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Business Innovation and Investment (Permanent) visa (subclass 888)

Business Innovation and Investment (Permanent) visa (subclass 888)

he Business Innovation and Investment visa program (BIIP) will end, and from September 2024, refunds of the visa application charge will be available for those who choose to withdraw their BIIP application.

Requirements

You may be eligible for this visa if:

  • You are nominated by a state or territory or the Australian government, and
  • You hold a provisional Business Innovation and Investment visa (subclass 188) and have met the requirements of that visa in the stream under which you initially applied, or
  • You hold a Special Category visa (subclass 444) or a Business (Long Stay) visa (subclass 457IE) and have met the requirements of the business innovation stream.

The Business Innovation and Investment (Permanent) visa (subclass 888) is the second stage of the Business Innovation and Investment (Provisional) visa (subclass 188). You can apply for this permanent visa after meeting the requirements of your provisional visa.

You don’t need to submit a new Expression of Interest or be invited to apply. However, you must be nominated by a state or territory government agency or by Austrade on behalf of the Australian government to meet the primary criteria.

If you hold a provisional Business Innovation and Investment visa (subclass 188) and the government entity that nominated you has not withdrawn the nomination, you already have a current nomination.

If you hold a Special Category visa (subclass 444) or need a different nominator than the one from your provisional visa (subclass 188), you must obtain a new nomination from a state or territory or from Austrade on behalf of the Australian government before applying for this visa.

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 that enables you and any family members granted this visa to:

  • Stay in Australia indefinitely
  • Work and study in Australia
  • Enroll in Medicare, Australia’s health care scheme
  • Apply for Australian citizenship (if eligible)
  • Sponsor eligible relatives for permanent residence
  • Travel to and from Australia for five years from the date the visa is granted (after which you will need a resident return visa or another visa to return to Australia).

You might be eligible for this 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 provisional visa in the stream in which you first applied; or
  • You are a secondary visa holder, such as 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 have met all primary criteria of the provisional visa; or
  • You hold a Special Category visa (subclass 444) or a Business (Long Stay) visa (subclass 457IE) 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 must have a satisfactory record of complying with Commonwealth laws and the laws of each State or Territory in which you operate a business and employ employees.
  • You must be nominated by an Australian state or territory or by Austrade on behalf of the Australian government.
  • You and your family members must meet health and character requirements, which you don’t need to prove again if you have already done so for the provisional visa (subclass 188).
  • You must have a realistic commitment to maintain business or investment activities in Australia.

Health Requirements: You must meet specific health requirements, but most applicants will not need additional health examinations. Do not arrange a health examination until requested.

Character Requirements: You must meet character requirements and be prepared to provide a police certificate from each country where you have lived for 12 months or more in the past 10 years, after turning 16. This applies to you and all dependent family members listed in your application, whether migrating or not. Do not arrange police certificates until requested.

Debts to the Australian Government: You must have no outstanding debts to the Australian Government or have arranged to repay any such debts before this visa can be granted.

Biometrics: You might be asked to provide biometrics as part of the application. For more information on the countries and visa subclasses included in the biometrics program, refer to the relevant details.

Business Innovation Stream: If applying in 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 or Business Innovation Extension stream
  • A Special Category visa (subclass 444)
  • A Business (Long Stay) visa (subclass 457IE)

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

Additionally, you must show ongoing business involvement, meet certain financial requirements, and have a history of employing Australian workers.

Ongoing Business Involvement: You must demonstrate that you (or you and your partner together) have:

  • Had an ownership interest and a direct and continuous management role in an actively operating main business (or businesses) in Australia for the two years immediately before you apply.
  • Had an annual turnover of at least AUD 300,000 from the main business (or businesses) in the 12 months before you apply (a state or territory may waive this requirement if you live and operate in a specified regional area).
  • Owned at least one of the following percentages of the main business (or businesses) in Australia in the year before you apply:
    • 51% of a business with a turnover of less than AUD 400,000 per year
    • 30% of a business with a turnover of AUD 400,000 or more per year
    • 10% of a publicly listed company
  • Obtained an Australian Business Number for each main business
  • Submitted Business Activity Statements to the Australian Taxation Office for the two years immediately before you apply
  • Not acquired ownership from someone who was an applicant for, or a holder of, a permanent Business Innovation and Investment visa (subclass 888) or a permanent business skills visa (subclasses 890, 891, 892, or 893), unless you had a joint interest in the business for at least one year before applying for this visa.

You (or your partner, or both) must also demonstrate at least two of the following:

  • A net value of business assets of at least AUD 200,000 in your nominated main business (or businesses) in Australia in the year before you apply
  • A net value of personal and business assets of at least AUD 600,000 in Australia in the year before you apply
  • Employed at least the equivalent of two full-time employees in your main business (or businesses) throughout the year before you apply who are:
    • Australian citizens, Australian permanent residents, or holders of valid New Zealand passports
    • Not your family members

Investor Stream: If applying 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.

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

Significant Investor Stream: If applying 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 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 extension stream for at least 40 days per year (cumulatively) for the period you held your provisional visa(s), or your spouse must have lived for at least 180 days per year (cumulatively) based on the time the primary applicant has held their provisional visa(s).

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

  • Held complying investments continuously for at least four years while holding your Business Innovation and Investment (Provisional) visa (subclass 188).
  • Operated a qualifying business under the private Australian company in which you made a direct complying investment, if applicable.

Note that the rules in force when you applied for your original subclass 188 visa in the Significant Investor stream will apply when assessing your subclass 888 visa application.

If you applied for your provisional visa (subclass 188) in the Significant Investor stream before 1 July 2015, you can apply for the subclass 888 visa after holding your provisional visa for 3 years and 11 months. If you applied after 1 July 2015, you must hold your provisional visa for at least four years before applying for a subclass 888 visa.

 

Features

This visa allows you to:

  • Continue owning and managing a business in Australia (Business Innovation stream)
  • Continue business and investment activities in Australia (Investor stream, Significant Investor stream, and Premium Investor stream).

Subclass 888 Visa – Business Innovation and Investment (Permanent)

This permanent visa lets you live in Australia indefinitely. The subclass 888 visa has two eligibility streams:

  1. The Business Innovation Stream
  2. The Investor Stream

Common Criteria for Both Streams:

  • Hold a provisional Business Innovation and Investment visa
  • Have met the requirements of that visa (including the specific requirements for the stream under which you initially applied)
  • Be nominated by a state or territory government

Business Innovation Stream – 888 Visa Criteria:

  • Business Activity: Provide evidence of at least 2 years of continuous qualifying business activity and a commitment to continue your business in Australia.
  • Ownership Interest: Show continuous ownership interest in a main business or businesses for at least 2 years preceding the application (refer to the 188 visa for details). Ownership interest from previous business skills visa holders may not be eligible.
  • Management Role: Demonstrate direct and continuous involvement in business management at a senior level for each of the 2 years preceding the application, including decision-making affecting the business’s performance and direction.
  • Annual Turnover: At least AUD 300,000 in the 12 months before applying.

You must meet two of the following three criteria:

  1. Net Business Assets in Australia: At least AUD 200,000 throughout the 12 months immediately before applying, and continue to hold that amount lawfully acquired.
  2. Number of Employees: At least two full-time employees in the business who are Australian citizens, permanent residents, or New Zealand passport holders, excluding family members, for the 12 months prior to applying.
  3. Net Total Assets in Australia: At least AUD 600,000 throughout the 12 months ending immediately before applying, and continue to hold that amount lawfully acquired.
  • Evidence of Compliance with Australian Tax Law: Each business must have an ABN, and all BAS must have been lodged for the 2-year period in business.
  • Presence in Australia: You must have been physically present in Australia for at least 12 months in the 2 years immediately prior to applying as a subclass 188 holder under the Business Innovation Stream or Extension Stream.
  • Business Background: No record of involvement in activities not generally acceptable in Australia.
  • Qualifying Visa: You must hold a Business Innovation visa at the time of application as the primary applicant.

Investor Stream – 888 Visa Criteria:

  • Designated Investment: Provide evidence of holding a designated investment of AUD 1.5 million for 4 years.
  • Business or Investment Record: Provide information about your business or investment activities in Australia, including a summary of past activities and future plans.
  • Residence Requirement & Qualifying Visa: You must have lived in Australia as a subclass 188 holder under the Investor Stream for a total of at least 2 years in the 4 years immediately before lodging your 888 visa. The 2-year period in Australia does not need to be continuous. Failure to meet this criterion may result in refusal of your application regardless of your business performance.

Other 188 Visa Eligibility Streams:

  1. Business Innovation: For business owners looking to establish operations in Australia.
  2. Investor: For individuals willing to invest AUD 1.5 million in Australian State or Territory bonds.
  3. Significant Investor: For individuals willing to invest AUD 5 million into complying investments in Australia.
  4. Premium Investor: For individuals with significant funds willing to invest at least AUD 15 million into complying premium investments in Australia.
  5. Entrepreneur: For individuals with a funding agreement of at least AUD 200,000 from a third party to undertake a complying entrepreneur activity.

Note that business migration can be highly complex, and determining your chances of qualifying can be challenging. Additionally, you may qualify under various business migration categories.