Business Innovation and Investment (Residence)
The Business Innovation and Investment (Residence) Subclass 888 Visa is the second step of the process for applicants that hold a provisional business innovation and investment visa (subclass 188), the visa grants the applicant permanent residency.
What you need to know:
- The visa allows the visa holder to obtain permanent residency.
- Allows the applicants of the visa to gain access to Australia’s health and education services.
- Provides a pathway for applicants to apply for citizenship.
What are the general requirements for this visa?
The general requirements for the visa include:
- Genuine commitment to maintain your business interest and investment activities in Australia.
- You have complied with the visa conditions for the Business Innovation Stream-Subclass 188, Investor Stream-Subclass 188 or Significant Investor Stream-Subclass 188 visa.
- Be nominated by a state or territory government before applying for this visa.
What are the specific requirements for each stream of the visa?
- Business Innovation Stream:
- The visa holder must have owned a business for the last 2 years
- The business has lodged it Australian Business Statements to the Australian Tax Office for the last 2 years
- The business turnover of at least $300K for the last 12 months. It should be noted that if the business is located in a regional area, there are exceptions to this requirements.
Achieved 2 of the following 3 requirements in the last 12 months:
- The business has recruited 2 full time employees, who are Australian Citizen or NZ citizen into the business.
- Net assets of at least $600,000
- The business has business assets of at least $200,000.
- Investor Stream Steam
- The visa holder must have been in Australia for at least 2 of the last 4 years.
- The visa holder must have maintained the investment of $1,500,000 with an Australian State or Territory bonds for a continuous period of 4 years.
- Significant Investor Stream
- The visa holder has been on the Significant Investors stream visa for a period of 160 days or 40 days per year while the visa was held.
- The visa holder must have held the $5,000,000 in the complying investments for 4 years.
- Held the Significant Investor Stream visa for at least 4 years.
What are the benefits for the visa?
- Allows the applicant of the visa to gain access to Australia’s health and education services
- Work and Study in Australia
- Apply for Australian citizenship.
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