The Business Innovation and Investment (Permanent) subclass 888 is a state-nominated permanent residency visa designed for foreign entrepreneurs and investors who wish to carry out business activities in Australia. Subclass 888 is the second stage of the Business Innovation and Investment subclass 188 visa, which is a 5-year temporary visa for people who want to own and manage a new or existing business in Australia.
Once a business is successfully established in Australia, the holder of a subclass 188 visa can apply for a permanent residency visa through the Business Innovation and Investment (Permanent) subclass 888.
To be eligible for the subclass 888 visa, you must be a holder of one of the following visas:
The following types of individuals are eligible for subclass 888 visa:
Apart from this, they must:
Business criteria for subclass 888 visa
|Business activity||Demonstrate business success for the last two years and also a commitment to carry on business activities in Australia.|
|Ownership interest||Owned and operated the business in the last two years preceding application with an annual turnover of at least AUD 300,000 for the past two out of four years.|
|Business management||You must have maintained direct and continuous business involvement for two years before the application. The business management could be at a senior level and the decisions taken by you have had an impact on the overall business performance.|
|Annual turnover||Your business must have generated at least A$300,000 of turnover in the last year.|
|Net business assets||Not less than A$200,000 in the last 12 months before applying for the visa. The money should have been legally acquired.|
|Qualifying visa||Must be holding a Business Innovation visa at the time of application.|
The exact time taken to process an application under the subclass 888 visa depends on the stream you’ve applied for and how well you meet the eligibility requirements. The business innovation stream applicants may expect their application to process in 10-11 months. Whereas, applications under the significant investment stream tend to take 7-9 months. Please keep checking the Department of Home Affairs website for any changes in the processing times.
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