Those who have a Business Innovation and Investment Provisional visa (Subclass 188) are eligible to apply for the Business Innovation and Investment Permanent visa (Subclass 888) if they continue to meet the different eligibility standards outlined in the Provisional Visa regime. This visa, if granted under the Firm Innovation Stream, permits you to continue owning and managing your business in Australia.
This visa, whether secured through the Investor or Significant Investor Stream, permits you to continue your commercial and investing activities in Australia.
To apply for this visa, you do not need to submit a new Expression of Interest or get a new invitation. Nomination is also not required if the State or Territory that nominated you for a Provisional visa has not withdrawn its nomination. If your present nomination has been withdrawn by the relevant State/Territory, or if you seek to gain nomination from another State/Territory, you will need nomination.
How do you apply for business innovation and investment permanent visa 888?
- Prepare the evidence you’ll need to back up your application.
- Examine the Supplementary Material.
- Apply for a nomination using the Live in Melbourne portal external link.
- Please respond to any requests for more information within 14 days.
After you apply business for innovation and investment visa 888:
- Your application will be reviewed by the Skilled and Business Migration Program.
- If we need further information to support your application, we will contact you through email.
- We strive to get all applications completed within 20 business days. Current assessment times may be found on the Program Review page.
Once you’ve been nominated:
- Our judgment will be emailed to you or your agent.
- Within 90 days, submit your Visa Application to The Department of Home Affairs.
- Keep your contact information up to date so that we can offer you with crucial services.
- We have a Relationship Management staff that may contact you to help you negotiate the Victorian business climate.
- Meet your Victorian nomination requirements for subclass 888.
Who is eligible to apply for visa 888 on business innovation and investment requirement basis?
This visa gives candidates the option of applying through one of four channels:
- Commercial owners that have conducted a compliant investment and/or business activity in South Australia that fulfils a ‘benefit to state’ condition are eligible for the Business Innovation stream.
- Investor stream: Invested AUD $2.5 million (AUD $3.75 million for those over 55) in a compliant investment fund for the period of the provisional visa.
- Significant Investor Stream: For the term of the provisional visa, I have invested AUD$5 million in a compliant investment vehicle.
- Entrepreneur stream: You must have continued to operate your business in South Australia and met the requirements to keep your nomination status.
Benefits of Business Innovation and Investment Visa Subclass 888:
The Business Innovation and Investment Permanent visa (Subclass 888) is a visa that allows you to stay in the country permanently. After being granted this visa, you and all of your family members will be able to:
- Stay in Australia indefinitely.
- In Australia, you may work and study.
- Enrol in Australia’s health-care system.
- Apply for citizenship in Australia.
- Sponsor qualifying family members for permanent residency.
- Travel to and from Australia at any time during five years after the visa’s issuance. To return to Australia after five years, you must apply for a resident return visa or another relevant visa.
Subclass 888: Business Innovation and Investment Permanent Visa Eligibility:
If you meet the following criteria, you will be eligible to apply for this visa:
- You are the principal visa holder of a provisional Business Innovation or Investment visa subclass 188 and meet the conditions of the stream for which you have applied. Alternatively, you must be the principal visa holder of a Special Category visa (subclass 444) or a Business (Long stay) visa (subclass 457IE) and fulfill the requirements of the business innovation stream.
- An Australian state or territory nominates you for the visa.
- You and all members of your dependent family fulfill all health and character standards.
- You and your partner have not engaged in any unethical commercial or investing activity.
- You and your partner have a good track record of complying with Commonwealth legislation as well as the laws of each State/Territory where you conduct a business and employ people for that reason.
- You demonstrate a strong commitment to continuing your commercial or investment operations in Australia.
- You must have made arrangements to repay any outstanding debts to the Australian government.
Holders of the Provisional Business Innovation and Investment visa (subclass 188) in the company innovation stream are subject to extra requirements including business turnover, business assets, and compliance with business rules and regulations.
Holders of a Provisional Business Innovation and Investment visa (subclass 188) under the Investor Stream or the Significant Investor Stream are subject to extra requirements regarding residency in Australia and the term of holding the investment.
Documents Required Applying for Australian Business Innovation and Investment Visa 888
- Nomination form completed by a State/Territory Government in Australia. If the nomination for your Provisional Visa has not been withdrawn, the original nomination can be used to apply for the Permanent Visa.
- A one-page synopsis of your long-term business or investment plans in Australia.
- Documentary proof that you performed an examination of the Australian business or investment climate.
- Proof of compliance with the laws of the Commonwealth and the State/Territory in which you operate your business, in the form of:
- A formal statement certifying conformity with Commonwealth and State/Territory legislation in which your business operates, or
- Details of occurrences and situations in which you violated Commonwealth and State/Territory legislation in which you operate your firm.
- Proof of identification in the form of a passport-sized photo and certified copies of all people named in the application’s passports or travel papers.
- Documents pertaining to any change in circumstances, such as a change in name, civil status, or the death of a spouse or family member, as well as proof of the sincerity of any applicable de-facto connection.
- Documents proving the identification of dependents who do not have a provisional visa.
- All of your family members above the age of 18 must provide proof of financial reliance.
- Documentation demonstrating excellent conduct and English competence.
- Documents pertaining to the organisation of a firm, its ownership, management, taxation, workers, net assets, and designated investments.
- All other papers pertaining to the intended visa application stream.
Application Procedure for an Australia Permanent Business Visa 888:
You must apply for a business visa 888 online by attaching the necessary papers electronically; you cannot submit your paperwork by post for this visa. You must also pay the application cost in your ImmiAccount’s payments area. Please keep in mind that all documentation must be submitted in English.
Processing Times for Permanent Business Innovation and Investment Visa 888:
A permanent business innovation and investment visa 888 can be approved in as little as a year and as much as two years. Processing timeframes for the premium investor and entrepreneur streams, however, are not accessible.
Remember that a comprehensive application will take substantially less time to process than an incomplete one.
What Is the Cost of an Australia Business Innovation and Investment Visa 888?
The cost of a business visa 888 is AUD2, 590. This is merely the initial application fee; additional payments for your dependents may be necessary. There is also a second installment fee of AUD4, 890 for an 888 visa.
You must pay this installment charge for any family members who did not pay it when they filed for their temporary business visa 188 and are unable to produce evidence of functional English proficiency.
Is it possible to travel with an Australia Business Innovation and Investment Visa 888?
Yes, you are permitted to travel with your business innovation and investment visa 888. Your permanent business visa, on the other hand, has a 5-year travel expiry date. After 5 years, you must apply for a resident return visa in order to travel freely.
You can apply for an RRV for as long as you need to, but you can also apply for Australian citizenship and a passport. VEVO allows you to verify the visa travel expiry date (Visa Entitlement Verification Online).
To get more information about visa 888 contact registered immigration agents and leave query at hello@v4migrationservices.com.au.
FAQ Related to Visa Subclass 888
The Business Innovation and Investment Permanent visa 888 is a Government initiative by the Australian Department of Immigration and Border Protection (DIBP) to encourage international entrepreneurs, innovators, investors, or business owners with substantial business experience and proven success in their field who are willing to make Australia their permanent home. The visa was created in response to Australia’s growing need for more innovation-driven entrepreneurship.
The Business Innovation and Investment Permanent Visa 888 is open to anyone who has invested a minimum of 1 million dollars in Australia. They can then live and work in the country indefinitely. There are no restrictions on the type of business investment so you can invest as an individual or a company.
After you have been granted a Business Innovation and Investment Permanent Visa 888, you are not allowed to live outside Australia for more than two years. If you want to do this, you will need to apply for a Temporary Residence Transition visa, allowing you to live overseas.
The processing time for the Business Innovation and Investment Permanent Visa 888 is 4 months. If a person is looking to apply for the 888 visas, they will need to make an appointment with the Department of Home Affairs. Once an appointment has been made, it will take a minimum of 4 months from the date of making an appointment until the person can receive their visa.
This visa is designed for those who want to bring their skills and knowledge to Australia. To be eligible for Business Innovation and Investment Permanent Visa 888, the applicant must have invested at least AUD$1 million in a business venture that will benefit the Australian economy. The investment can be in several sectors, including research, development, manufacturing, or exporting goods.
Business innovation and investment permanent visa allow Australian entrepreneurs to start their own companies in Australia, with a pathway for citizenship. The Business Innovation and Investment Permanent Visa 888 is designed for applicants with innovative ideas that will contribute significantly to the Australian economy.
You can work in any industry with an 888 visa. The only thing is that you need to invest at least AUD 200,000 into a Registered Australian Company that is operating in innovation and creativity. The company also needs to be registered for a minimum of five years before you can apply for Business Innovation and Investment Permanent Visa 888.
Upon your application being approved, you will be invited by the Department of Immigration and Border Protection (DIBP) to lodge your visa application. This can be done in person at a DIBP office or via post. After lodging your visa application, the DIBP will assess it against specific criteria, such as character requirements. The process usually takes between two weeks and six months.