation (888) Visa

 

Business Innovation stream

 

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

 

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

 

  have had and continue to have a direct and continuous management role in a main business (or two main businesses) in Australia for at least two years immediately before you apply

  have had a turnover, in that main business (or two main businesses), of at least AUD300 000 in the year immediately before you apply

  own at least one of the following percentages of that main business (or two main businesses):

• 51 per cent of a business with a turnover of less than AUD400 000 per annum, or
  
• 30 per cent of a business with a turnover of more than AUD400 000 per annum, or
  
• 10 per cent of a publicly-listed company

not have 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), 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 combined) must also meet two of the following criteria:

 

  the net value of your assets in the main business (or two main businesses) in Australia is at least AUD200 000 throughout the year immediately before you apply

  the net value of your personal and business assets in Australia has been at least AUD600 000 throughout the year immediately before you apply

  you employed, in your main business (or two main businesses), throughout the year immediately before you apply, at least the equivalent of two full-time employees who are:

• Australian citizens, or
  
• Australian permanent residents, or
  
• New Zealand passport holders, and
  
• not your family members.
  

Investor stream

 

If you are in the Investor stream, you (or your partner, or you and your partner combined) must have:

 

•   held a designated investment with an Australian state or territory for at least four years
•   a satisfactory record of complying with Australian laws, including those relating to taxation, superannuation, workplace relations and other laws relevant to your business
•   not been involved in unacceptable business or investment activities
•   a strong desire to continue your business and investment activity in Australia.

 

Benefits of the Business and Innovation Visa (888)

 

With this visa you can work in your established business in Australia, travel in and out of Australia any number of times as long as your visa is valid, study in Australia, have your family accompany you to Australia, who will have the same entitlements as you and live in Australia as a permanent resident for five years (after 5 years, you will need to apply for a resident return visa).