OVERVIEW
The second step of the Business Innovation and Investment visa is Business Innovation and Investment (subclass 188). In order to get permanent residency, business migrants with subclass 188 visas may apply for the Business Innovation and Investment (Permanent) (subclass 888).
With this visa, you can keep operating and managing a firm in Australia (the Business Innovation stream) or keep engaging in commercial and investment activity there (the Investor stream and the Significant Investor stream).
FEATURES
This visa allows you to:
- continue conducting business and investing in Australia;
- continue owning and operating a firm in Australia (the Business Innovation stream); (the Investor stream, the Significant Investor stream and the Premium Investor stream).
ELIGIBILITY STREAMS
- The Business Innovation Stream, and
- The Investor Stream.
888A REQUIREMENTS
• You must have held a Subclass 188A visa for at least one year in Australia during the two years just before the 888-visa application was submitted.
• In the two years preceding to applying for an 888A visa, you must have owned a stake in at least one actively running firm in Australia. Depending on the size and kind of the company, the required minimum ownership percentage is as follows:
- 51% – when a company’s annual turnover is less than $400,000;
- 30% – when a firm’s annual turnover is greater than $400,000; or
- 10% – when a company is publicly traded on an Australian stock market.
- For the two years preceding the 888A application, you must have complied with all applicable Australian laws while conducting business in Australia, including obtaining an Australian Business Number and filing Business Activity Statements and tax returns to the Australian Taxation Office.
- In the twelve months prior to the 888A visa application, the total annual revenue of your primary firm must have been $300,000.
- Even though the nominating State or Territory authority may decide to waive certain commercial requirements, the primary applicant typically needs to meet at least two of the following three requirements:
- Personal assets in the primary business totaling $200,000 in the year before to the 888A visa application, and the threshold amount must continue to be met.
- Two full-time hours worked by non-members of your family who are Australian or New Zealanders.
- $600,000 in personal assets accumulated in Australia in the 12 months preceding the 888A visa application, and the threshold amount must be preserved.
FEES
- Application Charge – AUD 2,255
- Additional applicant charge (above 18 years of age) – AUD 1,130
- Additional applicant charge (below 18 years of age) – AUD 565
PROCESSING TIME FOR SUBCLASS 888
Both low risk and high passport holders must wait nine months for processing of Visa subclass 888.