This visa is the second stage of the Business Innovation and Investment visa.
You can apply for this 888 permanent visa after holding the 188 provisional visa either for 2 years in the Business Innovation Stream or 4 years in the Investor Stream and you have met all prescribed criteria.
Business Innovation stream
If you are in the Business Innovation stream, you must have been in Australia and held your 188 provisional visa for at least 1 year in the 2 years immediately before you apply.
In addition, you (or your partner, or you and your partner combined) must:
- have had and continue to have a direct and continuous management role in a main business (or two main businesses) in Australia for at least two years immediately before you apply
- have had a turnover, in that main business (or two main businesses), of at least AUD300 000 in the year immediately before you apply
- own at least one of the following percentages of that main business (or two main businesses):
- 51 per cent of a business with a turnover of less than AUD400 000 per annum
- 30 per cent of a business with a turnover of more than AUD400 000 per annum
- 10 per cent of a publicly-listed company
- have obtained Australian Business Numbers for each of the relevant businesses
- have submitted all relevant Business Activity Statements to the Australian Taxation Office
- have not acquired the ownership in your main business (or two main businesses) from a person who was a 188/888 visa applicant themselves, 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 visa.
- Meet the required net value of assets and history of employment by meeting 2 of the following criteria:
- the net value of your assets in the main business (or two main businesses) in Australia is at least AUD200 000 throughout the year immediately before you apply
- the net value of your personal and business assets in Australia has been at least AUD600 000 throughout the year immediately before you apply
- your business employed, throughout the year immediately before you apply, at least the equivalent of 2 full-time employees who are Australian citizens, Australian permanent residents, or New Zealand passport holders and not your family members.
If you are applying for this visa in the Investor stream, you must have been in Australia and held your provisional visa for at least two of the four years immediately before you apply.
In addition, you (or your partner, or you and your partner combined) must have:
- held a designated investment with an Australian state or territory for at least four years
- a satisfactory record of complying with Australian laws, including those relating to taxation, superannuation, workplace relations and other laws relevant to your business
- not been involved in unacceptable business or investment activities
- a strong commitment to continue your business and investment activity in Australia.
Benefits of the 888 Business Innovation and Investment Visa (Permanent)
888 visa is a permanent visa which allow you and your immediate family members (such as a partner and dependent children) included on the application to live, work and study in Australia.