Business Visa (888)

There are 3 business visa subclasses, which are subclasses 188 (temporary), 888 (permanent), and 890 (permanent). Visas 188 and 888 have multiple streams and extensions, so within these subclasses there are more subclasses that have different conditions and requirements. The different streams of the permanent 888 visa are detailed below.

BUSINESS INNOVATION AND INVESTMENT (Permanent) VISA (SUBCLASS 888)

How It Works

With this visa you can:

  • Establish permanent residency in Australia.
  • Engage in work and educational opportunities within the country.
  • Enroll in Australia’s public health care scheme (Medicare).
  • Sponsor your relatives to join you in Australia.
  • Enjoy the flexibility of traveling to and from Australia for a span of 5 years
  • Apply for Australian citizenship if you meet the eligibility criteria. 
It is important to note that newly arrived residents may undergo a waiting period before gaining access to specific Australian Government payments and benefits. If your desire is to travel beyond the initial 5-year period, the following steps are necessary:
  •  Submit a successful application for a Resident Return Visa (subclasses 157 and 155) to obtain permission for re-entry into Australia as a permanent resident.
  • Additionally, it is worth considering the option of acquiring Australian citizenship. By becoming an Australian citizen, you eliminate the need for a visa when entering Australia. It is important to note that you will be required to apply for an Australian passport, which you will utilize for exiting and re-entering Australia.
In the event that you depart Australia after the expiration date of your travel facility without obtaining another valid travel facility through a permanent visa, such as a Resident Return, it will not be possible to re-enter Australia as a permanent resident. 
You and any family members that are included in your application must enter Australia by a certain date (the government will tell you), if you are not already in Australia by the time of your application.

Cost

The cost of this visa is $3025 for the main applicant, and any additional family members will also incur extra charges – this fee is for the visa only. The second instalment charge is also applicable for this permanent visa, so for every family member that is 18 years or older that has less than a functional level of English, an additional charge of $4890 will be included. The second instalment charge will not be necessary for the family members that paid this for the provisional visa.
Migration Consulting Fees – a quote will be provided from the outset based on the complexity your particular matter.

Eligibility

To be eligible, it is crucial to possess a valid nomination from a state or territory. During the application process for your provisional visa, you submitted an Expression of Interest (EOI) that was reviewed and subsequently endorsed by a state or territory. There is no requirement to submit a new EOI, however the state or territory must confirm that the nomination remains valid. You must also meet the additional requirements that are specific to the stream in which your visa is in.

Business Innovation Stream

You must be the primary holder of one of the following:

  • Subclass 188 visa in the Business Innovation stream for at least 3 years.
  • Special Category Visa (subclass 444) for at least 3 years.
  • Subclass 188 visa in the Business Innovation Extension stream.

You can also apply if your spouse or de facto partner is the primary holder of a subclass 188 visa in the Business Innovation stream or the Business Innovation Extension stream and you are the secondary holder. You must have maintained your own provisional visa for a minimum of 3 years as well. You must also fulfill the following requirements for the two-year period leading up to your application:

  • Hold an ownership interest, which should be ongoing, in up to 2 main business within Australia.
  • Maintain a direct and continuous managerial role in the aforementioned business or businesses.
  • Submit Business Activity Statements the Australian Taxation Office.
  • Possess an Australian Business Number (ABN) for each primary business.
Throughout the 24-month period immediately prior to your application, you must own at least:
  •  51% of the total value of a business with an annual turnover below AUD400,000, or
  • 30% of the total value of a business with an annual turnover of AUD400,00 or more, or
  • 10% of the total value of a business operated by a publicly listed company.
In the case of acquiring your main business from an individual who applied for or held either a subclass 888 visa or a permanent Business skills visa (subclasses 890, 891, 892, or 893) at the time of your acquisition, you must demonstrate the both you and that individual co-owned the business for a minimum of 1 year before submitting your application.
 
Average processing time – under 34 months

Investor Stream

You must be the primary holder of a 188 visa in the Investor Stream for at least 3 years. You can also apply if your spouse or de facto partner is the primary holder of a subclass 188 visa in the Investor stream and you are the secondary holder. You must have maintained your own provisional visa for a minimum of 3 years as well.

If you received the invitation to apply for the temporary 188 visa on or after 1 July 2021, it would have required an investment of AUD2.5 million in a ‘complying significant investment’ upon the grant of your visa. To be eligible for this permanent visa, you, or both you and your spouse must fulfill the following criteria:

  •  Throughout the entire duration of holding your provisional visa, maintain the ‘complying significant investment.’
  • Inform the government about any instances where you transferred funds between investments.
To meet the residence requirements, you must have been physically present in Australia for at least 2 years in the 3 years immediately before you apply. This applies if you are the primary holder of the subclass 188 visa in the Investor stream or if you are the secondary holder of this visa and the spouse/de facto partner of the primary holder.

The average processing time for this visa is unknown.

Significant Investor Stream

Upon the granting of your provisional visa, you made made an investment of AUD5 million in a complying significant investment’. To qualify for the permanent visa, you. or both you and your spouse/de facto partner must satisfy the following conditions:

  • Throughout the entire duration of holding your provisional 188 visa, maintain a ‘complying significant investment’.
  • Inform the government about any instances where you transferred funds between investments.
If any portion of your investment represents or represented a direct investment in an Australian proprietary company, then:
  •  If the duration of the direct investment was less than 2 years, the company must have functioned as a qualifying business for the entire duration.
  • If the duration of the direct investment was 2 years or longer, the company must have been a qualifying business for at least 2 years.
  • In the event that the company was unable to operate as a qualifying business, you must have made genuine efforts to operate it as such.
To meet the residence requirements, you must have held the provisional 188 visa in the Significant Investor Stream for 4 years continuously. This applies if you are the primary holder of the subclass 188 visa or if you are the secondary holder of this visa and the spouse/de facto partner of the primary holder.
 
You must also have either:
  •  Been physically present in Australia for a minimum number of days, calculated by adding the results of following points (A) and (B).
  • (A) Multiply 40 by the total number of complete years during the period which you held a 188 visa in the Significant Investor stream.
  • (B) Multiply 40 by the total number of years (treating a partial year as a full year) during the period when you held the 188 visa in the extension stream.
Or,
  • Had your spouse or de facto partner, who is the primary visa holder, be physically present in Australia on the provisional visa, granted based on your holding a subclass 188 visa in the Significant Investor stream or extension stream, for a minimum number of days, calculated by adding the results of following points (C) and (D).
  • (C) Multiply 180 by the total number of complete years during the period when you held a subclass 188 visa.
  • (D) Multiply 180 by the total number of years (treating a partial year as a full year) during the period when you held a 188 visa in the extension stream.

Average processing time – under 37 months

Entrepreneur Stream

To qualify for the permanent 888 visa, you must have held the provisional 188 visa in the Entrepreneur visa for at least 3 years and resided in Australia for at least 2 of those years. 

You must also demonstrate either:

  • 2 key success factors, or
  • 1 key success factor and 3 supporting success factors
Key success factors encompass:
  •  Employing 2 or more eligible individuals.
  • Generating an annual turnover of at least AUD300,000.
  • Filing a provisional patent or obtaining a standard or innovation patent.
  • Securing ongoing funding or investment for your entrepreneurial endeavour.
  • Establishing a partnership with a university.
  • Selling an entrepreneurial venture for AUD2 million.
Supporting success factors comprise:
  •  Adapting your entrepreneurial activities to other business areas.
  • Obtaining a statement of success from a state or territory government nominator.
  • Receiving sponsorship from the corporate sector.
  • Initiating at least one additional business to contributing to a minimum of 2 other businesses.
  • Obtaining formal awards or recognition.
  • Raising or contributing to social capital.
Average processing time – unknown.