Innovation and Investment Visa
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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and Investment visa (subclass 188) you must have authentic proof to demonstrate that the government entity has not withdrawn the nomination by any chance, which had nominated you for same visa.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:
- 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
Australia is a nation of OPPORTUNITIES.
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
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).
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Australia Permanent Residency Benefits
Besides, the culture of this country is also quite diverse as the population of this country is a great blend of multi-ethnic backgrounds.All credit goes to numerous immigrants, who move to Australia every year by applying Australia Permanent Residency. So, if you are planning to migrate soon to any foreign country, then you must be aware of the reasons why people choose to apply for Australia Permanent Residency.
1. World Class Education:
Australia offers affordable school education to all its citizens. In addition to this, all the Universities and colleges have maintained provisioning of high-quality education while developing new domains of research and development. Moreover, they recognize students’ inquisitiveness and caters to their educational needs by providing meaningful grants and scholarships to eligible students.
2. Clean Environment:
The Australian government is dedicated towards developing climate action plan and encourages clean growth by engaging businesses and civil society groups across the country. A sustainable and stronger economy is achieved via investing in energy efficient renewable energy resources, building energy efficient infrastructures, generating bioenergy, building resilient communities and more.
3. Safety and Security:
The citizens and well as immigrants in Australia have been reported to be immensely satisfied with the stringent safety and security standards adhered by the country through various laws and orders developed for legal rights, social tolerance, protection of elderly, women and children and freedom of thought and expression.
4. Job Opportunities:
Australia’s growing job market indicates that there exist great and ever-increasing employment opportunities for people across all walks of life, which is one of the most prominent reasons for exponential immigration to Australia.
5. Affordable Living:
Renting is the most popular housing option among Australians and international students and workers. A large part of population invests in various types of renting options that includes boarding, lodging and sharing apartments. The affordable housing options are funded mainly by the state and federal governments. This includes the Social Housing Growth Fund (SHGF) and the National Rental Affordability Scheme (NRAS).
6. Great Business Opportunities:
The country has flexible rules for aspiring entrepreneurs and therefore one could think of establishing their businesses and industries on this mineral-rich land. There exist various types of work visas that enables entrepreneurs to immigrate to Australia via temporary visa categories (Business Innovation and Investment Subclass 188 Visa and Business Visitors visas) and Residence Visa Categories (Business Talent visa and Business Innovation and Investment Subclass 888 Visa).