Are you an entrepreneur, investor, or business owner looking to continue your activities in Australia permanently? The Subclass 888 Business Innovation and Investment (Permanent) visa is designed for individuals who have already established themselves in Australia through a provisional visa.
Overview of the Visa
The Subclass 888 visa allows holders of a Business Innovation and Investment (Provisional) visa (subclass 188) to stay permanently in Australia. The visa has five streams:
- Business Innovation stream
- Investor stream
- Significant Investor stream
- Premium Investor stream
- Entrepreneur stream
Eligibility Criteria
To be eligible for the Subclass 888 visa, you must meet the following requirements:
Hold a relevant stream of the subclass 188 visa or other specified visas
- Meet the specific requirements for your chosen stream
- Apply online
- Meet the health and character requirements
Stream-Specific Requirements
Each stream has its own set of requirements:
- Business Innovation stream: You must have held a subclass 188 visa in the Business Innovation stream or the Business Innovation Extension stream, a subclass 444 (Special Category) visa, or a subclass 457 (Business (Long Stay)) visa granted in certain circumstances.
- Investor stream: You must have held a subclass 188 visa in the Investor stream and have held a designated investment of AUD1.5 million for 4 years.
- Significant Investor stream: You must have held a subclass 188 visa in the Significant Investor stream or the Significant Investor Extension stream and have held a complying investment of AUD5 million for 4 years.
- Premium Investor stream: You must have held a subclass 188 visa in the Premium Investor stream for 12 months and have held a complying investment of AUD15 million for the duration of your subclass 188 visa.
- Entrepreneur stream: You must have held a subclass 188 visa in the Entrepreneur stream for 4 years, have lived in Australia for at least 2 years while on the above visa, and demonstrate a successful record of entrepreneurial activity in Australia while you held your subclass 188 visa
Application Process
- Apply online
- Pay the application fee (from AUD3,400.00)
- Meet the health and character requirements
- Provide required documents, including proof of your business or investment activities
Processing Time
The processing time for the Subclass 888 visa varies depending on the stream and the complexity of the application. You can use the visa processing time guide tool to get an indication of the processing times for recently decided applications.
Conclusion
The Subclass 888 Business Innovation and Investment (Permanent) visa is a great opportunity for entrepreneurs, investors, and business owners to continue their activities in Australia permanently. By understanding the eligibility criteria, stream-specific requirements, and application process, you can take the first step toward securing your future in Australia.
