The Business Innovation and Investment (Permanent) visa (subclass 888) can be applied after the fulfilment of the criteria of the Business Innovation and Investment (Provisional) visa (subclass 188) and hence is the second stage of visa acquirement. The new Expression of Interest (EOI) needs to be submitted or invitation letter for visa application. If you are seeking for the initial level fulfilment you should be nominated by a State or Territory government agency or Austrade on behalf of the Australian government. If you hold Provisional Business Innovation and Investment visa (subclass 188) you must have authentic proof to demonstrate that the government entity has not withdrawn the nomination by any chance, which had nominated you for same visa.
There are two main streams on the basis of which the provisional visa is applied:
- Business Innovation Stream: It requests to have a settled business in Australia which fulfils some fixed turnover conditions.
- Investor Stream: Have a grasped investment in Australia circumscription for 4 years
Business Innovation stream
For application of the Business Innovation stream, you must have been in Australia and acquired the following:
- 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 minimum one year in the two years immediately before you apply for the visa.
Also, you must be able to demonstrate proof of involvement in a current business satisfying the financial conditions and have offered employments to Australian citizens.
Requirements for Business Innovation Stream
The Business Innovation Stream requirements comprise you to have a purchased business and intend to expand the business operations in Australia. The following criteria need to be met by you if you are applying via this stream:
- You must have been residing in Australia for at least 1 of the 2 years prior to application
- Posses a business ownership interest in an Australian business for the last 2 years
- Your business has an Australian Business Number (ABN) and has embed all the necessary Business Activity Statements (BAS) for the last 2 years
- Your business should meet the fixed turnover requirements i.e. minimum AUD 300,000 for the last 12 months. [The State or Territory Government has indicated exceptional circumstances if you are managing the business from a regional area.]
- At least 2 out of 3 criteria must be met by you for the 12 months prior to application:
- Net assets in the business of at least AUD 200,000
- 2 full time equivalent employees working in the business – these employees must not be relatives, and must be Australian permanent residents, citizens or NZ passport holders
- Net personal assets of at least AUD 600,000
- If you are following visa application process via Investor stream, you must be residing in Australia and hold provisional visa acquired via Investor stream for at least two of the four years immediately before you apply.
- Further you along with your partner must have entitled investment with an Australian State or Territory government for at least 4 years.
- If you have submitted application for 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 needed to hold your provisional visa for at least 4 years prior to subclass 888 visa application.
Requirements for Investor Stream
Investor stream requires you to hold an Investment Stream Subclass 188 provisional visa, and meet the below mentioned criteria:
- You must be a resident of Australia for at least 2 of the last 4 years
- Meet the investment condition of AUD 1.5 million dollars in Australian State or Territory Bonds for a continuous period of 4 years
Benefits of Visa Subclass 888
With the right of Business Innovation and Investment (Permanent) visa (subclass 888) you manage your business and investments flawlessly in Australia.
Visa Subclass 888 is a permanent residence visa that acknowledges you and your family the following benefits:
- Live in Australia forever
- Study and work in Australia
- Enlisted in Australia’s Medicare scheme for health-related care and expenses
- Apply for Australian citizenship depending upon eligibility
- 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).
Regarding the higher priority of the migration program it also gains more scrutiny as well which means one small mistake can lead to cancellation of the application. In order to avoid that it is imperative to get connected with reliable immigration agency. Immigration Xperts has stayed at the pinnacle of visa services. Our immigration experts know the ins and outs of the whole application process of Business innovation and investment. We hire specialists who are amiable and will provide you with the appropriate personal time you need to understand the whole process and to file the application for your visa. For further information Business innovation and investment (subclass 888), feel free to contact us on our website – www.immigrationxperts.com or make an appointment by calling on Toll Free Number 8010357357.