BUSINESS INNOVATION & INVESTMENT - PERMANENT

ABOUT THIS VISA

The Business Innovation and Investment (Permanent) Visa (Subclass 888) is a visa that allows you to own and manage a business in Australia, conduct business and investment activity in Australia or undertake an entrepreneurial activity in Australia. There are 7 different streams for this visa including: Business Innovator Stream, Investor Stream, Significant Investor Stream, Business Innovation Extension Stream, Significant Investor Extension Stream, Premium Investor Stream, Entrepreneur Stream.

 

COSTS & DETAILS OF THE BUSINESS INNOVATION & INVESTMENT (PERMANENT) VISA (SUBCLASS 888)

The Business Innovation and Investment (Permanent) Visa (Subclass 888) has varying costs depending upon the stream you choose. For more details, scroll down .

WHAT THIS VISA LETS YOU DO

The Business Innovation and Investment (Permanent) Visa (Subclass 888) allows you to to do different activities depending upon which stream you choose. Scroll down to learn more.

 

BUSINESS INNOVATION STREAM

 

DETAILS ABOUT THIS VISA

The Business Innovation and Investment (Permanent) Visa (Subclass 888) - BUSINESS INNOVATION STREAM is a permanent visa that lets holders of the Business Innovation and Investment (Provisional) visa (subclass 188) in the Business Innovation stream or the Business Innovation Extension stream, or holders of a subclass 444 (Special Category) visa, or certain holders of a subclass 457 (Business (Long Stay) visa, stay permanently. This visa costs $2590 and allows you to continue your business activities started

ELIGIBILITY FOR THE BUSINESS INNOVATION & INVESTMENT (PROVISIONAL) VISA (SUBCLASS 888) - BUSINESS INNOVATION STREAM

 

To be eligible for the Business Innovation and Investment (Permanent) Visa (Subclass 888) - BUSINESS INNOVATION STREAM, you will need to:

  • You must be the primary holder of a:

    • Business Innovation and Investment (Provisional) visa Business Innovation stream

    • Special Category visa (SCV) (subclass 444)

    • Business Innovation and Investment (Provisional) visa Business Innovation Extension stream, or

    • in certain cases, a subclass 457 visa

    • You can also apply if you are the secondary visa holder of a Business Innovation and Investment (Provisional) visa and: your spouse or de facto partner is the primary holder of a Business Innovation and Investment (Provisional) visa in the Business Innovation stream AND you meet all the primary criteria requirements of the Business Innovation and Investment (Permanent) visa in the Business Innovation stream

  • You must have a current nomination from a state or territory government agency. You do not need to provide a new Expression of Interest. But the state or territory needs to confirm that your nomination is still current.

  • For the 2 years immediately before you apply, you must have: had, and continue to have, an ownership interest in up to two main businesses in Australia AND had a direct and continuous management role in that business or businesses. You also must have submitted Business Activity Statements to the Australian Taxation Office AND an Australian Business Number for each of your main businesses.

  • For the 24 months immediately before you apply, you must own at least:

    • 51% of the total value of a business with a turnover of less than AUD400,000 per year, or

    • 30% of the total value of a business with a turnover of AUD400,000 or more per year, or

    • 10% of the total value of a business that is operated by a publicly listed company

  • If you bought your main business (or businesses) from a person who applied for or held:

    • a Business Innovation and Investment (Permanent) visa or

    • a permanent business skills visa (in subclasses 890, 891, 892 or 893)

    • at the time of the acquisition, you must show that you and that person co-owned the business for at least 1 year before you apply.

  • Your main business or businesses (or the business or businesses of your spouse or de facto partner, or of you and your spouse or de facto partner together), had an annual turnover of at least AUD300,000 in the 12 months immediately before the application was made. You might not need to have a turnover of AUD300,000 if the nominating State or Territory government agency has determined that there are exceptional circumstances.You might not need to have a turnover of AUD300,000 if the nominating State or Territory government agency has determined that there are exceptional circumstances.

  • For the 12 months immediately before you apply, you or your partner (or you and your partner together) must show at least 2 of the following:

    • assets of AUD200,000 net value in your main business (or 2 main businesses) in Australia

    • personal and business assets in Australia of AUD600,000 net value

    • equivalent of at least 2 full-time eligible employees in your main business

    • If you want to meet the employee rule, your employees must work in your main business (or main businesses) and:

      • be Australian citizens, Australian permanent residents, or holders of valid New Zealand passports

      • not be members of your family

      • You might not need to meet the assets and employees requirement if the nominating State or Territory government agency has determined that there are exceptional circumstances

  • When operating your business in Australia, you and your partner must have followed: Commonwealth laws, state and territory laws.

  • You must have functional English.

  • You must have been in Australia for at least 1 year in the 2 years immediately before you apply as the holder of a:

    • Business Innovation and Investment (Provisional) visa Business Innovation stream

    • Special Category visa (SCV) (subclass 444)

    • Business Innovation and Investment (Provisional) visa Business Innovation Extension stream, or

    • in certain cases, a subclass 457 visa

  • Not have been involved in unacceptable business activities.

  • Have a realistic commitment to continuing business activities

  • Meet health requirements.

  • Meet character requirements.

  • Sign the Australian values statement.

  • Have no outstanding debts to the Australian government.

  • Not have a visa cancelled or refused.

INVESTOR STREAM

 

DETAILS ABOUT THIS VISA

The Business Innovation and Investment (Permanent) Visa (Subclass 888) - INVESTOR STREAM is a permanent visa that lets holders of the Business Innovation and Investment (Provisional) visa (subclass 188) INVESTOR STREAM stream apply to remain in Australia permanently. It allows you to work and study in Australia and keep your family here. Cost of the visa is $2590.

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ELIGIBILITY FOR THE BUSINESS INNOVATION & INVESTMENT (PROVISIONAL) VISA (SUBCLASS 888) - INVESTOR STREAM

To be eligible for the Business Innovation and Investment (Permanent) Visa (Subclass 888) - INVESTOR STREAM, you will need to:

  • You must be the primary holder of a:

    • Business Innovation and Investment (Provisional) visa (Subclass 188) INVESTOR STREAM stream

    • Be the spouse or de facto partner of primary holder of a Business Innovation and Investment (Provisional) visa in the Investor stream AND meet all the primary criteria requirements of the Business Innovation and Investment (Permanent) visa stream.

  • You must have held your Business Innovation and Investment (Provisional) visa (Subclass 188) INVESTOR STREAM Visa for at least 3 years and 11 months (if applied for before 1 July 2015) or 4 years if held after.

  • Your state/territory nomination must remain current.

  • When you applied for your provisional visa, you invested AUD1.5 million in an Australian state or territory. We call this a 'designated investment'. You must have held your designated investment for at least 4 years if the provisional visa was granted on the basis of an application made on or after 1 July 2015, or for at least 3 years and 11 months if the provisional visa was granted on the basis of an application made before 1 July 2015.

  • You must have lived in Australia for at least 2 of the 4 years immediately before you apply

  • You and your spouse or de facto partner must not have been involved in any business or investment activities that are unacceptable in Australia

  • You must have a realistic commitment to continuing your business or investment activities in Australia

  • Have followed Australian laws

  • Have functional English

  • Meet our health requirement

  • Meet our character requirement

  • Sign the Australian values statement

  • Have no debt to the Australian government

  • Not have had a visa cancelled or a previous application refused

SIGNIFICANT INVESTOR STREAM

 

DETAILS ABOUT THIS VISA

The Business Innovation and Investment (Permanent) Visa (Subclass 888) - SIGNIFICANT INVESTOR STREAM is a permanent visa that lets holders Business Innovation and Investment (Provisional) visa (subclass 188) SIGNIFICANT INVESTOR STREAM stream apply to remain in Australia permanently. It allows you to continued to conduct business and investment in Australia as well as work and study in Australia and keep your family here. Cost of the visa is $2590.

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ELIGIBILITY FOR THE BUSINESS INNOVATION & INVESTMENT (PROVISIONAL) VISA (SUBCLASS 888) - SIGNIFICANT INVESTOR STREAM

To be eligible for the Business Innovation and Investment (Permanent) Visa (Subclass 888) - SIGNIFICANT INVESTOR STREAM, you will need to:

  • You must be the primary holder of a: Business Innovation and Investment (Provisional) visa (Subclass 188) SIGNIFICANT INVESTOR STREAM or SIGNIFICANT INVESTOR EXTENSION STREAM or alternatively be the spouse or de facto partner of a holder of a Business Innovation and Investment (Provisional) (subclass 188)  in the Significant Investor stream or Significant Investor Extension stream, and you have ceased to be the spouse or de facto partner of that person or that person has died.

  • You must have a current nomination from a state or territory government agency or the CEO of Austrade.

  • When we granted your Business Innovation and Investment (Provisional) visa, you invested AUD5 million in a ‘complying investment’ or a ‘complying significant investment. To be granted a Business Innovation and Investment (Permanent) (subclass 888) visa, you (or you and your spouse or de facto partner combined) must: for the whole period during which you held your Business Innovation and Investment (Provisional) (subclass 188) visa, have held a ‘complying investment’ (if your subclass 188 visa was granted on the basis of an application made before 1 July 2015) or a ‘complying significant investment’ (if your subclass 188 visa was granted on the basis of an application made on or after 1 July 2015), AND tell the Department of any times you transferred funds from one investment to another. If any part of your investment is or was a direct investment in an Australian proprietary company, then: if the period of the direct investment was less than 2 years, the company must have been a qualifying business for the whole period, or  if the period of the direct investment was 2 years or more, the company was a ‘qualifying  business’ for at least 2 years, or if the company has been unable to operate as a ‘qualifying business’, you must have made a genuine attempt to operate the business as a ‘qualifying business ’.

  • To be granted a Business Innovation and Investment (Permanent) (subclass 888) visa, You (the primary applicant) must meet the requirements relating to the period of time that you or your spouse or de facto partner have been in Australia while you held have been in Australia while you held your Business Innovation and Investment (Provisional) visa. Either:

    • you must have been in Australia for at least the number of days worked out by adding the results of paragraphs (a) and (b):

      • (a) 40 multiplied by the number of complete years in the period in which you held a subclass 188 visa in the Significant Investor stream, and

      • (b) 40 multiplied by the number of years (if any) (treating a part of a year as one year) in the period in which you held a subclass 188 visa in the Significant Investor Extension stream OR

    • your spouse or de facto partner must have been in Australia on a subclass 188 visa, granted on the basis that you held a subclass 188 visa in the Significant Investor stream or the Significant Investor Extension stream, for at least the number of days worked out by adding the results of paragraphs (a) and (b):

      • (a) 180 multiplied by the number of complete years in the period in which you held a subclass 188 visa in the Significant Investor stream, and

      • (b)180 multiplied by the number of years (if any) (treating a part of a year as one year) in which you held a subclass 188 visa in the Significant Investor Extension stream.

    • Time spent in Australia does not have to be continuous. We calculate the number of days cumulatively.

  • You and your spouse or de facto partner must not have been involved in any business or investment activities that are unacceptable in Australia.

  • You must have a realistic commitment to continue your business or investment activity in Australia.

  • Have followed Australian laws

  • Have functional English

  • Meet our health requirement

  • Meet our character requirement

  • Sign the Australian values statement

  • Have no debt to the Australian government

  • Not have had a visa cancelled or a previous application refused

PREMIUM INVESTOR STREAM

 

DETAILS ABOUT THIS VISA

The Business Innovation and Investment (Permanent) Visa (Subclass 888) - PREMIUM INVESTOR STREAM is a permanent visa that lets holders Business Innovation and Investment (Provisional) visa (subclass 188) PREMIUM INVESTOR STREAM stream apply to remain in Australia permanently. It allows you to continued to conduct business and investment in Australia as well as work and study in Australia and keep your family here. Cost of the visa is $2590.

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ELIGIBILITY FOR THE BUSINESS INNOVATION & INVESTMENT (PROVISIONAL) VISA (SUBCLASS 888) - PREMIUM INVESTOR STREAM

To be eligible for the Business Innovation and Investment (Permanent) Visa (Subclass 888) - PREMIUM INVESTOR STREAM, you will need to:

  • You must be the primary holder of a: Business Innovation and Investment (Provisional) visa (Subclass 188) PREMIUM INVESTOR STREAM  or alternatively be the spouse or de facto partner of a holder of a Business Innovation and Investment (Provision) Visa (Subclass 188) and you have ceased to be the spouse or de facto partner of that person or that person has died.

  • You must have a current nomination from the CEO of  Austrade.

  • When we granted your Business Innovation and Investment (Provisional) (subclass 188) visa in the Premium Investor stream, you invested AUD15 million in  a 'complying premium investment'. To be granted a Business Innovation and Investment (Permanent)(subclass 888) visa in the Premium Investor stream, you must have:

    • held, at the time of application, a Business Innovation and Investment (Provisional) (subclass 188) visa in the Premium Investor stream for a continuous period of at least 12 months and

    • held the complying premium investment (except any part of the investment that is a philanthropic contribution)  for the whole time you have held your provisional visa.

  • Investment rules state that your complying premium investment of AUD15 million had to be in any of these options:

    • Australian securities exchange listed assets

    • Australian government or semi-government bonds or notes

    • corporate bonds or notes issued by an Australian exchange listed entity (or wholly owned subsidiary of the Australian listed entity), investment grade rated Australian corporate bonds or notes rated by an AFS licenced debt rating agency

    • Australian proprietary limited companies operated to make a profit by providing goods or services to the public, not as a passive or speculative investment, (such as a landlord of residential property, gambling, share trading, or holding property for capital gain)

    • real property in Australia excluding residential property

    • deferred annuities issued by Australian registered life companies

    • state or territory government approved philanthropic contribution

    • To be an eligible fund, a further requirement is that cash is to be no more than 20% of a fund’s net assets and derivatives are to be used for risk management purposes only.

    • Premium investors may elect to make a portion or the entirety of their investment by way of a philanthropic donation (endorsed by a state or territory government.

  • You and your spouse or de facto partner must not have been involved in any business or investment activities that are unacceptable in Australia.

  • You must have a realistic commitment to continue your business or investment activity in Australia.

  • Have followed Australian laws

  • Have functional English

  • Meet our health requirement

  • Meet our character requirement

  • Sign the Australian values statement

  • Have no debt to the Australian government

  • Not have had a visa cancelled or a previous application refused.

ENTREPRENEUR STREAM

 

DETAILS ABOUT THIS VISA

The Business Innovation and Investment (Permanent) Visa (Subclass 888) - ENTREPRENEUR STREAM is a permanent visa that lets holders Business Innovation and Investment (Provisional) visa (subclass 188) ENTREPRENEUR STREAM stream apply to remain in Australia permanently. It allows you to continued to conduct business and investment in Australia as well as work and study in Australia and keep your family here. Cost of the visa is $2590.

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ELIGIBILITY FOR THE BUSINESS INNOVATION & INVESTMENT (PROVISIONAL) VISA (SUBCLASS 888) - ENTREPRENEUR STREAM

To be eligible for the Business Innovation and Investment (Permanent) Visa (Subclass 888) - ENTREPRENEUR STREAM, you will need to:

  • You must be the primary holder of a: Business Innovation and Investment (Provisional) visa (Subclass 188) ENTREPRENEUR STREAM  for at least 4 years immediately before you apply.

  • You must have a current nomination from a State or Territory government agency.

  • Your (the primary applicant's) entrepreneurial activities will be assessed by looking at success factors.You will need to show either: 2 key success factors, or 1 key success factor and 3 supporting success factors. 

    • Key success factors include:

      • employing 2 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 million

    • Supporting success factors include:

      • adapting your 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 1 other business or contributing to at least 2 other businesses

      • receiving formal awards or recognition

      • raising or contributing to social capital

    • Entrepreneurial activities in Australia can't be:

      • residential real estate

      • labour hire

      • buying an existing enterprise or a franchise in Australia

  • You (the primary applicant) must have resided in Australia for at least 2 years of the 4 years that you have held the provisional visa.

  • You and your spouse or de facto partner must not have been involved in any business or investment activities that are unacceptable in Australia.

  • You must have a realistic commitment to continuing business or investment activities in Australia

  • Have followed Australian laws

  • Have functional English

  • Meet our health requirement

  • Meet our character requirement

  • Sign the Australian values statement

  • Have no debt to the Australian government

  • Not have had a visa cancelled or a previous application refused.

HOW TO APPLY FOR THIS VISAS

The Business Innovation and Investment (Permanent) Visa (Subclass 888) needs to be done right first time and to avoid unnecessary delay, use a registered migration agent Mark Pelley - Principal Migration Agent for Visas To Australia. The Business Innovation and Investment (Permanent) Visa (Subclass 888) requires substantial documentation to support claims made in the application. This process can be lengthy and confusing. Failure to correctly apply for the Business Innovation and Investment (Permanent) Visa (Subclass 888) could result in a rejection from the Department of Home Affairs and having to reapply and to pay all costs again. Contact VISAS TO AUSTRALIA to help you apply for this visa.

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