Australia Business Innovation and Investment (Permanent) Visa subclass 888

Australia Business Innovation and Investment (Permanent) Visa subclass 888 is a type of visa offered by the Australian government. It is designed for individuals who have already held a provisional Business Innovation and Investment visa (subclass 188) and have met certain requirements.

The 888 visa allows individuals to continue their business or investment activities in Australia on a permanent basis. There are several streams within the 888 visa category, including the Business Innovation stream, the Investor stream, the Significant Investor stream, the Premium Investor stream, and the Entrepreneur stream. Each stream has its own specific requirements and criteria that applicants must meet.

It is important to note that the 888 visa is a permanent visa, which means that it allows individuals to stay in Australia indefinitely. It also provides a pathway to Australian citizenship, as holders of this visa can apply for citizenship after meeting certain residency requirements.

For more detailed and up-to-date information about the 888 visa, it is recommended to visit the official website of the Department of Home Affairs in Australia or consult with a registered migration agent.

Business Innovation and Investment (888) Visa helps you to work and study in Australia. There are various benefits that you can avail of through the visa. Some of them are:

• You have the eligibility to sponsor any relative to come to Australia. 
• You can travel back and forth from Australia for a span of 5 years. 
• This is a permanent visa and your permanent residentship starts on the day the visa has been granted.
• If you are outside Australia at the time of visa approval, you enter the country only with the help of this visa.
• Family members who apply for residentship through this visa need to meet the Government’s health and character requirements.
• Family members who are not coming to Australia might be asked to meet the Government’s health and character requirements.

There are some eligibility requirements that need to be met in the 888 Visa application process. They are as follows: 

• You must be the primary holder of the 

• Business Innovation and Investment (Provisional) visa (subclass 188) Business Innovation Stream. You must have held the visa for a minimum of three years. (Or)
• Special Category Visa (Subclass 444). You should have had this visa for a minimum of three years. (Or)
• Business Innovation and Investment (Provisional) visa (subclass 188) Business Innovation Extension stream, (Or)
• A subclass 457 visa

You can also apply for the visa if you are the secondary holder and your spouse is the primary holder of a Business Innovation and Investment (Provisional) visa in the Business Innovation stream or Business Innovation Extension stream.

• You must have been nominated by the current nomination from a state or territory government agency. When you apply for the Business Innovation and Investment (Provisional) 888 visa, you have given your interest to invest in the country. The state or territory might have seen your interest and nominated you. 
• You must have owned and managed a business in Australia for at least two years before the application. You must have been a stakeholder of at least 10% of a publicly listed company.
• Your Australian business annual turnover is AUD 3,00,000 in the past 12 months before the date of the application.
• Your net worth in Australia from the past 12 months before the application should have 
• The business assets amount to AUD 2,00,000 
• Total personal and business assets amount to AUD 6,00,000
• Total of two full-time employees working for your business. 
• Your employees must have worked in the main business. They need to be Australian citizens and not a member of your family.
• Your business should strictly abide by the laws of Australia. This includes the states or territories where your business operation is been done.
• You must have been physically present in Australia for at least one year in the past two years before applying for the Australia investor visa. 
• You should not have participated in any activities that are not approved by the Australian Government.
• You must be committed to continuing the business-related activities in Australia.
• You must meet the health and character requirements that are stated by the Australian government.
• You must obey and accept the life culture in Australia by signing the Australian Values statement.
• You should not have any history of visa cancellation.  

Certain documents need to be submitted when you apply for an 888 Australia visa. 888 Visa documentation consists of the following documents:

• Completed nomination from the Government or territory government in Australia. If there is any nomination by chance filed for your provisional visa that has not been withdrawn. 
• Documents that prove your commitment to do business and invest properly. This includes a 
• A one-page summary of your business or investments in Australia.
• A summary that proves that you have investigated before starting up a business or investment in Australia.
• A proof that you are in compliance and conducting your business within the legally accepted terms laid down by the Australian government.
• A proof of identity that displays your photograph or your current passport and the travel documents of your dependents included in the application.  
• If you have changed your name or the death of a partner or family member, then documents substantiating these things need to be submitted.
• Documents proving good character and proficiency in the English language. 
• Proven evidence of financial dependency of the family members above 18 years of age.
• Documentary evidence of business ownership, organization, employees, net assets, and investments. 

To start the 888 Visa application process, you need to have a valid visa in any of the four streams of the Business Innovation and Investment (Provisional) Visa subclass 188. The four streams that are available in subclass 188 are

• Business Innovation Stream: This stream is for business owners who have got proven success record in business. 
• Investor Stream: This stream is for investors who have a commitment to continue investment-related activities to the tune of AUD 2.5 million in Australia. 
• Significant Investor Stream: This is for people who have been nominated by the Australian Trade and Investment Commission. They have a genuine interest and commitment in investment-related activities to the tune of AUD 5 million in Australia. 
• Entrepreneur Stream: This is for people who are ready to venture into entrepreneurial activity for a third party that is for a service or a product-based or growth of a business in Australia. 

If you fit in any of the streams and completed your three-year tenure under the subclass 188 visa, you fit in the 888 visa eligibility criteria. Some of the criteria for the 888 visa are: 

• You genuinely have a commitment to preserve your business and investment-related activities in Australia.
• You complied with all the conditions in the subclass 188 visa.
• You have reached the limits that have been set by the Australian Government in terms of turnover, assets, employment, or investment outcomes.
• Lived in Australia for at least one year in the past two years under subclass 188 visa. 
• You have been nominated by the territory or the state for the Visa process. 

The  888 Visa documentation is similar to the subclass 188 visa procedure. The only difference is that you do not need to submit an open expression of interest or receive an invitation from the Department of Home Affairs.

Permanent residency through 888 Visa comes with charges that need to be borne by the applicant.

Applicants	Cost
Main Applicant	AUD 3,310

The cost of the visa changes from time to time. The cost of the visa is applicable on the day you submit your visa application. If there is any price increase from the date you submit the application and the Australian consulate receives the application, then you need to bear the new visa processing cost.

The processing time of the Subclass 888 visa in Australia varies between cases. This estimated time frame again depends on how long it has taken to process recently finalized visa applications. But rest assured almost all visa applications are processed within a time frame of 36 months. 

There might be times when your visa processing might take longer than expected. This happens when 

• You need to fill in the form correctly.
• You do not submit all the documents that the Australian government requires.
• It takes time for the Australian Government to check the authenticity of the documents that have been submitted. 
• You do not pay the requisite visa charges that are applicable to the government.

Applicants must satisfy two of the following three mentioned criteria.

Criteria	Conditions
Business Assets in Australia	Minimum of AUD 200,000 in the past one year from the date of the application
Number of Employees	Minimum of 2 full-time employees in the business who happen to be Australian citizens
Total Assets in Australia	Minimum of AUD 600,000 in the past one year from the date of the application
Compliance with Taxation Laws	Must have filed the IT return as applicable under Australian laws for a period of two years.
Presence in Australia	For the past year immediately before the application
Qualifying Visa	Must have held the provisional visa 188 at the time of application