888 - Business Innovation and Investment visa

The Business Innovation and Investment visa; subclass 888 is the second stage of the Business Innovation and Investment (Provisional) visa; subclass 188. You can apply for it after you have met the requirements of your provisional visa. You do not need to submit a new Expression of Interest or be invited to apply for this visa. You need to be nominated by a state or territory government agency or Austrade on behalf of the Australian government.

This visa allows you to:

• continue to own and manage a business in Australia (the Business Innovation stream)
• continue business and investment activity in Australia (the Investor stream, the Significant Investor stream and the Premium Investor stream)
• continue entrepreneurial activity in Australia (Entrepreneur stream)

Cost: AUD 2,590

Length of stay: Permanently

Location: You can be in or outside Australia when you apply for the visa and when a decision is made on the visa

ELIGIBILITY

You must:

• Hold a 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
• You are the primary visa holder of a provisional Business Innovation and Investment visa and have met all the requirements of your Business Innovation and Investment visa OR
• You are the secondary visa holder who is the spouse or de facto partner of a provisional Business Innovation and Investment visa OR
• You hold a Special Category visa (subclass 444) 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.
• You have been nominated by an Australian state or territory or by Austrade on behalf of the Australian government
• You and all your family members meet health and character requirements
• Have a realistic commitment to maintain business or investment activities in Australia.

Eligibility

Business Innovation Stream

This visa lets holders of the Business Innovation and Investment (Provisional) visa (subclass 188) in the Business Innovation stream or the Business Innovation Extension stream, or holders of a subclass 444 (Special Category) visa, or certain holders of a subclass 457 (Business (Long Stay) visa, stay permanently.

Eligibility criteria:

• A Business Innovation and Investment (Provisional) visa (subclass 188) in the Business Innovation stream or the Business Innovation Extension stream OR
• A Special Category visa (subclass 444)

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

• You must be able to show ongoing business involvement, meet certain financial requirements, and have a history of employing Australian workers.

Investor Stream

This visa lets you continue your investment activities in Australia permanently.

Eligibility Criteria

• 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.
• You, your Partner or you and your partner combined must have held a designated investment with an Australian state or territory for at least four years.
• You must apply online
• You must hold a subclass 188 in the business innovation stream, subclass 444 visa or certain holders of subclass 457 visa
• You must hold a subclass 188 in the business innovation stream, subclass 444 visa or certain holders of subclass 457 visa

Significant Investor Stream

This visa lets you continue your investment activities in Australia permanently.

Eligibility

• You must have been in Australia as the holder of a provisional visa (subclass 188) in the Significant Investor stream or the Significant Investor extension stream for at least 40 days per year
• you must apply online
• You, your partner or you and your partner combined must have:
  • held complying investment of AUD 5 million continuously for at least 4 years while holding your Business Innovation and Investment (Provisional) visa
  • operated a qualifying business under the private Australian company in which you have made a direct complying investment if applicable.

Premium Investor Stream

This visa lets you continue your investment activities in Australia permanently.

Eligibility

• You must have held a provisional visa (subclass 188) in the Premium Investor stream at the time of application and be nominated by the Commonwealth government.
• You must have held your provisional visa for a minimum of 1 year.
• You (or you and your partner combined) must have held complying premium investment of AUD 15 million continuously for at least 1 year, and for the entire time you have held your Business Innovation and Investment (Provisional) visa.

Entrepreneur Stream

This visa lets you stay in Australia indefinitely. You can apply if you hold a Business Innovation and Investment (Provisional) visa (subclass 188) in the Entrepreneur stream. It lets you continue your entrepreneur activities in Australia.

Eligibility Criteria

• You must have been in Australia and held your 188 provisional visa in the Entrepreneur stream for a continuous period of at least four years immediately before you apply.
• have lived in Australia for at least 2 years while on the above visa
• You must be able to demonstrate a successful record of entrepreneurial activities in Australia while on the 188 visa