Business Innovation and Investment Visa (Subclass 888) - Business Innovation Stream

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Introduction

The Business Innovation and Investment (Permanent) visa (subclass 888) permits individuals who possess a Business Innovation and Investment (Provisional) visa (subclass 188) in the Business Innovation stream or Business Innovation Extension stream, certain holders of subclass 444 (Special Category) visa, or specific subclass 457 (Business Long Stay) visa holders to settle permanently in Australia.

Stay

Permanently in Australia.

Cost

Starting from AUD3,400.00

Processing Times

For estimated processing times, refer to the visa processing time guide tool.

Benefits of this Visa

With the subclass 888 visa, you can:

• Continue your business ventures initiated under your Business Innovation and Investment (Provisional) visa.
• Establish permanent residency in Australia.
• Pursue work and educational opportunities in Australia.

Requirements

Applicants must:

• Currently hold or have previously held a Business Innovation and Investment (Provisional) visa in the Business Innovation stream, Business Innovation Extension stream, Special Category visa, or subclass 457 visa under specific conditions.
• Fulfill specified business criteria.
• Secure a nomination from an Australian state or territory government agency.

Overview:

Benefits of the Subclass 888 Visa

Stay in Australia Permanently

The Subclass 888 visa grants you permanent residency in Australia, allowing you to live indefinitely in the country.

Work and Study in Australia

You have the freedom to work and pursue educational opportunities in Australia under this visa.

Access to Medicare

Register in Australia's public health care/ maintenance scheme, Medicare, confirming access to essential health services.

Sponsor Relatives

You can sponsor eligible relatives to come and live in Australia with you.

Travel Flexibility

Relish the pleasure of traveling to and from Australia for 5 years from the visa endowment date.

Eligibility for Australian Citizenship

If entitled, you can appear for Australian citizenship after fulfilling certain criteria.

Permanent Residency Details

Duration of Stay

This visa is perpetual, permitting you to reside in Australia indefinitely.

Including Family Members

You can include your family members in your visa application, including children at any time before the application decision. All family members must fulfill health and character requisites.

Visa Costs

The main applicant pays AUD3,400.00 for the visa. Extra charges apply for respective family members. Adults lacking functional English may incur an extra charge.

Application Details

You are eligible to apply for this visa from within or outside Australia. Dispensation times differ and depend on submission completeness and verification requirements.

Obligations

You and your family associates must obey Australian laws while residing in the country.

Travel Facilities

The visa allows multiple entries to and from Australia for 5 years. After this period, you may need a Resident Return visa for re-entry.

Digital Visa Record

Australian visas are digital, linked to your passport without a physical visa label.

Eligibility Requirements for Subclass 888 Visa

Individuals holding the Business Innovation and Investment (Provisional) Visa

To be entitled or eligible for the Subclass 888 visa, you must:

Primary Visa Holder Requirements:

• Have held a Business Innovation and Investment (Provisional) visa (subclass 188) under the Business Innovation stream for a minimum of 3 yearsif invited to apply on or after 1 July 2021.
• Have held a Special Category visa (subclass 444) for a minimum of 3 years if approved/granted on or after 1 July 2021.
• Hold a Business Innovation and Investment (Provisional) visa (subclass 188) in the Business Innovation Extension stream.
• In certain cases, hold a subclass 457 visa.

Secondary Visa Holder Requirements:

• Apply if your partner (Spouse) or de facto partner possesses the primary Business Innovation and Investment (Provisional) visain the Business Innovation stream or Business Innovation Extension stream, provided they were invited to apply on or after 1 July 2021 and you have held your visa for at least 3 years.

COVID-19 Concessions

Special arrangements apply for provisional visa holders affected by the COVID-19 pandemic. You may be eligible under concessions if:

• You possess a Business Innovation and Investment (Provisional) visa (subclass 188) in the Business Innovation stream or Business Innovation Extension stream that lapsed during the concession period.
• You held a secondary position on a Business Innovation and Investment (Provisional) visa (subclass 188), and your visa has lapse during the COVID-19 concession period, with your spouse or de facto partner being the primary visa holder.

Nomination Requirement

You must have a recent nomination from a state or territory government agency. The nomination confirms that your expression of interest remains valid without needing a new one.

Business Ownership and Management

For the 2 years preceding your application, you must:

• Have owned and managed up to two main businesses in Australia.
• Have maintained a direct and continuous management role.
• Have lodged Business Activity Statementsto the Australian Taxation Office.
• Possess an Australian Business Number (ABN) for each main business.

Additionally, for the same 24-month period, you must own:

• At least 51% of a business with an annual turnover below AUD400,000, or
• At least 30% of a business with an annual turnover of AUD400,000 or more, or
• At least 10% of a business is operated by a publicly listed company.

Business Acquisition Requirement

If you purchased your main business from someone who held or applied for:

• A Business Innovation and Investment (Permanent) visa, or
• A full-time business skills visa (subclasses 890, 891, 892, or 893),

you must demonstrate co-ownership of the business with that person for alowestof 1 year priorto applying.

Annual Business Turnover

Your main business (or that of your spouse or de facto partner, or both of you together) must have had an annual income of a minimum of AUD300,000 within the 12 months preceding your application. Exceptional circumstances may apply if nominated by the state or territory government agency.

Assets and Employees Requirement

In the 12 months prior to applying, you or your partner(or both) must demonstrate at least two of the following:

• Possessions of AUD200,000 net worth in your key business (or businesses) in Australia.
• Personal and business assets in Australia with a net value of AUD600,000.
• At least two full-time eligible employees working in your main business (or businesses), who are not family members and are Australian citizens, Australian permanent residents, or hold valid New Zealand passports.

Exceptional circumstances may exempt you from meeting this requirement as specified by the nominating state or territory.

Compliance with Australian Laws

You and your partner must have complied with Commonwealth and state or territory laws while operating your business in Australia, including taxation, superannuation, and workplace relations laws.

Functional English Requirement

Applicants aged 18 or older who did not pay a second installment of the visa application fee for a prior subclass188 visa application must demonstrate functional English proficiency. A second installment payment may be required if unable to provide evidence of functional English.

Residence Requirement

You need to have been physically available in Australia for:

• For a minimum of 1 year in the 2 years immediately prior to applying, if holding a subclass 188 visa (Business Innovation stream) and invited to apply before 1 July 2021, or a subclass 444 visa granted before 1 July 2021.
• A minimum of 1 year in the 3 years immediately prior to applying, if holding a subclass 188 visa (Business Innovation stream) and requested to register on or after 1 July 2021, or a subclass 444 visa granted on or after 1 July 2021.
• Specific residency requirements apply if you are the secondary visa holder of a subclass 188 visa and your primary visa holder spouse or de facto partner was invited to apply for their visa before or after 1 July 2021.

COVID-19 Concessions

Provisions are available for visa holders affected by the COVID-19 pandemic, including time spent outside Australia during the concession period counting towards residency requirements.

Business and Investment Integrity

You and your spouse must not have been engaged in improper business or investment activities in Australia.

Commitment to Business Activities

You must demonstrate a genuine commitment to continuing your business and investment activities in Australia.

Health and Character Requirements

You and your family associates registering for the visa must meet health and character requirements. Family members not immigrating to Australia may also need to meet these criteria.

Australian Values Statement

Applicants aged 18 or older must sign an Australian Values Statement, confirming their vow to respect the Australian mode of life and obey Australian laws after reading the Life in Australia book.

Debt to the Australian Government

All debts owed to the Australian Government must be settled or have an approved repayment plan established.

Immigration History

Your immigration history, including visa cancellations or previous application refusals, will be taken into account during the assessment of your application.

For more assistance with your visa application, refer to qualified immigration professionals.

Step-By-Step Process for Subclass 888 Visa Application

Step 1: Before You Apply

• Visa Holder Eligibility:
• You must be the primary holder of one of the following visas unless COVID-19 concessions apply:

1. Business Innovation and Investment (Provisional) visa, Business Innovation stream, held for at least 3 years if invited on or after 1 July 2021.
2. Special Category visa (SCV) (subclass 444), held for at least 3 years if approved on or later than 1 July 2021.
3. Business Innovation and Investment (Provisional) visa, Business Innovation Extension pathway.
4. In specific instances, a subclass 457 visa.

• You can also apply as a secondary visa holder if your spouse or de facto partner holds a primary Business Innovation and Investment (Provisional) visa in the Business Innovation or Extension stream and was invited to apply on or after 1 July 2021, requiring you to have held their visa for at least 3 years.
• COVID-19 Concessions:
• Special arrangements apply for visa holders affected by the COVID-19 pandemic.
• You may apply for this visa if your Business Innovation and Investment (Provisional) visa (Business Innovation or Extension stream) expired during the concession period from 1 February 2020 until 3 months after its end.
• Secondary visa holders of a subclass 188 visa can also apply under these concessions if their visa expires during the same period and their spouse or de facto partner holds a primary visa in the Business Innovation or Extension stream.

Additional Steps:

• Passport Requirements:
• You and your family members must have valid passports or travel documents.
• State or Territory Nomination:
• Confirmation of your current nomination status is required from the state or territory. A new Expression of Interest is not necessary.
• Health Examinations:
• Arrange necessary health examinations before or after applying, as required.
• Immigration Assistance:
• Ensure any immigration assistance is provided by a registered migration agent, legal practitioner, or an exempt person.
• Document Handling:
• Designate someone to receive documents on your behalf pertaining to your visa application.

This structured approach ensures you meet all requirements and proceed smoothly with your Subclass 888 visa application.

Step 2: Gather Your Documents

Provide Accurate Information

Ensure all documentation accurately reflects your identity and business activities. Failure to provide accurate information may impact your application.

Identity Documents

Submit copies of the following for yourself and accompanying family members:

• Passport: Copies of passport pages showing personal details, photos, and issue/expiry dates.
• National Identity Card: Include if applicable.
• Change of Name Documents: Provide marriage or divorce certificates if your name has changed.

Other Relationships

Include documents like death certificates, divorce papers, or statutory declarations for any relevant changes in relationship status.

State or Territory Nomination

Obtain and include a current nomination from a state or territory government agency. Complete Form 1414 Nomination - Business Skills category and submit it with your application.

Commitment to Business and Investment

• Business Summary: Provide a 1-page summary detailing your business activities in Australia.
• Long-term Intentions: Submit a 1-page summary outlining your future business plans in Australia.

Compliance with Australian Laws

Demonstrate compliance with Australian laws governing taxation, superannuation, and workplace relations. Include a declaration of compliance and disclose any breaches.

Business Ownership Proof

Provide evidence of owning your main business(es) for the past 2 years, meeting ownership thresholds based on annual turnover and business structure.

Management Participation

Submit evidence of your active involvement in managing the business(es) over the past 2 years. This includes contracts, meeting minutes, communications, and strategic responsibilities.

Organizational Structure and Activities

• Organizational Chart: Provide a 1-page chart for each nominated business, depicting roles, reporting lines, and responsibilities.
• Business Activities: Detail staff rosters, trading hours, and typical weekly operations.

Financial Information

For the last 2 years, include:

• ABN and BAS: Provide Business Activity Statements (BAS) and Australian Business Numbers (ABN) for each business.
• Financial Statements: Comprise accountant-prepared financial records, profit and loss statements, and balance sheets.
• Employee Evidence: Show employment of at least 2 full-time equivalent employees with supporting documents.

Net Assets

Document personal and business assets in Australia, including:

• Asset Summary: Provide a 1-page statement of assets and liabilities.
• Evidence: Include proof of assets exceeding AUD600,000 and details of liabilities.

Supporting Documents for Assets

Include bank statements, property valuations, mortgage statements, and approvals from the Foreign Investment Review Board (FIRB) wherever relevant.

Health and Character Assessments

• Health Documents: Await health assessments to be sent directly to the immigration office.
• Character Requirements: Provide Form 80 and police certificates for applicants aged 16 and above.

Functional English Requirement

Submit evidence of functional English proficiency for applicants aged 18 and above, if applicable.

Partner and Dependent Documents

• Relationship Proof: Include identity, character documents, and proof of relationship for partners and dependents.
• Parental Consent: Provide consent forms or court orders for dependent children under 18.

Translation of Documents

• Translation: Ensure all non-English documents are translated accurately by accredited translators.
• Submission: Scan or photograph all documents clearly, saving multi-page documents as a single file.

By following these steps and providing thorough documentation, you enhance the clarity and completeness of your visa application.

Step 3: Applying for the Visa

Apply Online in ImmiAccount

• Create or Sign In:
• Access ImmiAccount to begin your visa application process.
• Attach Documents:
• Give the necessary documents to support your operation.
• Pay Application Fee:
• Complete payment through ImmiAccount and note the Transaction Reference Number (TRN).
• Your application will not be reviewed until the appropriate fee has been paid.

Provide Accurate Information

• Identity Verification:
• It is crucial to approve your identity and deliverprecise information.
• Failure to do so may impact your application processing.
• Learn about the consequences if identity verification fails or inaccurate information is provided.

By succeeding these steps thoroughly, you confirm a smooth and efficient application process for your visa.

Step 4: After You Apply

Application Status Updates

• Confirmation of Receipt:
• You will collectapproval once we have received your application.
• Monitor updates through ImmiAccount for any additional information requests.

Travel During Processing

• Travel Notification:
• You do not need to inform us if you travel outside Australia while your application is processed.
• Ensure you have a valid visa if returning before a decision is made.
• Understand visa expiry implications and options with Bridging visas.

Health Examinations

• Validity Period:
• Medical examination results are generally valid for 12 months.
• Update health clearances if your previous examination is over 12 months old.
• Await instructions before undergoing new health examinations.

Biometrics Requirements

• Biometric Requests:
• We may request biometrics (fingerprints and photo).
• Await notification if biometric data is needed for your application.

Providing Additional Information

• Document Submission:
• If documents were not fully attached during your initial application, submit them promptly through ImmiAccount.
• Be ready to provide further information if requested.

Legal Stay in Australia

• Bridging Visa Conditions:
• Maintain a lawful stay in Australia with a valid visa while your application is processed.
• Understand Bridging Visa A (BVA) conditions and requirements for Bridging Visa B (BVB) if leaving Australia.

Second Instalment Payment

• Payment Process:
• If required, you will receive an invoice for the second instalment after meeting all visa requirements.
• Payment must be completed before visa grant.

Adding Family Members

• Inclusion Process:
• Add family members to your application before final decision.
• Complete Form 1436 and submit to the designated email address with required documentation and fees.

Newborn Children

• Post-Application Births:
• Follow procedures if a child is born after submitting your application.
• Understand documentation and process requirements for newborns.

Application Corrections

• Error Notification:
• Notify us promptly of any mistakes on your application.
• Complete Form 1023 and attach it through ImmiAccount for corrections.

Application Assistance

• Support and Changes:
• Update details if your circumstances change post-application, such as contact information or marital status.
• Manage appointments and immigration advice recipients through appropriate forms in ImmiAccount.

For detailed guidance and updates on your application process, refer to the official resources provided or contact us for further assistance.

Step 5: Visa Outcome

Application Status

• Application Location Flexibility:
• Apply from within or outside Australia; decisions can be made irrespective of your location.

Decision Notification

• Written Confirmation:
• Receive a written notification regarding our decision on your visa application.
• If approved, details provided will include:

• Visa grant number
• Start date of your visa
• Specific visa conditions
• Keep a copy of these details while in Australia for reference.

Refusal Information

• Refusal Notification:
• In case of visa refusal, reasons for refusal will be communicated.
• Information on your rights regarding the review of the decision will be provided.

Application Charge

• Non-Refundable Fee:
• The submission of the application fee will not be returned if your application is refused.

For further details on your visa outcome and next steps, refer to the official communication provided by our office.

When You Have This Visa

Coming to Australia

Before You Leave

• Check Your Travel Documents:
• Confirm you have aneffectiveor valid visa and passport or travel document.

At the Border

• Incoming Passenger Card:
• Complete the Incoming Passenger Card provided onboard the aircraft.
• SmartGate for Faster Exit:
• Utilize SmartGate for quicker processing using facial recognition and ePassport.

In Australia

What You Can Do

• Permanent Stay:
• Stay in Australia permanently.
• Work and Study:
• Engage in work and study opportunities in Australia.
• Medicare Enrollment:
• Enroll in Australia's Medicare public health care scheme.
• Family Sponsorship:
• Sponsor or assist your relatives in coming to Australia.
• Travel Flexibility:
• Travel to and from Australia for up to 5 years from the visa grant date.
• Citizenship Eligibility:
• Apply for Australian citizenship, if eligible.

Visa Responsibilities

• Compliance:
• Meet all visa conditions and adhere to Australian laws.
• Business Commitment:
• Maintain business and investment activities as outlined in your visa application.
• Reporting Changes:
• Notify any changes in contact details, relationship status, or family circumstances.

Staying Duration

• Permanent Residency:
• This visa grants permanent residency in Australia.
• Travel Facilities:
• Travel to and from Australia is permissible for 5 years from the visa grant, subject to travel facility validity.
• Renewal Considerations:
• Consider applying for a Resident Return Visa (RRV) for continued travel after initial 5 years.

Visa Verification

• VEVO Access:
• Use VEVO to verify visa details and conditions.
• International Movement Records:
• Request your international movement records using Form 1359.

Bringing Family

• Family Addition:
• You cannot add family members to your visa after it's granted.
• Family members wishing to join you must apply for a suitable visa based on their circumstances.

Australian Citizenship

• Eligibility:
• After meeting specific criteria, explore eligibility for Australian citizenship.
• Residency Start Date:
• Citizenship eligibility begins either on the visa grant date (if in Australia) or upon first entry to Australia on this visa (if outside Australia).

Leaving Australia

Before You Leave

• Travel Preparations:
• Ensure your passport is valid and check your visa conditions in VEVO.

At the Border

• SmartGate for Faster Exit:
• Use SmartGate for expedited departure processing.

After You Leave

• Proof of Visit:
• Request your international movement records using Form 1359 to verify your visit to Australia.

For more detailed information, refer to official resources and updates regarding your visa status and obligations.

Disclaimer: While the information provided about the Business Innovation and Investment (Permanent) visa (subclass 888) - Business Innovation stream is intended to guide and inform, readers are encouraged to conduct their own thorough research. Visiting official government websites and consulting with registered migration agents or legal professionals can provide additional clarity and personalized advice. Your decision-making process should be well-informed and based on multiple reputable sources. For more detailed and current information, please visit authoritative sources and consider seeking professional guidance.

Government Website for Business Innovation and Investment (Permanent) visa

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