The 888 visa is for masses who want to continue to own and manage a business in Australia, or to continue an investment activity in an Australian state or territory.
- This is a permanent residency visa.
This subclass 888 visa has three streams:
- Business Innovation stream
- Investor stream
- Significant Investor stream
The Business Innovation Stream
You need to fulfill the following additional requirements, if applying under the Business Innovation Stream.
- Activity in Business: You must have regularly lived in Australia and, for at least one of the two years immediately preceding the application, held a:
- Business Innovation and Investment (Provisional) visa (subclass 188) in the Business Innovation stream or the Business Innovation Extension stream, or
- A Special Category visa (subclass 444), or
- A Business (Long Stay) visa (subclass 457IE)
- Provide Evidence that you and your partner, jointly or singly:
- Annual Turnover: Have maintained an annual turnover of at least AUD300,000 from the main business (or businesses) in the 12 months immediately preceding the application. This requirement may be waived by the nominating State/Territory if you commit to live and operate your business in a specific region of the country.
- Ownership interests: Had (for the two years preceding the application) and continue to have ownership interests and direct and ongoing roles in the management of an actively running main business or businesses in Australia.
- In the year immediately preceding the application, you must have owned at least
- 51% of main business if annual turnover is less than AUD 400,000
- 30% of main business if annual turnover is equal to or more than AUD 400,000
- 10% of main business if it is a public listed company
- Australian Business Number: You must have an Australian Business Number for each of your main businesses.
- Business Activity Statements: You must have submitted Business Activity Statements to the Australian Taxation Office for two years immediately preceding your application.
- You must have not acquired ownership in your main business or businesses from an applicant or holder of
- A permanent Business Innovation and Investment visa (subclass 888), or
- A permanent Business Skills Visa (in subclasses 890, 891, 892 or 893).
- The above restriction does not apply if you had a joint interest in the main business or business with that other person for a period of at least one year immediately preceding your visa application.
- At least two of the following 3 requirements must be fulfilled and proved by you and your partner, jointly or singly.
- Your nominated main business in Australia had business assets with a net value of more than AUD 200,000 throughout the year immediately preceding the application.
- Your personal and business assets in Australia had a net value of more than AUD 600,000 throughout the year immediately preceding the application.
- Throughout the year immediately preceding the application, you employed the equivalent of at least two full-time employees in your main business/businesses with such employees being:
- Australian citizens, Australian permanent residents, or holders of valid New Zealand passports, and
- Not your family members.
The Investor Stream
You must fulfill the following additional requirements, if applying in the Investor stream,
- Have held your provisional visa and resided in Australia for at least two out of the four years immediately preceding the application.
- You and your partner, jointly or singly, must have held the designated investment within a State/Territory in Australia for at least four years.
The Significant Investor Stream
You must fulfill the following additional requirements, if you are applying in the Significant Investor stream,
- At the time of applying for the Permanent Visa, you must have held a provisional visa in the Significant Investor Stream or Significant Investor Extension Stream.
- You must have been in Australia as a holder of the provisional visa for:
- 160 days over the past four years in the Significant Investor stream, or
- 240 days over the past six years in the Significant Investor Extension stream with one extension, or
- 320 days over the past eight years in the Significant Investor Extension stream with two extensions.
- You and your partner, jointly or singly, must have
- Held the complying investments continuously for more than four years if holding the Provisional Visa, or
- Operated the qualifying business under the private Australian company into which the direct complying investment was made, if applicable.
Book an Appointment: –
- We at BANSAL Immigration consultants offer much-needed help so as to convince the Australian Immigration authorities about your actual intention to stay and work in Australia.
- We do everything possible to present you as a true candidate and that you will adhere to all rules and commitments during your stay in Australia.
- Also, we assure you that your interview round goes well, which is yet another growing step to get this visa in Australia
****How can we assist you? Please call our number mentioned on the website.