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Business Innovation and Investment (Permanent) visa (subclass 888)
About this visa
The Business Innovation and Investment (Permanent) visa (subclass 888) is the second stage of the Business Innovation and Investment (Provisional) visa (subclass 188). Applicants can apply for it after you have fulfilled the requirements of the provisional visa.
Applicants do not need to submit a new Expression of Interest or be invited to apply for this visa. They need to be nominated by a state or territory government agency or Austrade on behalf of the Australian government if they are seeking to satisfy the primary criteria.
If the applicants are the holder of a provisional Business Innovation and Investment visa (subclass 188) they should provide evidence that the government entity which nominated them or that visa has not withdrawn the nomination.
If the applicants are the holder of a Special Category visa (subclass 444), or require nomination from a different nominator than their provisional Business Innovation and Investment visa (subclass 188) applicants are required to obtain nomination from a state or territory or Austrade on behalf of the Australian government before they lodge an application for this visa.
What this visa lets you do
The Business Innovation and Investment (Permanent) visa (subclass 888) allows applicants to manage their business and investments in Australia.
This is a permanent residence visa. It lets applicants and any member of their family unit who has also been granted this 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, applicants will need a resident return visa or another visa to return to Australia).
vApplicant and his/her family must comply with all visa conditions and Australian laws.
If you the applicants outside Australia when you are granted this visa:
- Applicant(s) must enter Australia by a specified date
- Any family members included in the application might not be able to marry or enter into a de facto relationship before they enter Australia
To be eligible Applicant must:
- hold a relevant stream of the subclass 188 visa or 444 visa
- be nominated by a state or territory government agency or Austrade
- have owned and operated a business in Australia for at least 2 years (Business Innovation stream) or
- have held a designated investment of AUD 1.5 million for 4 years (Investor stream) or
- have held a complying investment of AUD 5 million for 4 years (Significant Investor stream) or
- held a complying investment of AUD 15 million for 1 year (Premium Investor stream)
- meet additional financial and other requirements of the same stream of this visa.
Source – Australian Immigration Website
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