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Business Innovation and Investment (permanent) visa (subclass 888)

The subclass 888 visa is dedicated to those individuals who want to resume their business activities in an Australian state or territory. With that said, an 888 subclass visa is basically a permanent visa residency.

In case this process looks like a daunting task to you, feel free to reach out to the best education consultants in Melbourne and get your queries cleared with the best advice in the country.

The visa comprises 3 visa streams, letโ€™s talk about them.

  • Significant investor stream.
  • Investor stream.
  • Business innovation stream.

Business Innovation Stream

Starting with this visa stream, if you are interested in this visa stream then you have to comply with the following requirements. Letโ€™s see what they are

In order to continue your business activities in Australia, it is essential that you have already lived in Australia for at least 2 years immediately after preceding the application. You must have held a Business Innovation Extension Stream visa, a special category visa subclass 444 or a Business (Long Stay) visa (subclass 457IE)

Provide the following details with sufficient proofs and evidence to support your stay in Australia.

  • Annual Turnover has been one of the most critical requirements. You must be able to show AUD 300,000 to the concerned authorities immediately 12 months before preceding the application. However, this requirement can be exempted if only you wish to live and carry on your business in the specific region of the country.
  • You must be able to show some ownership interests 24 months before lodging the application and ongoing roles in involvement in the business activities.
  • In the same year, after processing the application, you have gained 51% of business if your annual turnover is less than AUD 400,000. 
  • 30% of your main business if your annual turnover is equal or more than AUD 400,000.
  • If you have owned at least 10% of your main business if your business comes under a public listed company.
  • To continue working on your business, ensure having an Australian business number for your main businesses.
  • Also, you need to confirm Business Activity statements to the concerned authorities for at least 2 years immediately after processing your application.
  • You should have not obtained possession in your main business or organizations from a candidate or holder of
  • A permanent Business Innovation and Investment visa (subclass 888), or
  • A permanent Business Skills Visa (in subclasses 890, 891, 892, or 893).
  • The above limitation doesn’t matter assuming you had a joint interest in the main business or business with that other individual for a time of not less than a year before processing your visa application.
  • More often than not, two of the 3 prerequisites should be satisfied and demonstrated by you and your accomplice, mutually or independently.
  • Your selected business in Australia had business resources with a net worth of more than AUD 200,000 all through the year immediately after preceding the application.
  • Your own business resources in Australia had a net worth of more than AUD 600,000 all through the year immediately after preceding the application.
  • All through the year immediately after preceding the application, you utilized what could be compared to something like two full-time workers in your business/organizations with such representatives being:
  • Australian residents, Australian occupants, or holders of substantial New Zealand IDs, and not your relatives.

The Investor Stream

You should comply with the following requirements if you are applying under the Investor stream,

  • Have held your temporary visa and lived in Australia for around two out of the four years promptly after preceding the application.
  • You and your accomplice, mutually or separately, probably held the designated investment inside a State/Territory in Australia for up to four years.

The Significant Investor Stream

You should satisfy the following demands assuming you are applying in the Significant Investor stream,

  • When you are applying for the Permanent Visa, you probably held a temporary visa in the Significant Investor Stream or Significant Investor Extension stream.
  • You probably been in Australia as a holder of the temporary visa for:
  • 160 days throughout the course of recent 4 years in the Significant Investor stream, or
  • 240 days throughout the course of recent years in the Significant Investor Extension stream with one expansion, or
  • 320 days throughout the course of recent years in the Significant Investor Extension stream with two expansions.
  • You and your accomplice, together or separately, should have
  • Held the agreeing speculations consistently for over four years if holding the Provisional Visa, or
  • Worked the passing business under the private Australian organization into which the direct going along speculation was made, if material.

Book your Appointment

  • We at E2VS Immigration experts offer truly necessary assistance to bring you out of the mudhole and the Australian Immigration consultants assess your situation and then offer you valuable inputs.
  • We do all that could be within reach to introduce you as a genuine competitor and that you will stick to all standards and responsibilities during your visit in Australia.

Additionally, career education consultants in Australia guarantee you that your interview rounds go flawlessly, which is one more complex requirement to get a visa for Australia.