Business Innovation and Investment (Permanent)

BUSINESS INNOVATION AND INVESTMENT (PERMANENT) VISA (SUBCLASS 888)

This is a permanent visa that is available to an applicant who has held a visa for 2 years in the Business Innovation Stream or 4 years in the Investor Stream under subclass 188 visa. In order to seek permanent residency, the applicant must be nominated by an Australian State or Territory or the Austrade. This visa allows an applicant to live, continue their business, study and have access to Medicare in Australia. The applicant, on this visa, can travel to and from Australia for 5 years and upon expiration of the 5-year term, would need to apply for and be granted an RRV in order to be allowed entry into Australia as a permanent resident.

CRITERIA

The criteria for subclass 888 are different in relation to the 5 streams provided under subclass 188.

Business Innovation (subclass 188A)

  • Held a Business Innovation visa stream under subclass 188 or the Business Innovation Extension stream
  • be nominated by an Australian State or Territory
  • have an ownership in business in Australia
  • an annual turnover of at least $300,000
  • meet the assets and employees’ requirement
  • followed all Australian laws and regulations
  • Must have at least functional English
  • Meet the residence requirement
  • Meet the health and character requirements
  • No history of unacceptable activities
  • Realistic commitment to continuing their business activities
  • Sign the Australian values statement
  • Paid back your debt to the Australian Government (if any)
  • Not have had a visa or previous application refused

Investor Stream (subclass 188B)

  • Held an Investor Stream visa under subclass 188
  • Must have held their designed investment
  • Meet the residence requirement
  • No history of unacceptable activities
  • Realistic commitment to continuing their business activities
  • followed all Australian laws and regulations
  • Must have at least functional English
  • Meet the health and character requirements
  • Sign the Australian values statement
  • Paid back your debt to the Australian Government (if any)
  • Not have had a visa or previous application refused

Significant Investor Visa (SIV) Stream (subclass 188C)

  • Held a Significant Investor visa stream under subclass 188 or the Significant Investor Extension stream
  • be nominated by an Australian State or Territory
  • held the complying investment for the required period of time
  • Meet the residence requirement
  • No history of unacceptable activities
  • Realistic commitment to continuing their business activities
  • followed all Australian laws and regulations
  • Must have at least functional English
  • Meet the health and character requirements
  • Sign the Australian values statement
  • Paid back your debt to the Australian Government (if any)
  • Not have had a visa or previous application refused

Premium Investor (PIV) Stream (subclass 188D)

  • Held a Premium Investor stream under subclass 188
  • be nominated by an Australian State or Territory
  • held the complying premium investment for the required period of time
  • No history of unacceptable activities
  • Realistic commitment to continuing their business activities
  • Must have at least functional English
  • Meet the health and character requirements
  • Sign the Australian values statement
  • Paid back your debt to the Australian Government (if any)
  • Not have had a visa or previous application refused

Entrepreneur Stream (subclass 188E)

  • Held an Entrepreneur visa stream under subclass 188 for a continuous period of at least 4 years before application
  • be nominated by an Australian State or Territory
  • have a successful record of entrepreneurial activities
  • Meet the residence requirement
  • No history of unacceptable activities
  • Realistic commitment to continuing their business activities
  • followed all Australian laws and regulations
  • Must have at least functional English
  • Meet the health and character requirements
  • Sign the Australian values statement
  • Paid back your debt to the Australian Government (if any)
  • Not have had a visa or previous application refused

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