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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and Investment visa (subclass 188) you must have authentic proof to demonstrate that the government entity has not withdrawn the nomination by any chance, which had nominated you for same visa.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:
Australia is a nation of OPPORTUNITIES.
For application of the Business Innovation stream, you must have been in Australia and acquired the following:
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.
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:
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.
Investor stream requires you to hold an Investment Stream Subclass 188 provisional visa, and meet the below mentioned criteria:
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:
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