Business Innovation and Investment Visa Subclass 888

Business Innovation and Investment Visa Subclass 888.Australian visa consultant, Visa Help Australia, Skilled Migration Consultants

Business Innovation and Investment Visa Subclass 888:  What  this Business Innovation and Investment (Permanent) visa lets you do

The Business Innovation and Investment (Permanent) visa (subclass 888) allows you to manage your business and investments in Australia.

This is a permanent residence visa. It lets you and any family members who have also been granted this Business Innovation and Investment (Permanent) visa:

  • stay in Australia indefinitely
  • work and study in Australia
  • enrol in Medicare, Australia’s scheme for health-related care and expenses
  • apply for Australian citizenship (if you are eligible)
  • 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).

Business Innovation and Investment Visa Subclass 888: Before you apply

Your passport

You need a valid passport or other travel document for this Business Innovation and Investment (Permanent) visa. If you plan to get a new passport, you should do so before applying for your visa. If you get a new passport after you have lodged your application, give the details of your new passport to one of the department of immigration and border protection offices.

You might be able to update your passport details using ImmiAccount.

Business Innovation and Investment Visa Subclass 888: Cost

The visa application charges are listed in Fees and charges.

Other costs

You might have to pay other costs, such as the costs of health assessments, police certificates, or any other certificates or tests. You are responsible for making the necessary arrangements.

Business Innovation and Investment Visa Subclass 888: Who can apply for  this Business Innovation and Investment (Permanent) visa

You might be able to apply for  this Business Innovation and Investment (Permanent) visa if:

  • you are the primary visa holder of a provisional Business Innovation and Investment visa (subclass 188)  and have met all the requirements of your Business Innovation and Investment visa in the stream in which you first applied; or
  • ​you are the secondary visa holder who is the spouse or de facto partner of a provisional Business Innovation and Investment visa (subclass 188)holder in the Investor or Business Innovation stream  and can meet all the primary criteria requirements of  the permanent Business Innovation and Investment visa in the relevant stream; or
  • you hold a Special Category visa (subclass 444) and have met the requirements of the business innovation stream; and
  • you and your partner have not been involved in any unacceptable business or investment activities.​

In addition:

  • you and your partner have a satisfactory record of complying with Commonwealth laws, and of each State or Territory in which you operate a business and employ employees in the business, relating to your business,
  • you have been nominated by an Australian state or territory or by Austrade on behalf of the Australian government,
  • you and all your family members meet health and character requirements — you do not need to prove this again if you have already done this for the provisional Business Innovation and Investment visa (subclass 188),
  • have a realistic commitment to maintain business or investment activities in Australia.​

Other requirements depend on the stream in which you held your provisional  Business Innovation and Investment visa (subclass 188).

Business Innovation and Investment Visa Subclass 888: Health requirements

You must meet certain  health requirements. However, most applicants for  this Business Innovation and Investment (Permanent) visa will not be required to complete additional health examinations. Do not arrange a health examination until the department of immigration and border protection  ask you to.

Business Innovation and Investment Visa Subclass 888: Character requirements

You must meet certain  character requirements. You must be prepared to provide a police certificate from each country you have lived in for 12 months or more during the past 10 years after you turned 16 years of age. Do not arrange for police certificates until the department of immigration and border protection ask you to.

This applies to you and all members of your family unit listed in your application, whether they are migrating or not. ​​

Business Innovation and Investment Visa Subclass 888: Debts to the Australian Government

You must have no outstanding debts to the Australian Government or have arranged to repay any outstanding debts to the Australian Government before this Business Innovation and Investment (Permanent) visa can be granted.

Biometrics

You might be asked to provide  biometrics  (a scientific form of identification) as part of the application.  Countries and visa subclasses included in the biometrics program  has more information.

Business Innovation and Investment Visa Subclass 888: Business Innovation stream

If you are applying for the Business Innovation stream, you must have been in Australia and held:

  • 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 at least one year in the two years immediately before you apply.

In addition, you must be able to show ongoing busine​ss involvement, meet certain financial requirements, and have a history of employing Australian workers.

Business Innovation and Investment Visa Subclass 888: Ongoing business involvement

You must be able to show that you (or you and your partner together) have:

  • had an ownership interest (and continue to have an ownership interest) and a direct and continuous management role in an actively operating main business (or main businesses) in Australia for the two years immediately before you apply.
  • had an annual turnover of at least AUD300 000 from the main business (or businesses) in the 12 months before you apply. (A nominating state or territory might agree to waive the requirement to show an annual turnover of AUD300 000 if you live and operate business in a specified regional area of Australia)
  • owned at least one of the following percentages of the main business (or main businesses) in Australia in the year immediately before you apply:

o       51 per cent of a business with a turnover of less than AUD400 000 per year

o       30 per cent of a business with a turnover of AUD400 000 or more per year

o       10 per cent of a publicly listed company

  • obtained an Australian Business Number for each of your main businesses
  • submitted Business Activity Statements to the Australian Taxation Office for the two years immediately before you apply
  • not acquired the ownership in your main business (or two main businesses) from a person who was an applicant for, or a holder of, a permanent Business Innovation and Investment visa (subclass 888) or a permanent business skills visa (in subclasses890,  891,  892  or  893), unless you and that person had a joint interest in the main business for at least one year before you lodge your application for  this Business Innovation and Investment (Permanent) visa.

You (or your partner, or you and your partner together) must also demonstrate that you have achieved at least two of the following requirements:

  • a net value of business assets of at least AUD200 000 in your nominated main business (or two main businesses) in Australia throughout the year immediately before you apply
  • a net value of personal and business assets of at least AUD600 000 in Australia throughout the year immediately before you apply
  • employed at least the equivalent of two full-time employees in your main business (or main businesses), throughout the year immediately before you apply who are:

o       Australian citizens, Australian permanent residents, or holders of valid New Zealand passports

o       not members of your  family.

Business Innovation and Investment Visa Subclass 888: Investor stream

If you are applying for this Business Innovation and Investment (Permanent) visa in the Investor stream, you must have been in Australia and held your provisional visa in the Investor stream for at least two of the four years immediately before you apply.

In addition, you (or you and your partner combined) must have held a designated investment with an Australian state or territory for at least four years.

If you applied for your 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 required to hold your provisional visa for at least 4 years prior to applying for a subclass 888 visa.

Significant Investor stream

If you are applying for a permanent visa (subclass 888) in the Significant Investor stream, you must have held at the time of application:

  • a provisional visa (subclass 188) in the Significant Investor stream or in the Significant Investor Extension stream.

You must have been in Australia as the holder of a provisional visa (subclass 188) in the Significant Investor stream or the Significant Investor extension stream for at least 40 days per year (calculated cumulatively) for the period of time you have held your provisional visa(s), or your spouse has been in Australia for at least 180 days per year (calculated cumulatively) on the basis of the period of time the primary applicant has held their provisional visa(s).

In addition, you (or you and your partner combined) must have:

Note that the rules in force at the time you applied for you original subclass 188 visa in the Significant Investor stream will apply to you when your application for a subclass 888 visa is assessed.

If you applied for your provisional visa (subclass 188) in the Significant 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 required to hold your provisional visa for at least 4 years prior to applying for a subclass 888 visa.

Premium Investor stream

If you are applying for a permanent visa (subclass 888) in the Premium Investor stream, you must have held a provisional visa (subclass 188) in the Premium Investor stream at the time of application and be nominated by the Commonwealth government.

You must have held your provisional visa for a minimum of 1 year.

You (or you and your partner combined) must have held complying premium investments continuously for at least 1 year, and for the entire time you have held your Business Innovation and Investment (Provisional) visa (subclass 188).

Entrepreneur stream

If you are applying for this Business Innovation and Investment (Permanent) visa in the Entrepreneur stream, you must have been in Australia and held your provisional visa in the Entrepreneur stream for at least two of the four years immediately before you apply.

In addition, you must be able to demonstrate a successful record of entrepreneurial activities in Australia.

A successful record of entrepreneurial activity will be measured by a combination of key success factors and supporting success factors. You will need to demonstrate the completion of at least two key success factors or a combination of one key success factor and three supporting success factors.

Key success factors include:

  • Employing two or more Australians, permanent residents or other eligible persons
  • Generating an annual turnover of at least AUD300 000
  • Filing a provisional patent or acquiring a standard or innovation patent
  • Receiving ongoing funding or investment in your entrepreneur activity
  • Entering into a partnership with a University
  • Selling an entrepreneurial venture for AUD2,000,000.

Supporting success factors include:

  • Diversifying entrepreneurial activities into other business areas
  • Receiving a statement of success from a state or territory government nominator
  • Receiving sponsorship from the corporate sector
  • Starting at least one other business or contributing to at least two other businesses
  • Receiving formal awards or recognition
  • Raising or contributing to social capital.

Entrepreneurial activities in Australia must not be in one of the following categories:

  • Residential real estate
  • Labour hire
  • Purchase of an existing enterprise or a franchise in Australia.

Business Innovation and Investment Visa Subclass 888: Including family in your application

You can include the following people in your visa application at the time of lodgement:

  • your partner
  • your child/step-child or your partner’s child/step-child.

For detailed information regarding who you can include in your application see  including family members in your application.

The application must include documentary evidence of their relationship to you.​​

If you include your de facto partner in your application, the relationship must have existed for at least 12 months immediately before the date you lodge your application.

If members of your family unit wan​t to join you later in Australia, they must apply for a separate visa as appropriate to their circumstances.

Business Innovation and Investment Visa Subclass 888: How to apply

This information explains what you need to do to apply for the Business Innovation and Investment (Permanent) visa (subclass 888). You can apply while you are in or outside Australia.

Prepare your documents

You need to provide documents to prove the claims you make in the application. The documents are listed in the Document checklist.

Some documents could take some time to obtain. You should have them ready when you lodge the application to reduce any delays in processing.

Lodge your application

Lodge your application online using:

  • Business Innovation and Investment Online Applications

You must pay the initial application charge by credit card when you lodge your application. As soon as you apply, send your documents by registered post to our  Adelaide office  in South Australia – attention Adelaide Business Skills Processing Centre.

If you are applying in the Entrepreneur stream you will be able to upload your supporting documents electronically with your visa application.

Business Innovation and Investment Visa Subclass 888: More information

Please refer to  preparing your application, for information on:

  • certifying and translating documents into English
  • communicating with the department of immigration and border protection
  • using a migration agent
  • authorising another person to receive information from the department of immigration and border protection
  • receiving assistance with your application.​​​​

In Australia: If you need help with your application, contact one of   the department of immigration and border protection offices  – attention Centre of Excellence.

You can also contact your case officer in the department for advice on your individual circumstances.

Business Innovation and Investment Visa Subclass 888: After you have applied

After you have lodged your application and documents, the department of immigration and border protection will acknowledge  that they have received your information.

You can track and manage your application using  ImmiAccount.

Wait for a decision

The department of immigration and border protection have  visa processing times  for each visa.

Your application could take longer if you need character or health checks (including x-rays), if you need to provide more information, or if your application is incomplete.

In Australia: If you apply for this Business Innovation and Investment (Permanent) visa while you are in Australia, you might be eligible for a Bridging visa that allows you to stay in the country lawfully while your application is processed. You should apply for a  Bridging visa B (BVB)  if you want to ​travel outside Australia while you are waiting for a decision.​

Provide more information

You can provide more information to the department of immigration and border protection, at any time until a decision is made on the application.  If you want to correct information you provided, use:

  • Form 1023 –  Notification of incorrect answer(s) (99KB PDF)

the department of immigration and border protection could also ask you for more information. You will have to respond by a set date. After that date, they can make a decision about your application using the information that they have.

If another person gives the department of immigration and border protection information that could result in you being refused a visa, they will  usually give you the opportunity to comment on the information.

You might also be interviewed. If you are asked to attend an interview in person, bring your passport or other identification and any requested documents to the interview.

Report changes in your circumstances

Tell the department of immigration and border protection if your circumstances change. You can use the following forms:

  • Form 929Change of address and/or passport details(86  kB PDF) – if you move to a new address or change your passport
  • Form 1022Notification of changes in circumstances(77  kB PDF) – if there are other changes in your circumstances.

You might be able to update your address and passport details using  ImmiAccount.

Withdrawing your application

​You can withdraw the application at any time before the department of immigration and border protection make a decision about it. To do this, send them a letter or email to ask for the withdrawal. Your request must include your full name and date of birth. You should also include your file reference number, client ID, or a Transaction Reference Number.

​​​All applicants 18 years of age or older, wishing to withdraw, must sign the request for withdrawal.​​​​​​

Business Innovation and Investment Visa Subclass 888: Visa decision

If the visa is granted the department of immigration and border protection will let you know:

  • when you can use the visa
  • the visa grant number
  • any conditions attached to the visa.​

If the visa is not granted the department of immigration and border protection will let you know:

  • why the visa was refused
  • your review rights (if any). Where applicable, your sponsor can apply for the decision to be reviewed
  • the time limit for lodging an  appeal.

Business Innovation and Investment Visa Subclass 888: Document checklist

You must provide documents to support your application for this Business Innovation and Investment (Permanent) visa.

Use the  Business Innovation and Investment (Permanent) visa (subclass 888) document checklist  to make sure your application is complete.

Business Innovation and Investment Visa Subclass 888: What  this Business Innovation and Investment (Permanent) visa lets you do

The Business Innovation and Investment (Permanent) visa (subclass 888) allows you to manage your business and investments in Australia.

This is a permanent residence visa. It lets you and any member of your family unit who has  also been granted this Business Innovation and Investment (Permanent) visa:

  • stay in Australia indefinitely
  • work and study in Australia
  • enrol in Medicare,  Australia’s scheme for health-related care and expenses
  • apply for Australian citizenship(if you are eligible)
  • 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).

You could qualify for a  Special Benefit  from Centrelink if you suffer a major change of circumstances that is beyond your control.

Business Innovation and Investment Visa Subclass 888: Your obligations

You and your family must comply with all visa conditions and Australian laws.

If you are outside Australia when you are granted this Business Innovation and Investment (Permanent) visa:

  • you must enter Australia by a specified date (the department of immigration and border protection will tell you when this is)
  • any family members included in your application might not be able to marry or enter into a de facto relationship before they enter Australia (the department of immigration and border protection will tell you if this is the case).

Source: The Australian Department of Home Affairs (www.homeaffairs.gov.au). Please visit www.border.gov.au to get updated information.

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