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The 888 visa allows you to stay in Australia permanently. With this visa, you can work and study in the country and also Australia’s Public Health Care schemes. You will be able to sponsor your relatives to come to Australia to stay with you. You will have access to unrestricted travel to and from the country for a period of 5 years. This is a permanent visa and with it, you can stay in the country indefinitely. In order to gain citizenship, your permanent residency starts on the day: The department grants you the visa while you are in Australia.
 

888 Visa Australia Streams

You first enter Australia on this visa if you are outside the country when the visa is granted. Business Innovation and investment visa has different streams from which you can choose as per your suitability.

Business Innovation stream

This visa allows the holders of the following visas to stay in the country permanently:

1. Business Innovation and investment provisional visa subclass 188 in the Business Innovation stream or Business Innovation extension Stream
2. Holders of a subclass 444 special category visa
3. Holders of a subclass 457 (business long stay visa).

• It is a permanent visa and must be applied online.
• You must be able to show an ongoing business involvement.
• With this Visa You will be able to continue your business activities that you may have started under your business Innovation and investment provisional visa.
• You can stay in the country permanently as well as study and work there.
• You will need to meet certain business requirements and have a current domination from Australian state or territory government agency.

Investor stream

This visa will allow you to continue your in Australia permanently. The cost of the visa is AUD 3400.00.

• The application for the visa has to be applied online.
• You must hold or should have held a Business Innovation and investment provisional visa subclass 188 in the Investors stream.
• You must have held a designated investment of AUD 1.5 million for 4 years.
• With this visa you can continue your investment activities started under Your Business Innovation and investment provisional visa.
• You can stay, work and study in Australia permanently.
• You will have to meet certain investment requirements related to your provisional visa and you will need a current nomination from Australian state or territory.

Significant investor stream

• The visa allows you to continue your investment activities in Australia permanently.
• You must hold a subclass 188 visa in a significant investor stream or significant investor extension stream.
• You must have held a complying investment of AUD 5 million for 4 years.
• You should continue to hold your complaint investment or complaint significant investment as required by your subclass 188 visa during the period of that visa.
• You should have a current nomination from a state or territory government agency which has not been withdrawn.

Premium investor stream

• This visa will allow you to continue your investment activities in Australia permanently.
• You must have held subclass 18 visa in the premium investor stream for 12 months.
• You must have held a complaint investment of AUD 15 Million for the duration of Subclass 188 visa.

Entrepreneur Stream

The visa lets the holders and in some cases people who have already held a Business Innovation and investment provisional visa subclass 188 in the entrepreneur stream to stay permanently in the country.

• You must have held a subclass 188 visa in the entrepreneur stream for a period of 4 years.
• You should have lived in Australia for at least 2 years while on the above visa.
• You must demonstrate a successful record of entrepreneurial activity in Australia while you held your subclass 188 to visa.

• The 888 visa Australia will allow you to decide in the country indefinite period of time as a permanent resident.
• You will be able to work and study in Australia as a permanent resident.
• You can gain employment and receive health care benefits under the Medicare scheme.
• You will be able to apply for Australian citizenship.
• You can sponsor your eligible family members so that they can get their Australian permanent residency or citizenship.
• You can have an unrestricted travel two one from the country for a period of 5 years after getting your visa.

Applicants will be able to apply for the 888 Visa Australia if they hold or in some cases have held the following:

Primary visa holder

You are the primary visa holder of a Business Innovation and investment visa provisional sub class 188 and you meet all the requirements of your professional Business Innovation and investment visa in the stream in which you have first applied.

Secondary visa holder

Applicant is a secondary visa holder i.e. spouse or de facto partner of a provisional Business Innovation and investment visa subclass 188 in the investor or Business Innovation stream and has met all the primary criteria of provisional Business Innovation and investment visa Industry in the choice of stream.

Special category

You hold a special category visa subclass 444 or a business long stay visa subclass 457 IE and have met all the requirements of the Business Innovation stream.

Age

All the applicants above 18 years of age who did not pay the visa application charge for a previous subclass 188 visa should have functional English. If you cannot show an evidence of functional English ask you to pay a second instalment of the visa application charge.

Other Criteria

• You must demonstrate that you have a realistic commitment towards continuing your business and investment activities in the country.
• You should not have any previous visa cancellations or refusals. Your immigration history is taken into account while the department makes a decision on your application.
• You and your partner should not have been unacceptable business or investment activity investment activities.
• Applicants should have a satisfactory record of complaint with the laws and regulations of each state or territory in which they are going to operate the business hire employees in the business.
• You should have been nominated by the Australian state or territory on behalf of the Australian government.
• Applicant and all the family members should meet health and character requirements. You have to meet certain health requirements and get a health examination done for the same. You must fulfil the character requirements by getting a police certificate from a country where you have lived for a considerable amount of time during the past 10 years.
• You must not owe any debts to the Australian government. If you have any outstanding debts towards the government then you will need to repay them before applying for the visa.

Specific criteria

• You should be able to demonstrate continuous qualifying business for at least 2 years the commitment to continue your business activity in Australia.
• You should have continuous ownership interest in up to two main businesses throughout the period of 2 years preceding your application.
• You should have maintained direct and continuous involvement in the management of the business in each of the two years that preceded your application. You should have made decisions affecting the overall performance and direction of the business during this period.
• For two years immediately before you apply, you must have submitted business activities statements to the Australian taxation office.
• You should have in Australian business number for each of your main businesses.

Turnover and ownership

For a period of 24 months immediately before you apply must own at least:

• 51% of total value of a business with the turnover of less than AUD 400,000 per year OR
• 30% of the total value of business with the turnover of AUD 400,000 or more per year, OR
• 10% of the total value of a business that is operated by a publicly listed company.

If you bought your main business from a person who applied for or held a Business Innovation and investment permanent visa business skills visa at the time of the acquisition then you must show that you and that person co-owned  the businesses for at least one year before you apply. Your annual turnover should be of at least AUD 300,000 in 12 months immediately before you apply for this visa. You have to meet the requirement of Assets of AUD 200,000 net value in your main business or any two main businesses in Australia in the last 12 months immediately before you apply.

When operating your businesses in Australia, you and your partner should follow the Commonwealth laws and the loss of the state or territories where your business is operating. This will include all the tax laws, superannuation and workplace relations.

• You can apply for this visa as a primary holder of a Business Innovation and investment provisional visa subclass 188 in the investor stream. You can also apply if you are a secondary visa holder of a Business Innovation investment provisional visa subclass 188 and your spouse or a de facto partner is the primary holder of this visa in the investor stream.
• You should have an investment of AUD 2.5 million in a compliance significant investment.

Other important criteria

To get a Business Innovation and investment visa subclass 888 you and your partner must:

• Have held a complying significant investment for the whole period during which you holding your Business Innovation and investment provisional visa.

• Must bring it to the notice of the department every time you have transferred funds from one investment to another

Designated Investment

You must have a designated investment of at least:

• 4 years if the provisional visa was granted on the basis of application made on or after 1st July 2015
• 3 years and 11 months if the provisional visa was granted on the basis of an application that was made before 1st July 2015
• The designated investment should be continuously in your name or in the names of yourself and your partner together.

Significant Investor stream requirements

You must have held:

• The Business Innovation and investment provisional visa subclass 188 for at least 3 years.
• A subclass 188 visa in a Significant Investor extension stream.
• You should have a complaint significant investment all period during which you held Subclass 188 visa.
• If any part of your investment direct investment in Australian proprietary company then:
• Must have been a qualifying business for the whole period, if the direct investment was for less than 2 years.
• If the period of direct investment for 2 years or greater than that, then the company was the qualifying business for at least 2 years.
• If the company has been unable to operate as a qualifying business then you must have made genuine attempt to operate the business as a qualifying business.

Premium investor stream requirements

The requirements are:

• The applicant should be the primary holder of a subclass 188 visa in the premium investor stream or the holder of a subclass 188 visa that was granted on the basis that the applicant was a spouse or a partner of a person who has held the subclass 188 provisional visas in the premium investor stream.
• You should have invested AUD 15 million in a compliant premium investment. Also, you should have held the complying premium investment for the whole time that you were having your provisional visa.

Entrepreneurs stream requirements

You should hold a Subclass 188 visa in the Entrepreneur stream. If you were invited to apply on or after first July 2021, then you must have held the visa continuously for it least 3 years.

Order to assess your entrepreneurial activities you will need to demonstrate either:

• Two key success factors
• One key success factor and three supporting success factors.

The key success factors will include:

Employing two or more Australians or permanent residents

• Generating an annual turnover of at least AUD 300,000.
• Filing a provisional patent
• Receiving an ongoing funding or investment in your entrepreneur activity
• Entering a partnership with the university
• Selling the entrepreneurial venture for AUD 2 million.

Supporting factors could be:

• Adapting your entrepreneur activities into other businesses
• Receiving a statement of success from a state or territory
• Receiving sponsorship from a corporate sector
• Starting at least one other business or contributing to at least two other businesses
• Receiving formal awards are recognition
• Raising or contributing to a social capital

It is important to note that entrepreneurial activities in Australia cannot be residential real estate, labor hiring, or buying an existing enterprise or a franchise in Australia.

You need to follow the following steps at the time of applying for the Subclass 888 visa:

Before application

You will first need to assess if you were invited to apply for this visa before 1st July 2021 or after 1st July 2021. You must have held the 188 visa continuously for at least 4 years if you were invited before 1st July 2021. However, in the other case you should have held this visa continuously for at least 3 years.

Gathering documentation

You will need to provide accurate information about your identity and provide documentation about your business and disclose all the assets. If any family members are applying along with you will be required for them. You will need to have a nomination from the state or territory and fill out of form to send to the state or territory that nominated you.

You should be able to demonstrate your commitment towards your business and investment activity. It is important to follow all the Australian laws and provide evidence of your successful record of entrepreneurship.

Visa application

You need to apply for the visa online from your ImmiAccount. After filing the application form you will then pay the visa fee. Once your application is received the department will do the verification of all your documentation and evidence. The decision on your 888 Visa will be sent to you by email.

Your visa may take longer to process if:

• Your application form has has inaccuracies
• Some of your documents are missing
• The department requires more information from you
• Verification of your information takes time.

Immigration Buddy can help you connect with qualified immigration agents that can make your visa application process simpler. The 888 visa process can become complicated due to a lot of eligibility criteria that you will have to fulfil. To make your visa filing process faster and stress free it is important that you hire our qualified team. Connect with us today to book a consultation.