888 visa – Business Innovation and Investment (Permanent) visa
This visa lets holders of a Business Innovation and Investment (Provisional) visa (subclass 188) in the Business Innovation stream or the Business Innovation Extension stream, or holders of subclass 444 (Special Category) visa, or certain holders of subclass 457 (Business (Long Stay) visa, stay permanently in Australia.
Permanent business visa 888
To be eligible for Business Innovation stream:
You might be able to get this visa if you are nominated by a state or territory or the Australian government; and
hold a provisional Business Innovation and Investment visa (subclass 188) and have met the requirements of that visa in the stream in which you first applied
hold a Special Category visa (subclass 444) or a Business (Long stay) visa (subclass 457IE) and have met the requirements of the business innovation stream.
This visa allows you to:
continue to own and manage a business in Australia (the Business Innovation stream)
continue business and investment activity in Australia (the Investor stream,the Significant Investor stream and the Premium Investor stream).
The most widely used route for business or investment migration to Australia is to obtain provisional 188 visas with the right to apply for 888 permanent residency. This avenue is only available for individuals with a history of success in business and investment. Subclass 188 consists of 5 main streams with 2 extension streams. Each of these vary significantly in their prerequisites and requirements:
- include family members in your application when you apply
- add family members to your application after you apply but before we decide on your visa
For Fiance subclass 188 visa, family members are:
- your dependent child or stepchild
- your partner
Family members who apply for the visa with you must meet our health and character requirements.
Family members who do not apply for the visa with you might also have to meet the requirements.
Basic Eligibility for Business Innovation stream.
Applicant has achieved a minimum score of 65 on the Schedule 7A points test, and was invited, in writing, by the Minister to apply for the visa;
Applicant has not turned 55 at the time of invitation, or is proposing to establish or participate in business or investment activities that the nominating State or Territory authority has determined is of exceptional economic benefit to the State or Territory in which the authority is located;
Applicant has overall had a successful record of business career;
Applicant has had an ownership interest in a main business with an annual turnover of $500,000 for at least 2 of the 4 fiscal years immediately before the time of invitation;
Applicant has a genuine need to reside in Australia for the purpose of their proposed Australian business;
Applicant has a realistic commitment to establish a qualifying business or participate in an existing qualifying business;
Applicant’s involvement in the business for at least 2 of the 4 fiscal years immediately before the time of invitation predominantly concerned general direction and operation of the business, as opposed to mere provision of the services, if the business was providing professional, technical or trade services;
Applicant had a total value of business and personal assets in a minimum sum of $800,000 at the time of invitation that can be applied to the establishment or conduct of a business in Australia within 2 years after the visa grant;
Applicant’s net value of the business and personal assets is sufficient to enable settlement in Australia.
Generally, applicants must not have turned 55 at the time of invitation in order to qualify for the business and innovation stream. Nevertheless, State and Territory authorities reserve the discretion to afford waiver where the applicant’s Australian business is deemed to be of significant economic benefit to said State or Territory.
The discretion of States and Territories to accept age-restricted applicants on the grounds of “exceptional economic benefit” is largely unfettered. Policy supports deference to the recommendation of State or Territory authorities, which in turn affords these authorities enormous discretion in the exercise of this power. The State and Territory authorities provide minimal guidance on when they will recommend waiver of age restrictions.
A business is a main business in relation to an applicant for a visa if for at least 2 of the 4 fiscal years immediately before the time of invitation:
(a) Annual turnover is greater than $500,000;
(b)Applicant maintains, or has maintained, direct and continuous involvement in management of the business from day to day and in making decisions affecting the overall direction and performance of the business; and
(c)Business is or was a qualifying business; and
(d)the applicant has, or has had, an ownership interest in the business; and
(e)the applicant’s ownership interest or the total ownership interests of the applicant and the applicant’s spouse or de facto partner, in the business is or was:
・Turnover < $400,000 per year: 51%
・Turnover > $400,000 per year: 30%
・Publicly Listed Company: 10%
A qualifying business refers to an enterprise that:
(a)is operated for the purpose of making profit through the provision of goods, services or goods and services (other than the provision of rental property) to the public; and
(b)is not operated primarily or substantially for the purpose of speculative or passive investment.
Turnover is the revenue generated in the ordinary course of business activities, including:
Sale of goods
Fees for service
Government subsidies or bounties
General Direction and Operation of a Business
Australian migration law delineates provision of services to clients from exercise of business skills to benefits of the business. Where involvement in the main business predominantly consists of delivery of services to clients and customers, the applicant may be deemed ineligible under Subclass 188A. As such, applicants must have primarily held responsibilities for management of the business.
Need to Reside in Australia
Applicants must demonstrate a need to be resident in Australia to establish or conduct the proposed business activities on a day-to-day basis. The requisite level of presence in Australia is deemed to be substantial, and therefore, businesses which do not require their presence in Australia, such as internet trading or brokering products between foreign countries, may be regarded as grounds for refusal under this stream.
Successful Business Career
Applicants must demonstrate that they have an overall record of successful business careers. The Department will adopt a holistic approach to their assessment in which their entire business careers are taken into consideration, as well as external factors which may mitigate any perceived failures or losses stemming therefrom. Under the guidelines, business careers are generally deemed unsuccessful in the following circumstances;
Bankruptcy in the last 5 years;
Involvement in businesses which have been subject to insolvency, receivership or liquidation;
Recent trading losses stemming from decisions of the applicant which are likely to render the business unsuccessful in future.
Net Value of Personal and Business Asset
The business and personal assets of the applicant, the applicant’s spouse or de facto partner, or the applicant and his or her spouse or de facto partner together, that can be applied to the establishment or conduct of a business in Australia within 2 years after the visa grant have a net value of at least $800,000.
This figure is calculated as business and personal assets less any liabilities. It should be noted that the figure is not limited to the assets of the main business, but assets of other businesses of the applicant to be considered in totality.
Lawful Acquisition of Assets
Applicants need to substantiate origins of their disclosed assets in order to demonstrate lawful ownership and availability for transfer to Australia.
Business Innovation stream a three-step process:
Step 1: The first step is to apply for state nomination.
Step 2: Apply for Expression of Interest visa Skillselect.
Step 3:Lodge application
Business Innovation and Investment it is temporary or provisional visa stream allowing you to stay in Australia up to 4 years and 3 months.
With Business Innovation stream
- You can live, work and study in Australia
- You can sponsor eligible family members to come to Australia
- You can apply for permanent 888 visa when eligible.
How much cost visa to Australia
When you apply for 820 Partner visa you will be able to pay discounted rate.
Queensland offers a range of business advantages including a stable economy, supportive government and a solid growth forecast. Queensland’s low operating costs, highly skilled workforce, strong and diverse industries, and strategic Asia-Pacific location create an attractive investment destination.
State nominated business and investment visa options
If you wish to migrate to Queensland on a business visa, you must first obtain a State nomination. State migration is managed by the Queensland Government unit Business and Skilled Migration Queensland (BSMQ). State nominated visas allow you to run a business or invest in Queensland.
Department of Home Affairs’ Points Test
Applicants must score at least 80 on the Department of Home Affairs’ points test in SkillSelect. This score must not include points awarded for State/ Territory nomination. This is a Victorian Government minimum requirement.
Applicants must propose to engage in eligible business activity. An eligible business can be almost any commercial endeavour. However, some activities may be excluded unless otherwise agreed to in writing. Exclusions include:
small scale property development
small scale freight forwarding and warehousing
commodity and scrap metal export
Benefit to Victoria
Applicants must show how their eligible business will make a contribution to the Victorian economy and that they will be responsible for the day-to-day operation and overall strategic direction of the business.
Applicants must agree to employ at least 1 full time employee in their main business for a minimum of 12 months within the 24 months prior to lodging their nomination application for the Business Innovation and Investment (Permanent) visa (subclass 888). The eligible employee must work at least 30 hours per week consecutively within the 12 month period.
Eligible employee must:
be an Australian citizen, an Australian permanent resident, or holder of a valid New Zealand passport and;
not be a member of your family.
If you have a successful background in owning or managing a business or investments, and you would like to engage in business or investment activity in Western Australia, you may qualify for the Business Migration Program.
The majority of business people will first enter Western Australia on a four year Provisional Business Visa. After successfully managing a business or investment here, you may be eligible to apply for a Permanent Business Visa.
You may also want to check support offered for small;l businesses in Western Australia
The Business Migration Program aims to attract people with a demonstrated record of business or investment activity who want to operate and invest in a business in Tasmania.
The Tasmanian Government actively supports the establishment and relocation of businesses to the state. It recognises the significant contribution business and skilled migrants make to Tasmania’s economic growth and cultural diversity.
Tasmania has a diverse economy with a reputation for world-class food and beverage production and a booming and award winning tourism industry among a number of key industries.
Aquaculture and Agriculture
Minerals and mining industry
Forestry and timber
Antarctic and marine science
Information and communications technology
Business Innovation and Investor Program subclass 188/888 visa
If you are a successful business person and want to establish a business in Tasmania, manage a new or existing business, or invest in Tasmania, you can apply for a Business Innovation and Investor program visa, subclass 188. This is a two-stage visa program which provides a pathway to permanent residency on a subclass 888 visa.Business
Talent subclass 132 visa
Business Talent subclass 132 visa provides immediate permanent residency for high-calibre business owners. It is designed for successful business people who aim to have a major management role in establishing or developing a business in Tasmania, or for people who have obtained at least AUD$1 million in funding from an Australian venture capital firm to be used in a Tasmanian project. Applicants must be less than 55 years of age (unless approved by the Tasmanian Government if your proposed business will be of exceptional benefit to Tasmania).
Australia’s Northern Territory (NT) Government targets genuine, high calibre applicants who are willing to invest and do business in the NT. The prime factor considered for approval of NT nomination is the long-term benefit to the NT economy.
Nomination criteria will change from time to time to reflect the NT’s emerging needs.
Australia’s Northern Territory (NT) nomination is available on all categories of provisional and permanent Business Innovation and Investment visas including:
The guidelines for Northern Territory nomination Significant Investor visa stream are covered in a separate page.
The Australian Government allocates a limited number of Business Innovation and Investment nominations to the NT.
There may be times when applicants are eligible for NT Government nomination, but are unable to be nominated.
Leave A Comment