Staying in Australia as a permanent resident and managing your establish business here requires you to obtain Australian permanent resident visa after receiving your 188 Provisional visas. The good thing is that we have the 888 Visa available to help you achieve your dream of continue your life and enterprise in Australia.
At a time when the Covid-19 pandemic is ravaging the world’s economy, you may be a bit doubtful about starting a business in a foreign country.
But don’t you think it’s things are soon going to return to normal? Well, at least you should have some hope and keep your dream alive.
Things are a bit slow at the moment, but you can take advantage of this to get ready for your 888 visas. The application for this visa hasn’t been affected by the pandemic. Therefore, you can still lodge your application provided you meet the eligibility requirements.
So, What’s The Eligibility Criteria For 888 Visa?
The Business Innovation and Investment (Permanent) visa subclass 888 applies to holders of visa subclass 188 who would like to get permission to live and manage their businesses in Australia for an indefinite period.
Just like the visa subclass 188, this visa has five streams depending on your business’ level of contribution to the economy of Australia. The visa subclass 888 stream you qualify for depends on the stream granted under visa subclass 188.
The visa subclass 888 streams include Business innovation stream, Investor stream, Significant Investor stream, Premium Investor stream, and the Entrepreneur stream.
We have eligibility requirements for each of these visa streams and you should check whether you qualify before lodging your visa application.
If you’re applying for visa subclass 888, you’ll not be required to sit an additional points test. You also don’t need to submit a new EOI or be invited to apply by the migration department. Nevertheless, an applicant still needs to be nominated by an Australian State or Territory, or by Austrade on behalf of the government.
To obtain the visa subclass 888, an applicant must be:
- A primary holder of a provisional 188 visa
- A secondary visa holder who is a de facto partner or spouse to a holder of visa subclass 188
- A holder of a Special Category visa (subclass 444)
In addition to this, the applicant must meet the eligibility requirement for the given visa 888 stream.
Other general requirements for one to qualify for the visa subclass 888 include:
- Both you and your spouse or de facto partner must have a clear record and must have complied with Commonwealth laws and the State or Territory where your business operates
- You may be over 55 years of age as under the 888 visa is no age limit
- The primary applicant must demonstrate that met the requirement of establishing the business in Australia or continued the investment for the prescribed period of 4 years
- Have the necessary net asset as prescribed by the 888 visa stream
- Both you and your partner should meet Australian health and character requirements
- Show a realistic commitment to continuing your business and investment activity in Australia after the initial investment is matured
Let’s look at additional requirements, depending on the stream you held in your original 188 provisional visa.
With this visa, you can carry on with your investment activities started under your business innovation and investment (provisional) visa, live in Australia permanently, and work and study in Australia.
To qualify for this visa, you must be a primary visa holder of a Business Innovation and Investment (Provisional) visa (subclass 188) in the Investor stream. You can also apply for this visa if your spouse or de facto partner is a holder of the visa subclass 188 under the same stream. Additionally, an applicant must have held a designated investment of AUD1.5 million for at least 4 years.
Significant Investor Stream
With this visa, an applicant can continue with their investment activities started under visa subclass 188, live permanently in Australia, and work and study in Australia. To qualify for this visa, you must have held a complying business of AUD 5 million for at least 4 years.
Additionally, an applicant must have a current nomination from a state, territory government agency, or Austrade which has not been withdrawn.
Business Innovation Stream
The holders of visa subclass 188 in the Business Innovation stream or the Business Innovation Extension stream, or holders of a subclass 444 (Special Category) visa, or certain holders of a subclass 457 (Business (Long Stay) visa), can live permanently in Australia on visa subclass 888 in the Business innovation stream.
Also, to qualify for this visa, you must have a current nomination from an Australian state or territory government agency. You must also show that you have an ongoing business in Australia.
Premium Investor Stream
For an applicant to qualify for this visa stream, they must have held a subclass 188 visa in the Premium Investor stream for 12 months. Also, they must have held a complying business in Australia worth AUD15 million for the duration of their subclass visa 188. In addition to this, you must have a current nomination from Austrade which has not been withdrawn.
With this visa you can continue with your business activities, live, work, and study permanently Australia.
With this visa, you can stay permanently in Australia and continue with your business activities. To qualify for this visa, you must be a holder of subclass visa 188 in the Entrepreneur stream, and you must have held this visa for at least 4 years.
Additionally, you must have lived in Australia on this visa for at least 2 years. And lastly, you must show a successful record of entrepreneurial activity in Australia for the period you held the visa subclass 188 in the same stream.
Note that for the first four visa streams, you’re required to submit an online application. You can visit the Australian migration website for more details.
Would you like to live permanently in Australia and continue with your business activities? Well, get in touch with Australian migration department to get started. You can apply for the visa subclass 888 in the desired stream any time.
Need help with your Visa?
Call 1300 066 267 to book a free consultation with No Borders Migration Agents