SUBCLASS 888 - BUSINESS INNOVATION STREAM

A provisional visa for business owners who want to, OR have already invested/run a business in Australia:

• Must be nominated by a State/ Territory
• Must have held your subclass 188 Business Innovation stream visa for at least 3 years
• Own and directly manage an Australian business for 2 full years, and invested a minimum of AUD$200,000 (or amount specified by nominating state) in starting a new business or taken over an existing business in
Australia.

Unless COVID-19 concessions apply, you must be the primary holder of a Business Innovation and Investment (Provisional) visa (subclass 188) Business Innovation stream.

If you were invited to apply for this visa on or after 1 July 2021, you must have held this visa for at least 3 years, or

  • Be under age 55 years

  • Business and personal assets net worth:
    minimum AUD$1.25 million

  • Business ownership: Whether you have 1 or 2 businesses,
    For the 24 months immediately before you apply, you must own at least:

    ▸ 51% of the total value of the business if the
    business has a turnover of less than
    AUD400,000 per year
    ▸ 30% of the total value of the business if the
    business has a turnover of AUD400,000 or
    more per year, or
    ▸ 10% of the total value of the business if the
    business is operated by a public-listed
    company

  • Business turnover: For 2 out of 4 fiscal years immediately
    you owned 1 or 2 main business(es) registered in Australia AND ;

    i) held at least 51% share ownership of the business (es):
    ii) prove AUD$300,000 combined annual turnover for your business (es) in each of those 2 years;

  • Have an overall successful business career;

  • No history of involvement in unacceptable activities;

  • Prove functional English for yourself and all applicants
    (or pay 2nd instalment of visa application charges);

  • Meet health requirement for you and all family members applying for the same visa;

  • Meet character requirements for you and all family members applying for the same visa.

PERMANENT STAY in Australia
With 5 years multiple entry/exit for your 1st travel facility

WHAT can I do with this visa?

• Operate businesses/invest/work/study in
Australia

• Unlimited travel in and out of Australia

• Sponsor eligible members of family for an
Australian visa (parent/spouse/ de facto
partner/children);

• Enjoy free healthcare benefits from the
Medicare system

• Pay local tuition fees for your children

WHEN can I apply for a permanent residence visa subclass 888?

If you were invited to apply for SC188
after 1 Jul 2021:

▸ After 3 years holding the subclass 188 visa
▸ Owning and operating a main business in
Australia
▸ Have fulfilled specified conditions of your
subclass 188 visa stream

If you were invited to apply for SC188
before 1 Jul 2021:
▸ After 2 years holding the subclass 188 visa
▸ Owning and operating a main business in
Australia
▸ Have fulfilled specified conditions of your
subclass 188 visa stream

For NZ citizens holding subclass 444 Special Category Visa & living in Australia:

Did you know that you may be eligible for a subclass 888 permanent residence visa if you have met certain conditions as a business owner in Australia AND have lived in Australia for at least 3 years?

Find out how you can do this and contact us!