888 Business and Innovation Visa (PERM)
This is a visa which gives you the right to apply for permanent residence migration, on condition that you hold a provision Business and Innovation (188) Visa in Australia and meet the relevant requirements.
Am I eligible for a Business and Innovation Visa (888)?
The first requirement is that you have to be the primary holder of a provisional Business Innovation and Investment visa (subclass 188).
Although you do not need to lodge EXPRESSION OF INTEREST (EOI) you have to:
- meet all the requirements of your visa in respect of the stream you originally applied for
- not have participated in any inappropriate or illegal business or investment activities
- be appointed by an Australian state or territory.
Remaining Requirements for Business and Innovation (888) Visa
Business Innovation stream
If you are in the Business Innovation stream, you must have spent at least two of the four years immediately preceding your application in Australia, while at the same time holding the provisional visa.
Additionally, you (or your partner, or you and your partner together) must:
- have had previous experience with, and currently continue to hold a direct executive position in a main enterprise (or two main enterprises) in Australia for at least two years immediately preceding your application.
- have had a turnover, in that main enterprise (or two main enterprises), of no less than AUD300 000 in the year immediately preceding the year of your application.
- possess at least one of the following percentages of that main enterprise (or two main enterprises):
- 51 per cent of an enterprise with an annual turnover of less than AUD400 000, or
- 30 per cent of an enterprise with an annual turnover of more than AUD400 000, or
- 10 per cent of a publicly-listed company
- not have obtained the ownership in your main enterprise (or two main enterprises) from a person who applied for or held a permanent Business Innovation and Investment visa (subclass 888), unless you and the person in question had a joint interest in the main enterprise for the period of at least one year before submitting your application for this visa.
You (or your partner, or you and your partner combined) must also satisfy at least two of the following criteria:
- the net value of your assets in the main enterprise (or two main enterprises) in Australia amounts to no less than AUD200 000 in the year immediately preceding your application
- the net value of your personal and enterprise assets in Australia has been at least AUD600 000 in the year immediately preceding your application
- you gave job in your main enterprise (or two main enterprisees), in the year immediately preceding your application to the equivalent of no fewer than two full-time employees who are:
- Australian citizens, or
- Australian permanent residents, or
- New Zealand passport holders, and
- not your family members.
If you are in the Investor stream, you (or your partner, or you and your partner together) have to meet the following requirements:
- You must have participated in an assigned investment within an Australian state or territory for the period of at least four years.
- You must have An unobjectionable record of complying with Australian laws, including tax law, superannuation, workplace relations and any other applicable laws that would be relevant to your enterprise
- You must not been involved in any illegal or inappropriate business or investment activities
- You must show a strong willingness to maintain your Business and investment activity in Australia.
Benefits of the Business and Innovation Visa (888)
This visa grants you the right to work in the enterprise you set up in Australia, travel to and out of Australia as many times as you please as long as your visa is valid, lets you study while at the same granting the same privileges to your family accompanying you for five years. After the period of five years passes you will have to apply for a resident return visa.
- 1st installment of $1,960.00 (AUD) which has to be paid as soon as the application is.
- 2nd installment has to be paid before the visa is issued if you are accompanied by a person relying on your support who is 18 years of age or older and whose fluency in English is less than functional.