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Innovation and Investment (Permanent) visa (subclass 888) once granted grants permanent residence to the holder of subclass 188 provisional visa. For grant of this visa it is essential you have fulfilled the requirements of your subclass 188 visa. 


 

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• you are the primary visa holder of a provisional Business Innovation and Investment visa (subclass 188) and have met all the requirements in the stream in which you first applied; or
• you and your partner have not been involved in any unacceptable business or investment activities
• you and your partner have a satisfactory record of complying with Commonwealth and state law.
• you have been nominated by an Australian state or territory
• you and all your family members meet health and character requirements if not met at the time of primary application.
• have a realistic commitment to maintain business or investment activities in Australia

 


 

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If you are applying for the Business Innovation stream, you must have been in Australia and held a Business Innovation and Investment (Provisional) visa (subclass 188) for at least one year in the two years immediately before you apply for subclass 888 visa.In addition, you must be able to show ongoing business involvement, meet certain financial requirements, and have a history of employing Australian workers. These requirements are discussed below:

ONGOING BUSINESS INVOLVEMENT

You must be able to show that you (or you and your partner together) have:

  • For two years immediately before you apply you have had an ownership interest and a direct and continuous management role in an actively operating the business in Australia.

  • had an annual turnover of at least AUD300 000 from the main business (or businesses) in the 12 months before you apply (may be waived in regional Australia in some cases)

  • owned at least one of the following percentages of the main business (or main businesses) in Australia in the year immediately before you apply:

    • 51 per cent of a business with a turnover of less than AUD400 000 per year

    • 30 per cent of a business with a turnover of AUD400 000 or more per year

    • 10 per cent of a publicly listed company

  • obtained an Australian Business Number for each of your main businesses

  • submitted Business Activity Statements to the Australian Taxation Office for the two years immediately before you apply

  • not acquired the ownership in your main business (or two main businesses) from a person who was an applicant for, or a holder of, a permanent Business Innovation and Investment visa (subclass 888)or a permanent business skills visa (in subclasses 890, 891, 892 or 893), unless you and that person had a joint interest in the main business for at least one year before you lodge your application for this visa.

 

FINANCIAL REQUIREMENTS

You (or your partner, or you and your partner together) must also demonstrate that you have achieved at least two of the following requirements:

  • a net value of business assets of at least AUD 200,000 in your nominated main business (or two main businesses) in Australia throughout the year immediately before you apply

  • a net value of personal and business assets of at least AUD 600,000 in Australia throughout the year immediately before you apply

HISTORY OF EMPLOYING AUSTRALIAN WORKERS

You must have employed at least the equivalent of two full-time employees in your main business (or main businesses), throughout the year immediately before you apply who are:

  • Australian citizens, Australian permanent residents, or holders of valid New Zealand passports

  • not your family members.

 


 

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If you are applying for this visa in the Investor stream, you must have been in Australia and held your provisional visa for at least two of the four years immediately before you apply.

In addition, you (or you and your partner combined) must have held a designated investment with an Australian state or territory for at least four years.


 

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If you are applying for a permanent visa (subclass 888) in the Significant Investor stream, you must have held at the time of applicationa provisional visa (subclass 188) in the Significant Investor stream or in the Significant Investor Extension stream.

You must have been in Australia as the holder of a provisional visa (subclass 188):

  • in the Significant Investor stream—160 days in the past four years

  • in the Significant Investor Extension stream (one extension) —240 days in the past six years

  • in the Significant Investor Extension stream (two extensions) —320 days in the past eight years.

 

In addition, you (or you and your partner combined) must have:

  • held the complying investments continuously for at least 4 years while holding your Business Innovation and Investment (Provisional) visa (subclass 188).

  • operated a qualifying business under the private Australian company in which you have made a direct complying investment if applicable.

 


 

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The Business Innovation and Investment (Permanent) visa (subclass 888) is the second stage of the Business Innovation and Investment (Provisional) visa(subclass 188). You can apply for it after you have fulfilled the requirements of your provisional visa.

You do not need to submit a new Expression of Interest or be invited to apply for this visa. You need to be nominated by a state or territory government agency or Austrade on behalf of the Australian government if you are seeking to satisfy the primary criteria.

If you are the holder of a provisional Business Innovation and Investment visa (subclass 188) you should provide evidence that the government entity which nominated you for that visa has not withdrawn the nomination.

You might be able to get this visa if you are nominated by a state or territory or the Australian government and hold a provisional Business Innovation and Investment visa (subclass 188) and have met the requirements of that visa in the stream in which you first applied or hold a Special Category visa (subclass 444) and have met the requirements of the business innovation stream.

This is a permanent residence visa.

From AUD 2350 you might have to pay additional costs for:

  • additional applicant 18 and over
  • additional applicant under 18