Business Innovation and Investment (Permanent) visa (subclass 888)
This visa is the second stage of the Business Innovation and Investment (Provisional) visa (subclass 188) and can apply for it once you have fulfilled the requirements and conditions of your provisional visa. This is a Permanent Residency visa and permits you to bring family members to study, work, live in Australia.
This visa type has the following three streams:
- Own and manage a business in Australia (‘The Business Innovation stream’).
- Make business and investment activity in Australia (‘The Investor stream, the Significant Investor stream and the Premium Investor stream’).
- Undertake an entrepreneurial event in Australia (‘Entrepreneur stream’).
Criteria – An applicant should
- Hold a consistent stream of the subclass 188 or 444 visa.
- Be nominated by an Australian state or territory government agency or Austrade.
- Have either owned or operated a business in Australia; if applying for “Business Innovation Stream”.
- Have made a designated investment of AUD 1.5 million for four years; if applying under “Investor Stream”.
- Have made a complying investment of AUD 5 million for four years; if applying under “Significant Investor Stream”.
- Have made a complying investment of AUD 15 million for a year; if applying under “Premium Investor Stream”.
- Meet any additional financial and other requirements of the same stream of this visa.