888 Visa – Business Innovation and Investment (Permanent) Visa

This is a permanent resident visa for subclass 188 visa holders who are nominated by a state or territory government in the same stream as the subclass 188 visa held. Special Category (subclass 444) visa holders are also eligible for this visa.

This visa has the same streams as the subclass 188 visas, with the exception of the extension streams which are to extend temporary visas. Common criteria for this visa include:

− The applicant and the applicant’s spouse or de facto partner do not have a history of involvement in activities that are not acceptable in Australia;

− The applicant must have a genuine commitment to maintaining a business or investment in Australia;

− The applicant and the applicant’s spouse or de facto partner must have a satisfactory record of compliance with Australian laws.

Business Innovation stream

This stream requires the applicant to have been in Australia as a holder of a subclass 188 Business Innovation stream visa for at least one year in the two years immediately before applying. The applicant must have an ownership interest for the two years immediately before applying in an actively operating business in Australia with an annual turnover of at least AUD$300,000 in the 12 months immediately before applying. Further to this, unless exceptional circumstances apply for granting nomination, at least two of the following criteria must be met:

− The applicant and/or the applicant’s spouse or de facto partner must have personal assets for the 12 months immediately prior to applying of at least AUD$200,000;

− In the 12 months immediately prior to applying, the applicant’s main business must have provided the equivalent of full-time employment to two Australian citizens, permanent residents or holders of a valid New Zealand passport;

− Combined business and personal assets of the applicant and/or the applicant’s spouse or de facto partner of at least AUD$600,000 in the 12 months immediately before applying.

Investor stream

This stream requires the applicant to have been in Australia as the holder of a subclass 188 Investor stream visa for at least two years in the four years immediately before applying.

The applicant and/or the applicant’s spouse or de facto partner must have continuously held the designated investment for 3 years and 11 months if the subclass 188 visa application was made before 1 July 2015 or 4 years if the subclass 188 visa application was made on or after this date.

Significant Investor stream

This stream requires the applicant to have held a subclass 188 Significant Investment Extension stream visa for a continuous period of four years at the time of application, or 3 years and 11 months if the subclass 188 visa was granted before 1 July 2015.

The applicant must also meet one of the following criteria:

− For the whole period of the subclass 188 visa the applicant held a complying investment as described in r 5.19B Migration Regulations 1994 if the subclass 188 visa was granted based on a visa application lodged before 1 July 2015 supported by an approved Form 1413 – Declaration in relation to managed funds;

− For the whole period of the subclass 188 visa the applicant held a complying

investment as described in r 5.19C if the subclass 188 visa was granted based on a visa application lodged on or after 1 July 2015 supported by evidence that demonstrates the applicant meets this requirement; or

− If the applicant was unable to hold a qualifying business for the above period, the applicant must demonstrate a genuine attempt to operate a qualifying business.

The applicant must meet one of the following residence requirements:

1. The applicant has been in Australia for at least the number of days worked out by adding the following calculations:

(a) 40 multiplied by the number of years in the period which the applicant has held a subclass 188 visa in the Significant Investor stream; and

(b) 40 multiplied by the number of years (where part of a year rounds up to one year) in the period which the applicant held a subclass 188 visa in the Significant Investor Extension stream; or

2. The applicant’s spouse or de facto partner has been in Australia on the applicant’s subclass 188 visa for at least the number of days worked out by adding the results of the following calculations:

(a) 180 multiplied by the number of complete years in the period in which the applicant held a subclass 188 visa in the Significant Investor stream; and

(b) 180 multiplied by the number of years (where part of a year rounds up to one year) in which the applicant held a subclass 188 visa in the Significant Investor Extension stream.

Premium Investor stream

This stream is for applicants who have held a subclass 188 Premium Investment stream visa

for a continuous period of at least 12 months prior to applying.

Unless the Minister is satisfied that a genuine attempt was made to maintain a complying

investment, the applicant must demonstrate that they have held a complying investment as

per r 5.19D for at least 12 months prior to applying.

Entrepreneur stream

This stream is for applicants who hold a subclass 188 Entrepreneur stream visa for a period

of at least four years and have resided in Australia for at least two of those four years.

The applicant has demonstrated an overall successful record of business activities of an

entrepreneurial nature in Australia while holding the subclass 188 visa.

The success of the applicant’s record is measured against the following criteria:

− The number of Australian citizens and permanent residents that are employed in

relation to the entrepreneurial activities;

− The level and nature and ongoing funding of, or investment in, the activities; and

− The annual turnover of business in relation to the activities.

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