The Business Innovation and Investment (Permanent) visa subclass 888 is the second stage of the Business Innovation and Investment (provisional) visa subclass 188. With this visa, applicants can run their businesses and investments in Australia for an indefinite period.
Just like visa subclass 188, the 888 visa has five streams depending on an applicant’s business level of contribution in the Australian economy. The stream you qualify for is determined by the stream you were granted under visa subclass 188. The streams under the 888 visa include the Business innovation stream, Investor stream, Significant Investor stream, Premium Investor stream, and the Entrepreneur stream.
You must meet certain requirements to qualify for any of these streams.
What’s the Eligibility Criteria for 888 Visa?
It’s worth noting that with 888 visas, applicants are not required to sit an additional points test or submit a new EOI to be invited to apply for the Department. Nevertheless, they still need to be nominated by an Australian State or Territory on behalf of the Australian Government.
Unlike its prerequisite visa, to qualify for the 888 visa, you should either be:
- a primary holder of a provisional visa 188,
- a secondary visa holder who is a spouse or de facto partner of a provisional 188 holder in the Investor or Business Innovation stream, or
- hold a Special Category visa (subclass 444) and have met the requirements of the business innovation stream.
Other requirements for this visa subclass include:
- You and your partner meet Australian character and health requirements.
- Applicants must have a genuine commitment to continuing their business and investment activity in Australia as soon as the initial investment has matured.
- Evidence that you and your partner have complied with Commonwealth laws and the State or Territory where you operate your business.
How Long Does the Visa Processing Take?
Visa applications are assessed on a case-by-case basis and the process varies depending on the circumstances of an applicant. As such, the time it takes for the Department of Home Affairs to process applications vary.
Additionally, some unavoidable circumstances can affect your visa application processing time. For instance, it might take time for external agencies such as law enforcement and health to conduct the required checks and issue supporting details.
Even then you can still ensure your visa application is processed faster by doing the following:
- Respond promptly whenever the Department of Home Affairs requests for additional information.
- Lodge a complete application with all the supporting documents.
When you provide all the required documents and undergo the necessary checks, you’re more likely to get your visa application processed faster.
How Much Does it Cost to Get an 888 Visa?
Usually, the cost of 888 visa starts from $2590.(I changed this) Even then, it’s worth noting that this is only additional costs may apply to take care of requirements such as biometrics, police certificates, and health assessments. In case you want to include some family members to your visa application, you should be prepared to pay more.
Keep in mind that family members added after the visa application goes through will have to pay for an additional full visa application.
The Streams Under Visa Subclass 888
As we mentioned earlier, there are five streams under this visa subclass. Each stream has specific requirements that an applicant should meet to qualify for the visa. Let’s take a broad look at the streams below:
Business Innovation Stream
For you to qualify for this visa stream, you must be a holder of a provisional 188 visa in the Business Innovation or Business Innovation Extension stream, or a Special Category (subclass 444) visa in Australia for a total period of at least one year in the two years before lodging your visa application.
To qualify for the Investor stream under visa subclass 888, applicants must have held the provisional Investor stream visa for at least two years within the four years, just before lodging their application. Moreover, an applicant or together with their partner must have held a designated investment in any of the Australian States or Territories for at least four years.
Significant Investor Stream
For one to qualify for the Significant investor stream under visa subclass 888, they must have held a provisional 188 visa in either, the Significant Investor stream or the Significant Investor Extension stream, for not less than 40 days each year they held the visa, or their partner is in the country for at least 180 days every year while on the visa.
Additionally, you should have held the prerequisite 188 visa continuously for at least four years with investments that comply with the private Australian company you operated your investment in.
Premium Investor Stream
Applicants who wish to become permanent residents within the Premium Investor Stream must have held the 188 Premium Investor visa for a continuous period of at least 12 months. Once the visa is granted, the visa holder can continue to conduct investment activity in Australia, stay permanently in the country, work, and study in Australia.
With this visa, applicants can stay in Australia indefinitely. However, to be eligible for the Entrepreneur Stream under visa subclass 888, you must be a holder of a Business Innovation and Investment (Provisional) visa (subclass 188) in the Entrepreneur stream. Once granted, the visa holder can continue with their entrepreneur activities in Australia indefinitely.
Generally, that’s what you need to know about visa 888. However, keep in mind that there are specific requirements that apply to each stream under this visa subclass. As such, if you’re planning to lodge an application any time soon, you should check the requirements from the Department of Home Affairs’ website. Additionally, due to the pandemic, several changes have been implemented in the department. You should also take note of any adjustments with regards to Covid-19 before you begin your application.