This is a long-term visa that allows you to live permanently in Australia.
There are two Eligibility Streams for the subclass 888 visa:
- The Business Innovation Stream, and
- The Investor Stream.
Criteria for both Eligibility Streams :
- possess a provisional visa for business innovation and investment
- have fulfilled the visa’s requirements (including the specific requirements for the stream in which you first applied)
- nominated by the government of a state or territory
|Criteria||The Business Innovation Stream – 888 visa|
|Business Activity||Proof of at least two years of a continuous qualifying business, as well as a commitment to continue operating in Australia.|
|Ownership Interest||Continuous ownership involvement in a principal firm or business for at least two years prior to application (see 188 visa for detail). Previous business skills visa applicants or visa holders with ownership interests may be ineligible to apply.|
|Management Role||n each of the previous two years, the applicant has maintained direct and continuous involvement in the day-to-day management of the firm at a senior level and has taken decisions that affect the company’s overall performance and direction.|
|Annual Turnover||At least A$300,000 in the 12 months before application.|
|Applicant must meet two out of the three of the following criteria:
|1) Net Business Assets in Australia||At least A$200,000 in the 12 months before the application; and that they retain to own and were lawfully obtained.|
|2) Number of Employees||At least two full-time employees in the business who are Australian citizens, PRs, or NZ passport holders for the last 12 months, excluding MFUs.|
|3) Net Total Assets in Australia||At least A$600,000 in the 12 months before the filing of the application; and continue to have that and were legitimately acquired|
|Evidence of compliance with Aust Tax Law||
Must show that each business has an ABN and that all BAS for the two years in business have been filed.
|Presence in Australia||At least 12 months in Australia physically in the previous two years prior to applying for a 188 holder under the Business Innovation Stream or Extension Stream.|
|Business Background||There is no evidence of involvement in actions that are not considered acceptable in Australia.|
|Qualifying visa||As the lead applicant, you must have a Business Innovation visa at the time of your application.|
|Criteria||The Investor Stream – 888 visa|
|Designated Investment||Evidence of a four-year holding period for a Designated Investment of A$1.5 million.|
|Business or Investment record||Provide details about your Australian business or investment operations. For example, a synopsis of any operations carried out in Australia in addition to holding the Designated Investment up to date, as well as future intentions.|
|Residence Requirement & qualifying visa||You must have spent at least 2 years in Australia as a subclass 188 holder under the Investor Stream in the four years preceding lodging your 888 visa. In Australia, the two-year period does not have to be continuous. If you do not match this condition, your application may be denied, regardless of how well your business does.|
Other 188 Visa Streams of Eligibility:
A. Business Innovation – for entrepreneurs looking to start a business in Australia.
B. Investor – for those willing to put down $1.5 million in Australian State or Territory bonds.
C. Significant Investor – for individuals ready to invest $5 million in complying with Australian investments.
D. Premium Investor — for high-net-worth individuals who are willing to invest at least $15 million in premium Australian investments.
E. Entrepreneur – for those who have received a funding arrangement from a third party for at least AUD200 000 to carry out a complying entrepreneur activity.
It’s important to remember that business migration is complicated, and evaluating whether or not you’ll qualify can be challenging. Additionally, you may be eligible for a variety of company migration categories.