BUSINESS INNOVATION (PERMANENT) VISA (SUBCLASS 888)
Requirements
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 and have met the requirements of that visa in
the stream in which you first applied
Features
This visa allows you to:
continue to own and manage a business in Australia (the Business Innovation stream)
continue business and investment activity in Australia (the Investor stream,the Significant Investor stream and the Premium Investor stream).
Evidence of at least 2 years continuous qualifying business and commitment to continue your business activity in Australia.
Business Activity
Ownership Interest
Continuous ownership interest in a main business or businesses throughout the period of at least 2 years preceding application (see 188 visa for detail).
Ownership interest from another previous business skills visa applicant or visa holders may not be eligible to apply.
Management Role
In each of the 2 yrs preceding application has maintained direct and continuous involvement in management of the business fr day to day at a senior level, and has made decisions affecting the overall performance and direction of the business.
Annual Turnover
At least A$300,000 in the 12 months before application
The Business Innovation Stream – 888 visa Criteria
Applicant must meet two out of the three of the following criteria:
At least A$200,000 throughout the 12 months immediately before application was made; and continue to have that and were lawfully acquired.
1) Net Business Assets in Australia
2) Number of Employees
At least equivalent 2 full-time employees in business who are Aust citizens, PR or NZ passport holders, but not including MFU’s for 12 mths prior to application.
3) Net Total Assets in Australia
At least A$600,000 throughout the 12 months ending immediately before the application was made; and continue to have that, and were lawfully acquired
Evidence of compliance with Aust Tax Law
Must demonstrate that each business has an ABN and all BAS have been lodged for the 2 year period in business.
Presence in Australia
Must demonstrate that each business has an ABN and all BAS have been lodged for the 2 year period in business.
Business Background
No record of involvement in activities not generally acceptable in Australia.
Qualifying visa
Must hold a Business Innovation visa at time of application as the primary applicant.
For Other Types of Permanent Australian Business Visas you can check
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If you have any inquiries about residing in Australia, working in Australia, studying in Australia, or acquiring various types of visas such as Australian work visas and Australian business visas or Australian Student visas our colleagues at Millennium Migration, an Australian migration service company, can assist you. Please feel free to contact them for further information.
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